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Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in Europe

Published: Sep. 1, 2008 - 370 Pages

0.0 EXECUTIVE SUMMARY: A majority of consumers have now used the Internet for online shopping; More customers use the Internet to research financial products but make a purchase offline; Most consumers visit three to five websites, making brand awareness crucial for success; The UK, Germany and Italy present the best opportunities for online aggregators and brokers; Mortgage brokers are strongest where Internet sales are weakest; Aggregators and brokers are performing well for online personal loan sales…; … but are losing out to direct motor insurers in Germany, Italy and Spain; Germany and the UK are the most attractive markets for online intermediaries in home insurance; Direct lenders and insurers are much better known than aggregators and brokers; Half of consumers are influenced by the differences between brokers and direct providers
1.0 INTRODUCTION: Finaccord; European consumer research; Aggregation; European market, partnership and bancassurance research; Research rationale; Online aggregation is having a major impact on financial services distribution; Interest in online aggregation is not limited to traditional providers of consumer financial services; The growth and influence of Confused.com and Moneysupermarket.com are beyond dispute…; … although the UK now endures a surplus of competitors in online aggregation and broking; Heavy spending on advertising has helped the industry leaders to stay ahead of the pack; The Aggregation Metrics research has been structured to test the appetite of consumers in Europe
2.0 EUROPEAN OVERVIEW: Introduction; Consumer propensity to purchase via the Internet; More than two thirds of consumers now buy online…; … though the proportion of customers buying insurance online can be as low as 22%; Use of the Internet to buy banking products online is rising fastest in Germany, Italy and Spain; Online sales of insurance products are long-established in the UK; Propensity to research and take out financial products over the Internet; Banking products; More customers research online but purchase offline in France, Italy and Spain; Insurance products; Online research brings use of the Internet close to UK levels for Germany, Italy and Spain; Factors affecting propensity to research and buy financial products online; Banks are not restaurants: wealthier customers like home delivery, not personal service; Income affects online insurance behaviour less than banking behaviour; Women are slightly less likely than men to use the Internet for financial services in all cases; Number of websites visited prior to taking out financial products online; Online customers are most likely to solicit details for financial products on three occasions; Mortgages; Switching rates and brand new mortgages; Remortgaging customers outnumber brand new customers in Spain and the UK; Analysis of distribution interfaces used; Remote sales account for 20% to 40% of mortgage business; Change in share of sales made through the Internet; Online distribution of mortgages is rising rapidly in France, Italy and Spain; Analysis of distribution channels used; The share of mortgage brokers exceeds that of direct distribution only in the UK…; …and they have increased their share of sales in the credit crunch; Attractiveness of mortgage markets for online aggregation and broking; Clear trend towards Internet sales not matched by trend towards intermediary distribution; Mortgage market data tables; Personal loans; Switching rates and brand new loans; Switching is most common in France, Germany and Italy - opposite to the mortgage market; Analysis of distribution interfaces used; Internet distribution of personal loans is well-established in all five countries…; Change in share of sales made through the Internet; … and is rising fast with the exception of Spain; Analysis of distribution channels used; Loan brokers, supermarkets and other retailers are particularly strong in loan distribution in Italy; Loan brokers are both marginal and struggling to grow in France and Spain; Attractiveness of personal loan markets for online aggregation and broking; Conditions in Germany, Italy and the UK are relatively favourable…; … although the strength of loan brokers in online distribution offers a ray of light in France; Personal loan market data tables; Motor insurance; Switching rates and brand new motor insurance policies; Germany, Spain and the UK all experience a significant annual churn rate for motor insurance; Analysis of distribution interfaces used; Internet sales have completely eclipsed face-to-face distribution in the UK; Change in share of sales made through the Internet; Online sales of motor insurance are growing quickly in all five markets; Analysis of distribution channels used; Insurance agents are more important than aggregators and brokers in all nations other than the UK; …and brokers are failing to take advantage of the growth of Internet sales to replace them; Attractiveness of motor insurance markets for online aggregation and broking; A clear trend towards Internet sales is not matched by a trend towards intermediary distribution; The Internet is harming intermediary distribution in Germany, Italy and Spain, not helping it; Motor insurance market data tables; Household insurance; Switching rates and brand new household insurance policies; Spain has the highest proportion of new policiesm and the UK leads for switchers; Analysis of distribution interfaces used; Face-to-face sales are holding out against the Internet better than for motor insurance…; Change in share of sales made through the Internet; … but online sales of household insurance are rising fast in all countries apart from Spain; Analysis of distribution channels used; Banks account for a significant distribution share in each of France, Italy and Spain…; … but aggregators and brokers are making progress in most countries; Attractiveness of household insurance markets for online aggregation and broking; The prospects for household insurance are largely similar to those for motor insurance; Household insurance market data tables; Online aggregators and brokers of financial services; Recognition rates; Direct providers are much better known than online aggregators and brokers, except in the UK; Consumer understanding of aggregation and broking concepts; Brokers of financial services; Low market share and a lack of understanding of the role of brokers can create a ‘vicious circle’; Understanding of the role of brokers influences a half of consumers in their choice of website; Aggregators of financial services; Awareness of the difference between aggregators and brokers may not be an obstacle to success; Many consumers are also influenced by their understanding of the role of aggregators
3.0 FRANCE: Introduction; Consumer propensity to purchase via the Internet; While nearly three-quarters of consumers in France have bought clothing online…; …less than a quarter of respondents have acquired insurance via the Internet; There is wide potential for online marketing and partnership programmes; Propensity to research and take out financial products over the Internet; Banking products; Just over a third of consumers use the Internet to research and / or take out banking products; There is a clear link between longevity of Internet usage and online acquisition of banking products; Insurance products; Two-thirds of French consumers neither research nor buy insurance over the Internet; Use of the Internet to both research and acquire insurance varies among consumer groups; Mortgages; Switching rates and brand new loans; Analysis of distribution interfaces used; Face-to-face distribution is losing share to the Internet and telephone…; Analysis of distribution channels used; … to the detriment of direct lenders; Personal loans; Switching rates and brand new loans; Analysis of distribution interfaces used; Trend away from face-to-face transactions is much less marked for personal loans…; Analysis of distribution channels used; … and direct distribution remains the dominant channel; Comparison of distribution channels used by offline and online customers; Loan brokers are strongest amongst online customers; Motor insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Sales of motor insurance via the Internet are rising at the expense of phone and face-to-face sales; Analysis of distribution channels used; Banks have doubled their share of motor insurance sales…; Comparison of distribution channels used by offline and online customers; … though insurance brokers have gained most from the shift towards Internet distribution; Household insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Internet’s share of household insurance sales has tripled in the past year…; Analysis of distribution channels used; … with direct insurers losing sales to most other distribution channels; Summary of market attractiveness for online aggregators and brokers; Growth in online sales is offset by relatively limited use of brokers for consumer financial services; Online aggregators and brokers of financial services; Recognition rates; Few online aggregators or brokers achieve consumer recognition rates in excess of 20%; Consumer understanding of aggregation and broking concepts; Brokers of financial services; Consumers show a similar level of understanding of the basic definition of brokers…; Aggregators of financial services; … as they do for aggregators
4.0 GERMANY: Introduction; Consumer propensity to purchase via the Internet; Consumers in Germany are most likely to have made online acquisitions of books or music…; … and over 40% of respondents have acquired banking products via the Internet at least once; There is wide potential for online marketing and partnership programmes; Propensity to research and take out financial products over the Internet; Banking products; Almost two thirds of consumers use the Internet to research and / or take out banking products; There is a clear link between longevity of Internet usage and online acquisition of banking products; Insurance products; A significant volume of German consumers neither research nor buy insurance over the Internet; Use of the Internet both to research and to acquire insurance varies among consumer groups; Mortgages; Switching rates and brand new loans; Analysis of distribution interfaces used; Use of distribution interfaces for arranging mortgages seems to be relatively unchanging…; Analysis of distribution channels used; … although there is some evidence of a small shift in favour of indirect distribution channels; Personal loans; Switching rates and brand new loans; Analysis of distribution interfaces used; Face-to-face transactions continue to account for over 50% of personal loans organised…; Analysis of distribution channels used; … with a gradual movement away from direct distribution also possible in this market; Comparison of distribution channels used by offline and online customers; Loan brokers are winning share even faster online; Motor insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Sales of motor insurance via the Internet are increasing dramatically…; Analysis of distribution channels used; … with traditional agents being the main distribution channel to lose out as a result of this trend…; Comparison of distribution channels used by offline and online customers; Direct sales by insurance companies rise online, at the expense of agents, brokers and car dealers 174; Household insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Internet sales of household insurance are also gaining ground at a rapid rate…; Analysis of distribution channels used; … with insurance brokers and banking institutions expanding their share as distribution channels; Comparison of distribution channels used by offline and online customers; Inability of insurance agents to sell online benefits direct sales by insurers; Summary of market attractiveness for online aggregators and brokers; Personal loans and household insurance offer the best prospects; Online aggregators and brokers of financial services; Recognition rates; Few online aggregators or brokers achieve consumer recognition rates in excess of 20%; Consumer understanding of aggregation and broking concepts; Brokers of financial services; Almost a half of consumers are aware of the basic definition of brokers of financial services…; Aggregators of financial services; … a proportion that slips back slightly in the case of aggregators of financial services
5.0 ITALY: Introduction; Consumer propensity to purchase via the Internet; Two thirds of consumers in Italy have bought travel tickets and/or books or music online…; …while one third have taken out insurance via the Internet; Overlap between people who buy financial services online with telecoms / computing customers; Propensity to research and take out financial products over the Internet; Banking products; Six consumers out of ten use the Internet to research and / or take out banking products; Use of the Internet to buy financial services online varies sharply between men and women; Insurance products; Use of the Internet to research insurance products is slightly less than for banking; Online behaviour for researching and acquiring insurance varies among consumer groups; Mortgages; Switching rates and brand new loans; Analysis of distribution interfaces used; A rapid shift away from face-to-face distribution to remote interfaces, especially the Internet…; Analysis of distribution channels used; … has helped mortgage brokers and estate agents to increase their share of sales; Personal loans; Switching rates and brand new loans; Analysis of distribution interfaces used; Internet sales have risen at the expense of face-to-face and telephone sales…; Analysis of distribution channels used; … with direct sales having been squeezed by loan brokers and supermarkets / other retailers; Comparison of distribution channels used by offline and online customers; Growth of Internet distribution has contributed heavily to a decline in direct lending by banks; Motor insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; A third of motor insurance sales are now made online; Analysis of distribution channels used; Brokers and banks have increased their share of motor insurance sales…; Comparison of distribution channels used by offline and online customers; … but direct insurers are thriving on the Internet; Household insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Internet sales are on the same upward trend for household insurance as for motor insurance…; Analysis of distribution channels used; …banks are now as important as insurance agents for household insurance; Summary of market attractiveness for online aggregators and brokers; Banking appears to offer better prospects for online aggregators and brokers than insurance; Online aggregators and brokers of financial services; Recognition rates; Few online aggregators or brokers achieve consumer recognition rates in excess of 20%; Consumer understanding of aggregation and broking concepts; Brokers of financial services; Most consumers are aware of the difference between brokers and direct lenders and insurers…; Aggregators of financial services; … but show much less awareness of the difference between aggregators and brokers
6.0 SPAIN: Introduction; Consumer propensity to purchase via the Internet; Nearly three-quarters of consumers in Spain have bought airline or travel tickets online…; …and nearly half have bought banking products via the Internet; There is wide potential for online marketing and partnership programmes; Propensity to research and take out financial products over the Internet; Banking products; Two thirds of consumers use the Internet to research and / or take out banking products; Men are much more likely to buy online than women, who use it as a research tool primarily; Insurance products; Consumers use the Internet to research insurance as much as for banking, but buy less online; Use of the Internet both to research and acquire insurance varies among consumer groups; Mortgages; Switching rates and brand new loans; Analysis of distribution interfaces used; Mortgage distribution sees a slow shift from face-to-face sales towards Internet and telephone…; Analysis of distribution channels used; … although direct distribution by the mortgage lenders themselves remains dominant; Personal loans; Switching rates and brand new loans; Analysis of distribution interfaces used; Face-to-face transactions are moving to the telephone rather than the Internet…; Analysis of distribution channels used; … with direct lenders slightly increasing their market share; Comparison of distribution channels used by offline and online customers; Loan brokers are stronger than direct lenders amongst online customers; Motor insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; There has been a clear migration from face-to-face transactions to the Internet…; Analysis of distribution channels used; … although the share of the various distribution channels themselves has changed little; Comparison of distribution channels used by offline and online customers; Direct insurers are prospering among online buyers than intermediary channels; Household insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Telephone sales rise faster than online sales…; Analysis of distribution channels used; … but distribution channel dynamics for household insurance remain virtually unchanged; Summary of market attractiveness for online aggregators and brokers; A lack of tradition for the use of brokers by consumers for financial services clouds the outlook; Online aggregators and brokers of financial services; Recognition rates; Few online aggregators or brokers achieve consumer recognition rates in excess of 20%; Consumer understanding of aggregation and broking concepts; Brokers of financial services; Spanish consumers are comparatively unlikely to appreciate the basic definition of brokers…; Aggregators of financial services; … and knowledge of aggregators is limited by their effective absence from the Spanish market
7.0 UNITED KINGDOM: Introduction; Consumer propensity to purchase via the Internet; More than three quarters of consumers in the UK have bought books or music online…; …and a majority have bought insurance via the Internet; Wide potential for online marketing and partnership programmes, especially in travel and utilities; Propensity to research and take out financial products over the Internet; Banking products; Most consumers use the Internet in one way or another when buying banking products; Longevity of Internet usage / household income affect propensity to buy banking products online; Insurance products; Two thirds of UK consumers use the Internet to research and / or buy insurance; The demographic trends for online insurance are similar to those for online banking; Mortgages; Switching rates and brand new loans; Analysis of distribution interfaces used; Telephone sales outstrip the Internet for mortgage distribution; Analysis of distribution channels used; Mortgage aggregators and brokers overtook direct lenders as a distribution channel during 2007; Personal loans; Switching rates and brand new loans; Analysis of distribution interfaces used; Use of the Internet is growing at the expense of face-to-face and telephone transactions…; Analysis of distribution channels used; … but this has had little impact on the patterns for the actual distribution channels; Comparison of distribution channels used by offline and online customers; Loan aggregator / brokers and supermarkets both gain from trend in favour of online distribution; Motor insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; The Internet is now the dominant distribution interface for motor insurance in the UK…; Analysis of distribution channels used; … and has helped insurance aggregators and brokers to gain market share rapidly; Comparison of distribution channels used by offline and online customers; Insurance aggregators and brokers are dominant among online customers; Household insurance; Switching rates and brand new sales; Analysis of distribution interfaces used; Internet sales have risen at the expense of both the telephone and postal interfaces…; Analysis of distribution channels used; … although this shift has affected distribution channels less than observed for motor insurance; Comparison of distribution channels used by offline and online customers; Banks fail to compete in the online market for household insurance but are strong offline; Summary of market attractiveness for online aggregators and brokers; Motor insurance is unquestionably the star product for online aggregation and broking in the UK; Online aggregators and brokers of financial services; Recognition rates; More than 90% of consumers know the leading brands of aggregators and direct providers; Consumer understanding of aggregation and broking concepts; Brokers of financial services; UK consumers display a high level of understanding of the role of brokers of financial services…; Aggregators of financial services; … but have a hazier idea of the exact definition and role of aggregators
8.0 APPENDIX: Research sample; The research embraces a total of more than 5,000 respondents across five countries; Research questionnaire
GRAPHICS / TABLES: Consumer propensity to purchase assorted goods and services via the Internet in Europe, 2008; Consumer propensity to purchase assorted goods and services via the Internet in Europe, 2008 (data); Consumer propensity to purchase banking products via the Internet in Europe, 2008; Consumer propensity to purchase banking products via the Internet in Europe, 2008 (data); Consumer propensity to purchase insurance products via the Internet in Europe, 2008; Consumer propensity to purchase insurance products via the Internet in Europe, 2008 (data); Consumer propensity to research and take out banking products over the Internet in Europe, 2008; Consumer propensity to research and take out insurance products over the Internet in Europe, 2008; Consumer propensity to research and take out banking products over the Internet by household income, Europe, 2008; Consumer propensity to research and take out insurance products over the Internet by household income, Europe, 2008; Consumer propensity to research and take out banking and insurance products over the Internet by household income, Europe, 2008 (data); Consumer propensity to research and / or acquire banking and insurance products online by gender, Europe, 2008; Consumer propensity to research and / or acquire banking and insurance products online by gender, Europe, 2008 (data); Number of websites visited by consumers in Europe prior to taking out banking products over the Internet, 2008; Number of websites visited by consumers in Europe prior to taking out banking products over the Internet, 2008 (data); Number of websites visited by consumers in Europe prior to taking out insurance products over the Internet, 2008; Number of websites visited by consumers in Europe prior to taking out insurance products over the Internet, 2008 (data); % of consumers in Europe switching provider or acquiring mortgages for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Europe for acquiring mortgages, H2 2007 / H1 2008; Change in online share of mortgage sales in Europe, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Europe for acquiring mortgages, H2 2007 / H1 2008; Change in share of mortgage brokers of mortgage sales in Europe, H2 2007 / H1 2008 and all previous periods; Attractiveness of mortgage markets for online aggregators and brokers in Europe: distribution in H2 2007 / H1 2008 and all previous periods; % of consumers with a mortgage switching provider or acquiring mortgages for the first time, Europe, H2 2007 / H1 2008 (data); Analysis of distribution interfaces used by consumers in Europe for acquiring mortgages, H2 2007 / H1 2008 (data); Analysis of distribution channels used by consumers in Europe for acquiring mortgages, H2 2007 / H1 2008 (data); Attractiveness of mortgage markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods (data); % of consumers in Europe switching provider or acquiring personal loans for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Europe for acquiring personal loans, H2 2007 / H1 2008; Change in online share of personal loan sales in Europe, H2 2007 / H1 2008 and all previous periods ...; Analysis of distribution channels used by consumers in Europe for acquiring personal loans, H2 2007 / H1 2008; Change in loan brokers’ share of personal loan sales in Europe, H2 2007 / H1 2008 and all previous periods; Attractiveness of personal loan markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods; Loan brokers’ share of offline and online sales of personal loans in Europe, H2 2007 / H1 2008 and all previous periods; % of consumers with a personal loan switching provider or acquiring personal loans for the first time, Europe, H2 2007 / H1 2008 (data); Analysis of distribution interfaces used by consumers in Europe for acquiring personal loans, H2 2007 / H1 2008 (data); Analysis of distribution channels used by consumers in Europe for acquiring personal loans, H2 2007 / H1 2008 (data); Attractiveness of personal loan markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods (data); Loan brokers’ share of offline and online distribution of personal loans in Europe, H2 2007 / H1 2008 and all previous periods (data); % of consumers in Europe switching provider or acquiring motor insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Europe for acquiring motor insurance, H2 2007 / H1 2008; Change in online share of motor insurance sales in Europe, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Europe for acquiring motor insurance, H2 2007 / H1 2008; Change in insurance brokers’ share of motor insurance sales in Europe, H2 2007 / H1 2008 and all previous periods; Attractiveness of motor insurance markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods; Insurance brokers’ share of offline and online sales of motor insurance in Europe, H2 2007 / H1 2008 and all previous periods; % of consumers with motor insurance switching provider or acquiring motor insurance for the first time, Europe, H2 2007 / H1 2008 (data); Analysis of distribution interfaces used by consumers in Europe for acquiring motor insurance, H2 2007 / H1 2008 (data); Analysis of distribution channels used by consumers in Europe for acquiring motor insurance, H2 2007 / H1 2008 (data); Insurance brokers’ share of offline and online sales of motor insurance in Europe, H2 2007 / H1 2008 and all previous periods (data); Attractiveness of personal loan markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods (data); Attractiveness of motor insurance markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods (data); % of consumers in Europe switching provider or acquiring household insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Europe for acquiring household insurance, H2 2007 / H1 2008; Change in online share of household insurance sales in Europe, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Europe for acquiring household insurance, H2 2007 / H1 2008; Change in insurance brokers’ share of household insurance sales in Europe, H2 2007 / H1 2008 and all previous periods; Attractiveness of household insurance markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods; % of consumers with household insurance switching provider or acquiring household insurance for the first time, Europe, H2 2007 / H1 2008 (data); Analysis of distribution interfaces used by consumers in Europe for acquiring household insurance, H2 2007 / H1 2008 (data); Analysis of distribution channels used by consumers in Europe for acquiring household insurance, H2 2007 / H1 2008 (data); Attractiveness of household insurance markets for online aggregators and brokers in Europe: sales in H2 2007 / H1 2008 and all previous periods (data); Comparison of average consumer recognition rates for the names and websites of leading direct; providers and online aggregators / brokers of financial services in Europe, 2008; Highest consumer recognition rates for web sites of direct providers and online aggregators and brokers of financial services in Europe, 2008; Consumer understanding of the difference between brokers of financial services and the financial institutions themselves, Europe, 2008; Consumer understanding of the difference between brokers of financial services and the financial institutions themselves, Europe, 2008 (data); Influence on choice of website of consumer understanding of the difference between brokers and the financial institutions, Europe 2008; Consumer understanding of the difference between aggregators and brokers of financial services, Europe 2008; Consumer understanding of the difference between aggregators and brokers of financial services, Europe 2008 (data); Influence on choice of website of consumer understanding of the difference between aggregators and brokers, Europe 2008; Consumer propensity to purchase assorted goods and services via the Internet in France, 2008; Comparison of consumer propensity to purchase assorted goods and services via the Internet in France, 2008 (data); Consumer propensity to purchase assorted goods and services via the Internet in France, all respondents and financial services online customers, 2008; Consumer propensity to research and take out banking products over the Internet in France, 2008; Consumer propensity to research and take out banking products over the Internet in France, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); Consumer propensity to research and take out insurance products over the Internet in France, 2008; Consumer propensity to research and take out insurance products over the Internet in France, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); % of consumers in France switching provider or acquiring mortgages for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in France for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in France for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in France for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in France for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); % of consumers in France switching provider or acquiring personal loans for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in France for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in France for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in France for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in France for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in France for acquiring personal loans offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in France for acquiring personal loans offline and online, H2 2007 / H1 2008 (data); % of consumers in France switching provider or acquiring motor insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in France for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in France for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in France for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in France for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in France for acquiring motor insurance offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in France for acquiring motor insurance offline and online, H2 2007 / H1 2008 (data); % of consumers in France switching provider or acquiring household insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in France for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in France for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in France for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in France for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Attractiveness of markets for online aggregators and brokers in France: sales in H2 2007 / H1 2008 and all previous periods; Attractiveness of markets for online aggregators and brokers in France: sales in H2 2007 / H1 2008 and all previous periods (data); Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in France, 2008; Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in France, 2008 (data); Consumer understanding in France of the difference between brokers of financial services and the financial institutions themselves, 2008; Consumer understanding in France of the difference between aggregators of financial services and brokers of financial services, 2008; Consumer propensity to purchase assorted goods and services via the Internet in Germany, 2008; Comparison of consumer propensity to purchase assorted goods and services via the Internet in Germany, 2008 (data); Consumer propensity to purchase assorted goods and services via the Internet in Germany, all respondents and financial services online customers, 2008; Consumer propensity to research and take out banking products over the Internet in Germany, 2008; Consumer propensity to research and take out banking products over the Internet in Germany, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); Consumer propensity to research and take out insurance products over the Internet in Germany, 2008; Consumer propensity to research and take out insurance products over the Internet in Germany, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); % of consumers in Germany switching provider or acquiring mortgages for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Germany for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Germany for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Germany for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Germany for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); % of consumers in Germany switching provider or acquiring personal loans for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Germany for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Germany for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Germany for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Germany for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Germany for acquiring personal loans offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Germany for acquiring personal loans offline and online, H2 2007 / H1 2008 (data); % of consumers in Germany switching provider or acquiring motor insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Germany for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Germany for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Germany for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Germany for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Germany for acquiring motor insurance offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Germany for acquiring motor insurance offline and online, H2 2007 / H1 2008 (data); % of consumers in Germany switching provider or acquiring household insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Germany for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Germany for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Germany for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Germany for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Germany for acquiring household insurance offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Germany for acquiring household insurance offline and online, H2 2007 / H1 2008 (data); Attractiveness of markets for online aggregators and brokers in Germany: sales in H2 2007 / H1 2008 and all previous periods; Attractiveness of markets for online aggregators and brokers in Germany: sales in H2 2007 / H1 2008 and all previous periods (data); Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in Germany, 2008; Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in Germany, 2008 (data); Consumer understanding in Germany of the difference between brokers of financial services and the financial institutions themselves, 2008; Consumer understanding in Germany of the difference between aggregators of financial services and brokers of financial services, 2008; Consumer propensity to purchase assorted goods and services via the Internet in Italy, 2008; Comparison of consumer propensity to purchase assorted goods and services via the Internet in Italy, 2008 (data); Consumer propensity to purchase assorted goods and services via the Internet in Italy, all respondents and financial services online customers, 2008; Consumer propensity to research and take out banking products over the Internet in Italy, 2008; Consumer propensity to research and take out banking products over the Internet in Italy, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); Consumer propensity to research and take out insurance products over the Internet in Italy, 2008; Consumer propensity to research and take out insurance products over the Internet in Italy, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); % of consumers in Italy switching provider or acquiring mortgages for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Italy for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Italy for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Italy for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Italy for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); % of consumers in Italy switching provider or acquiring personal loans for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Italy for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Italy for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Italy for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Italy for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Italy for acquiring personal loans offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Italy for acquiring personal loans offline and online, H2 2007 / H1 2008 (data); % of consumers in Italy switching provider or acquiring motor insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Italy for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Italy for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Italy for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Italy for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Italy for acquiring motor insurance offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Italy for acquiring motor insurance offline and online, H2 2007 / H1 2008 (data); % of consumers in Italy switching provider or acquiring household insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Italy for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Italy for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Italy for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Italy for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Attractiveness of markets for online aggregators and brokers in Italy: sales in H2 2007 / H1 2008 and al previous periods; Attractiveness of markets for online aggregators and brokers in Italy: sales in H2 2007 / H1 2008 and all previous periods (data); Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in Italy, 2008; Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in Italy, 2008 (data); Consumer understanding in Italy of the difference between brokers of financial services and the financial institutions themselves, 2008; Consumer understanding in Italy of the difference between aggregators of financial services and brokers of financial services, 2008; Consumer propensity to purchase assorted goods and services via the Internet in Spain, 2008; Comparison of consumer propensity to purchase assorted goods and services via the Internet in Spain, 2008 (data); Consumer propensity to purchase assorted goods and services via the Internet in Spain, all respondents and financial services online customers, 2008; Consumer propensity to research and take out banking products over the Internet in Spain, 2008; Consumer propensity to research and take out banking products over the Internet in Spain, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); Consumer propensity to research and take out insurance products over the Internet in Spain, 2008; Consumer propensity to research and take out insurance products over the Internet in Spain, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); % of consumers in Spain switching provider or acquiring mortgages for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Spain for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Spain for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Spain for acquiring mortgages, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Spain for acquiring mortgages, H2 2007 / H1 2008 and all previous periods (data); % of consumers in Spain switching provider or acquiring personal loans for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Spain for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Spain for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Spain for acquiring personal loans, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Spain for acquiring personal loans, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Spain for acquiring personal loans offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Spain for acquiring personal loans offline and online, H2 2007 / H1 2008 (data); % of consumers in Spain switching provider or acquiring motor insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Spain for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Spain for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Spain for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Spain for acquiring motor insurance, H2 2007 / H1 2008 and all previous periods (data); Comparison of distribution channels used by consumers in Spain for acquiring motor insurance offline and online, H2 2007 / H1 2008; Comparison of distribution channels used by consumers in Spain for acquiring motor insurance offline and online, H2 2007 / H1 2008 (data); % of consumers in Spain switching provider or acquiring household insurance for the first time, H2 2007 / H1 2008; Analysis of distribution interfaces used by consumers in Spain for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution interfaces used by consumers in Spain for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Analysis of distribution channels used by consumers in Spain for acquiring household insurance, H2 2007 / H1 2008 and all previous periods; Analysis of distribution channels used by consumers in Spain for acquiring household insurance, H2 2007 / H1 2008 and all previous periods (data); Attractiveness of markets for online aggregators and brokers in Spain: sales in H2 2007 / H1 2008 and all previous periods; Attractiveness of markets for online aggregators and brokers in Spain: sales in H2 2007 / H1 2008 and all previous periods (data); Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in Spain, 2008; Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in Spain, 2008 (data); Consumer understanding in Spain of the difference between brokers of financial services and the financial institutions themselves, 2008; Consumer understanding in Spain of the difference between aggregators of financial services and brokers of financial services, 2008; Consumer propensity to purchase assorted goods and services via the Internet in the UK, 2008; Comparison of consumer propensity to purchase assorted goods and services via the Internet in the UK, 2008 (data); Consumer propensity to purchase assorted goods and services via the Internet in the UK, all respondents and financial services online customers, 2008; Consumer propensity to research and take out banking products over the Internet in the UK, 2008; Consumer propensity to research and take out banking products over the Internet in the UK, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); Consumer propensity to research and take out insurance products over the Internet in the UK, 2008; Consumer propensity to research and take out insurance products over the Internet in the UK, 2008: segmentation by gender, age group, household income and longevity of Internet usage (data); % of consumers in the UK switching provider or acquiring mortgages for the first time, 2007; Analysis of distribution interfaces used by consumers in the UK for acquiring mortgages, 2007 and all previous periods; Analysis of distribution interfaces used by consumers in the UK for acquiring mortgages, 2007 and all previous periods (data); Analysis of distribution channels used by consumers in the UK for acquiring mortgages, 2007 and all previous periods; Analysis of distribution channels used by consumers in the UK for acquiring mortgages, 2007 and all previous periods (data); % of consumers in the UK switching provider or acquiring personal loans for the first time, 2007; Analysis of distribution interfaces used by consumers in the UK for acquiring personal loans, 2007 and all previous periods; Analysis of distribution interfaces used by consumers in the UK for acquiring personal loans, 2007 and all previous periods (data); Analysis of distribution channels used by consumers in the UK for acquiring personal loans, 2007 and all previous periods; Analysis of distribution channels used by consumers in the UK for acquiring personal loans, 2007 and all previous periods (data); Comparison of distribution channels used by consumers in the UK for acquiring personal loans offline and online, 2007; Comparison of distribution channels used by consumers in the UK for acquiring personal loans offline and online, 2007 (data); % of consumers in the UK switching provider or acquiring motor insurance for the first time, 2007; Analysis of distribution interfaces used by consumers in the UK for acquiring motor insurance, 2007 and all previous periods; Analysis of distribution interfaces used by consumers in the UK for acquiring motor insurance, 2007 and all previous periods (data); Analysis of distribution channels used by consumers in the UK for acquiring motor insurance, 2007 and all previous periods; Analysis of distribution channels used by consumers in the UK for acquiring motor insurance, 2007 and all previous periods (data); Comparison of distribution channels used by consumers in the UK for acquiring motor insurance offline and online, 2007; Comparison of distribution channels used by consumers in the UK for acquiring motor insurance offline and online, 2007 (data); % of consumers in the UK switching provider or acquiring household insurance for the first time, 2007; Analysis of distribution interfaces used by consumers in the UK for acquiring household insurance, 2007 and all previous periods; Analysis of distribution interfaces used by consumers in the UK for acquiring household insurance, 2007 and all previous periods (data); Analysis of distribution channels used by consumers in the UK for acquiring household insurance, 2007 and all previous periods; Analysis of distribution channels used by consumers in the UK for acquiring household insurance, 2007 and all previous periods (data); Comparison of distribution channels used by consumers in the UK for acquiring household insurance offline and online, 2007; Comparison of distribution channels used by consumers in the UK for acquiring household insurance offline and online, 2007 (data); Attractiveness of markets for online aggregators and brokers in the UK: sales in 2007 and all previous periods; Attractiveness of markets for online aggregators and brokers in the UK: sales in 2007 and all previous periods (data); Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in the UK, 2008; Consumer recognition rates for online aggregators, brokers and other providers of Internet financial services in the UK, 2008 (data); Consumer understanding in the UK of the difference between brokers of financial services and the financial institutions themselves, 2008; Consumer understanding in the UK of the difference between aggregators of financial services and brokers of financial services, 2008; Sample breakdown in Europe by age group; Sample breakdown in Europe by annual household income band

Abstract

Finaccord’s report titled Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in Europe offers detailed and unique insights into the behaviour of consumers in France, Germany, Italy, Spain and the UK in the context of financial services distribution with a particular focus on the prospects for online aggregation and broking.

Based on a primary survey of over 5,000 consumers across the five countries carried out between July and August 2008, the research provides robust and valuable data describing the way in which consumers’ use of distribution interfaces and channels is changing when they acquire financial services. In addition to investigating the extent to which consumers in France, Germany, Italy, Spain and the UK acquire banking or insurance products via the Internet at all, the research also analyses the degree to which they compare product prices and characteristics prior to buying and the number of websites they typically visit for this purpose.

Moreover, for each of mortgages, personal loans, motor insurance and household insurance, it provides annual churn data and detailed distribution interface and channel analyses to illustrate the future potential of both on-line aggregation and broking, and alternative distribution systems. Furthermore, the report measures the consumer recognition rates achieved by the leading online aggregators and brokers in each of the five countries, and how these compare to the online brands of major direct providers, and also considers the extent to which consumers in the five countries are aware of and / or value the fundamental concepts of online aggregation and broking.

Key features of the report include: insight into the propensity of consumers in France, Germany, Italy, Spain and the UK to buy goods and services online, including segmentation of customers for online financial services; analysis of how consumers in the five countries use the Internet for financial services including how they use it for research as well as for buying online, how many websites they visit before taking out banking or insurance products, and whether their choice of website is influenced by its status as the online shop window of a bank or insurance company (ie. the ultimate provider), an aggregator or a broker; brand recognition of 20 financial websites in each of the five countries including those of the leading direct providers of banking and insurance products as well as those of the most prominent aggregators and / or brokers; benchmarks for the distribution of four key products in France, Germany, Italy, Spain and the UK (mortgages, personal loans, motor insurance and household insurance), measuring the segmentation of sales by distribution channel and by interface, and how this is changing over time; overall summary of the apparent attractiveness of markets for online aggregation and broking, comparing sales by brokers against sales via the Internet and their rates of change in each of the five countries.

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Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in Europe

Table of Contents

Abstract

US: 800.298.5699

Int'l: +1.240.747.3093