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Published by: Finaccord Ltd.
Published: Sep. 1, 2008 - 80 Pages
Table of Contents- 0.0 EXECUTIVE SUMMARY
- French consumers are reluctant to research or acquire financial services online
- … although there are variances in behaviour by gender, age group and household income
- For both banking and insurance, two-thirds of online consumers use three to five websites
- Rapid growth in Internet sales…
- … has helped tied intermediaries such as supermarkets and bancassurers more than brokers
- Switchers out-number new customers for insurance, increasing the target customer base
- Direct providers’ websites have much higher recognition rates than aggregators and brokers…
- … although many consumers appreciate that aggregators and brokers offer something different…
- … so a continued trend towards Internet distribution should increase the size of this market
- 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
- Online intermediaries in France have opened branches because most sales are made face-to-face
- The Aggregation Metrics research has been structured to test the appetite of consumers in Europe
- 2.0 SURVEY ANALYSIS
- 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
- Consumer propensity to research and take out banking products over the Internet in France, 2008
- 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
- Comparison with European average
- Number of websites visited prior to taking out financial products online
- Banking products
- Online customers are most likely to solicit details for banking products on three occasions…
- Insurance products
- … for insurance as well as banking
- 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…
- Switching increases the market available for aggregators and brokers
- Switchers out-number new customers for motor and household 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
- Consumers show a similar level of understanding of the basic definition of brokers…
- Aggregators of financial services
- … as they do for aggregators
- 3.0 APPENDIX
- Research sample
- The research embraces a total of 1,005 respondents in France
- Research questionnaire
- GRAPHICS / TABLES
- 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)
- Use of the Internet to research and buy financial services in France and Europe, 2008
- Number of websites visited by consumers in France prior to taking out banking products over the Internet, 2008
- Number of websites visited by consumers in France prior to taking out insurance over the Internet, 2008
- % 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)
- Comparison of churn rates and new customers for selected financial services in France, H2 2007 / H1 2008 (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
- Sample breakdown in France by age group and household income band
- Sample breakdown in France by geographical location
AbstractFinaccord’s report titled Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in France offers detailed and unique insights into the behaviour of French consumers 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 1,000 consumers in France 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 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 leading online aggregators and brokers in France, and how these compare to the online brands of major direct providers, and also considers the extent to which consumers in France 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 French consumers to buy goods and services online, including segmentation of customers for online financial services; analysis of how consumers in France 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 France 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 (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 France.
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