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Published by: Finaccord Ltd.
Published: Sep. 1, 2008 - 80 Pages
Table of Contents- 0.0 EXECUTIVE SUMMARY
- Many consumers in Germany already research or acquire financial services via the Internet…
- … although there are variances in behaviour by gender, age group and household income
- For both banking and insurance, over 20% of online consumers use seven or more websites
- Consumer distribution trends appear favourable for online aggregation and broking…
- … especially the very rapidly growing volume of Internet sales of motor and household insurance
- Switchers out-number new customers for insurance, increasing the target customer base
- Many of Germany’s pioneering online aggregators and brokers suffer from low recognition rates…
- … although many consumers are interested in aggregation and broking concepts…
- … which suggests that there is scope for this form of distribution to become more influential
- 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 SURVEY ANALYSIS
- 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
- 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
- … while for insurance, online research often extends to seven or more websites
- 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
- 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
- Failure 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
- Switching increases the market available for aggregators and brokers
- Switchers out-number new customers for car 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
- 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
- 3.0 APPENDIX
- Research sample
- The research embraces a total of 1,005 respondents in Germany
- Research questionnaire
- GRAPHICS / TABLES
- 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)
- Use of the Internet to research and buy financial services in Germany and Europe, 2008
- Number of websites visited by consumers in Germany prior to taking out banking products over the Internet, 2008
- Number of websites visited by consumers in Germany prior to taking out insurance over the Internet, 2008
- % 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)
- Comparison of churn rates and new customers for selected financial services in Germany, H2 2007 / H1 2008 (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
- Sample breakdown in Germany by age group, household income band and geographical location
AbstractFinaccord’s report titled Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in Germany offers detailed and unique insights into the behaviour of German 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 Germany 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 Germany 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 Germany, and how these compare to the online brands of major direct providers, and also considers the extent to which consumers in Germany 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 German consumers to buy goods and services online, including segmentation of customers for online financial services; analysis of how consumers in Germany 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 Germany 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 Germany (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 Germany.
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