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Published by: Finaccord Ltd.
Published: Sep. 1, 2008 - 80 Pages
Table of Contents- 0.0 EXECUTIVE SUMMARY
- Two-thirds of consumers in Italy have bought travel tickets and/or books or music online…
- … compared to one-third who have bought insurance online
- Women are significantly less likely to research and/or buy financial services online than men
- For both banking and insurance, two-thirds of online consumers use three to five websites
- Internet sales are experiencing rapid growth
- Direct lenders and insurers have lost share of sales in all four product areas…
- … but direct insurers are performing much better online than offline
- Switching insurer is far more common for motor insurance than for household insurance
- Consumers struggle to recognise websites not belonging to direct lenders and insurers
- Consumers understand the role of brokers but are not familiar with aggregators
- 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 .... 10
- 2.0 SURVEY ANALYSIS
- 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 and computing customers ... 17
- 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
- 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
- … with a similar pattern of behaviour for insurance
- 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 ito 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 loan brokers having been squeezed by credit 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
- Switching increases the market available for aggregators and brokers
- Switchers easily outnumber new customers for motor insurance, but only just for household cover
- 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
- 3.0 APPENDIX
- Research sample
- The research embraces a total of 1,006 respondents in Italy
- Research questionnaire
- GRAPHICS / TABLES
- 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)
- Use of the Internet to research and buy financial services in Italy and Europe, 2008
- Number of websites visited by consumers in Italy prior to taking out banking products over the Internet, 2008
- Number of websites visited by consumers in Italy prior to taking out insurance over the Internet, 2008
- % 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 all previous periods
- Attractiveness of markets for online aggregators and brokers in Italy: sales in H2 2007 / H1 2008 and all previous periods (data)
- Comparison of churn rates and new customers for selected financial services in Italy, H2 2007 / H1 2008 (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
- Sample breakdown in Italy by age group and household income band
- Sample breakdown in Italy by geographical location
AbstractFinaccord’s report titled Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in Italy offers detailed and unique insights into the behaviour of Italian 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 Italy 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 Italy 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 Italy, and how these compare to the online brands of major direct providers, and also considers the extent to which consumers in Italy 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 Italian consumers to buy goods and services online, including segmentation of customers for online financial services; analysis of how consumers in Italy 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 Italy 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 Italy (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 Italy.
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