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Published by: Finaccord Ltd.
Published: Sep. 1, 2008 - 80 Pages
Table of Contents- 0.0 EXECUTIVE SUMMARY
- Spanish consumers are willing to buy financial services online, especially banking…
- … though the way that the Internet is used varies significantly by gender
- Nearly a third of consumers search seven or more websites when buying insurance
- Internet sales are growing rapidly for motor insurance only
- Usage of distribution channels is changing less quickly than that of distribution interfaces
- Switchers outnumber new customers for mortgages and insurance
- Direct providers’ websites have much higher recognition rates than brokers, with two exceptions
- Consumers do not understand differences between aggregators, brokers and direct providers…
- … but consumer education could transform online behaviour
- 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
- 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
- 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
- … but use seven or more sites for insurance
- Mortgages
- Switching rates and brand new loans
- Analysis of distribution interfaces used
- 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
- Switching increases the market available for aggregators and brokers
- Switchers outnumber new customers for all products except personal loans
- 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
- 3.0 APPENDIX
- Research sample
- The research embraces a total of 1,004 respondents in Spain
- Research questionnaire
- GRAPHICS / TABLES
- 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)
- Use of the Internet to research and buy financial services in Spain and Europe, 2008
- Number of websites visited by consumers in Spain prior to taking out banking products over the Internet, 2008
- Number of websites visited by consumers in Spain prior to taking out insurance over the Internet, 2008
- % 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)
- Comparison of churn rates and new customers for selected financial services in Spain, H2 2007 / H1 2008 (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
- Sample breakdown in Spain by age group and household income band
- Sample breakdown in Spain by geographical location
AbstractFinaccord’s report titled Aggregation Metrics: Consumer Attitudes towards Online Aggregation and Broking of Financial Services in Spain offers detailed and unique insights into the behaviour of Spanish 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 Spain 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 Spain 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 Spain, and how these compare to the online brands of major direct providers, and also considers the extent to which consumers in Spain 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 Spanish consumers to buy goods and services online, including segmentation of customers for online financial services; analysis of how consumers in Spain 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 Spain 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 Spain (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 Spain.
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