Online Financial Services in Australia

Transcription

1 Brochure More information from Online Financial Services in Australia Description: Introduction Australian online financial services is a rapidly growing and evolving market segment. There have been changes to consumer attitudes, regulatory environment, technology and security. Going forward, the online channel is expected to become yet more important for financial services providers. Features and benefits Includes a comprehensive overview of online financial services in Australia. Provides survey data on consumer attitudes and behavior relating to online financial services. Discusses security issues and two-factor authentication. Analyzes current and future trends in the market. Highlights According to a recent Datamonitor consumer survey, only 13% of transaction account holders applied for their main account online, whereas 38% of consumers would like to apply online. Most Australian banks have either added or are in the process of introducing new tools for personal financial management (PFM) in their online banking platform. Through these tools, users can track their product holdings, budget for the future and perform different analyses of their financial position. Australian banks have gradually moved from seeing social media as a threat to embracing it as a way to forge closer ties with customers. Your key questions answered Improve your strategic position using The in-depth analysis of the Australian online financial services market. Understand the unique challenges the online financial services market is facing, and benefit from forecasts of future developments. Learn about what consumers think about online financial services, and how to increase online uptake. Contents: Overview Catalyst Summary Executive Summary Online financial services gains momentum but still faces challenges Australian banks are honing their online strategies The growth of price comparison sites in Australia may spur online applications Online Financial Services Gains Momentum but Still Faces Challenges Online uptake and usage has increased but online applications need to be improved Mobile banking is growing at an increasing rate Reaching late adopters will become more important for financial services providers Australian Banks are Honing their Online Strategies Consumer attitudes to the banks vary New security solutions are constantly being evaluated New value-added services enhance internet banking The Growth of Price Comparison Sites in Australia May Spur Online Applications Price comparison sites are globally growing in importance Australians have lower trust in PCS and are less likely to have applied for financial products There are obstacles to applying through a PCS for financial products Appendix Data tables Methodology Further reading Ask the analyst Datamonitor consulting Disclaimer

2 TABLE OF FIGURES Figure 1: Most consumers use the internet as the main way of managing their financial products Figure 2: Many consumers use the internet when researching financial products Figure 3: More consumers would like to apply online for various products Figure 4: The proportion of consumers wishing to apply online has grown for various products Figure 5: A minority of consumers are negative toward the online channel Figure 6: Different product categories have similar incidence of negative consumer attitudes Figure 7: The proportion of consumers who are negative toward the online channel has decreased Figure 8: Security concerns are a less potent barrier to online applications for financial products Figure 9: Mobile phone internet connections will drive increased online banking usage Figure 10: Online banking has much higher frequency of use than branch banking Figure 11: A minority of consumers would feel comfortable using their mobile phone for bank transfers Figure 12: Innovations come more frequently and reach saturation quicker Figure 13: Transaction account customers are very satisfied with online banking Figure 14: A better internet banking facility has become an important differentiator Figure 15: ANZ customers are positive toward online financial services Figure 16: CBA customers are more likely to be hesitant toward the internet channel Figure 17: NAB customers are the most likely to have applied for their savings account online Figure 18: NAB mortgagors are the most positive toward the online channel Figure 19: SMS OTP 2FA solutions can offer extra protection against man-in-the-middle attacks Figure 20: PassWindow uses pattern recognition to generate OTPs Figure 21: The Cronto Visual Transaction Signing system uses visual cryptograms Figure 22: The Visa CodeSure includes an integrated OTP generator Figure 23: The ANZ MoneyManager site provides PFM tools to online banking customers Figure 24: The UBank YouTube channel shows videos regarding financial matters Figure 25: Financial product price comparison site usage and awareness is relatively low in Singapore Figure 26: Australians have a medium level of trust in online price comparison sites Figure 27: Few Australians have purchased financial products through price comparison sites TABLE OF TABLES Table 1: Later adopters vary from earlier adopters in many ways Table 2: Advantages and disadvantages of different 2FA solutions Table 3: Proportion of consumers that manage products mainly through the internet, June 2010 Table 4: Proportion of consumers using sources of information when researching product, June 2010 Table 5: Online applications and preference, June 2010 Table 6: Online application preference over time, Table 7: Attitudes toward the internet and financial services, June 2010 Table 8: Attitudes toward the internet and financial services, June 2010 Table 9: Attitudes toward the internet and financial services over time, Table 10: Obstacles for applying for financial products over the internet, June 2010 Table 11: Frequency of channel use for banking in the last 12 months, June 2010 Table 12: Attitudes toward mobile banking, June 2010 Table 13: Satisfaction with different aspects of transaction accounts Table 14: Internet banking facility attitudes, June 2010 Table 15: Internet attitudes by main financial institution provider, June 2010 Table 16: Online applications by provider, June 2010 Table 17: Mortgage applications and preference by provider, June 2010 Table 18: Financial product comparison site awareness and usage by country, 2009 Table 19: Financial product comparison site trust by country Table 20: Financial product comparison site purchases by country Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets,

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