Abstract
Introduction
Consumer attitudes toward using the online channel for current account
transactions are constantly evolving. Ongoing technological advancement as
well as demographic and lifestage complexities are driving these shifts in
attitude. Current account providers must understand what consumers want from
the online channel in order to maximize the advantages that it can bring to
their business.
Scope of this research
- Using global data from our FSCI survey this report identifies how consumer
attitudes towards the online channel are changing.
- The report analyzes the causes of these shifts and identifies strategies
that can be employed by providers to attract and retain online customers
- The report discusses the opportunities and threats faced by current
account providers wanting to develop their online strategy
Research and analysis highlights
The online channel is currently not being used to its maximum capability.
Nearly all (97%) of those registered online for their current/checking account
have used the channel to check their balance, but remarkably less one fifth
had used it to order a new card, check book or paying in book.
Mobile banking is expected to take the same upwards trajectory as online
banking and is expected to grow faster. Over half of consumers globally
believe they are ' at least somewhat likely' to conduct banking through a
mobile device in the next 12 months. Take-up is expected to be particularly
prominent in emerging markets by reaching the unbanked.
Security concerns are the main deterrent to consumers' use of the online
channel 48% those consumers who are not registered online agreed that it was a
reason why they were not. With 30% of current account holders still not
registered for online facilities, this a concern which banks must address.
Key reasons to purchase this research
- Access the results of Datamonitor' s Global FS Consumer Insight survey,
enabling you to understand shifting online attitudes and behaviours.
- Identify why these changes are occurring, and understand the future
implications for the online channel.
- Identify actionable strategies that can help encourage consumers to engage
with the online channel.
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