Table of Contents
0.0 EXECUTIVE SUMMARY
- Research background and structure
- Slightly below 50% of the sample have used the Internet to take out a
bank. product at least once
- There is apparently high willingness to use both general and dedicated
price comp. providers
- Credit cards and interest-bearing savings deposits are most commonly taken
out via the Internet
- Event sponsorship appears to be increasing in effectiveness as a marketing
prompt for cons.
- When researching banking products, consumers are most likely to use three
separate sources...
- ... and over a quarter are happy to use sites without telephone support as
long as they trust them
- Awareness of The Motley Fool is higher than for Moneysupermarket.com and
MoneyExpert...
- ... although all three entities have seen their recognition rates surge
during the last 12 months
- Recognition levels of the leading on-line providers of general price comp.
services are high...
- ... which signifies that they offer a potential threat to the leading
dedicated aggs. and brokers
- Only a minority of aggregators and brokers are definitely trusted by more
than 5% of consumers
- In terms of actual utilisation, it appears that Zopa' s unique message is
beginning to register
- ... although a flight to familiar names spells tough times ahead for
smaller aggs. and brokers
1.0 INTRODUCTION
- Research rationale
- The Internet banking market has continued to develop rapidly during the
last 12 months...
- ... with a number of new competitors having emerged in the aggregation and
broking space
- Research sample
- Research structure
- Research enhancements
- Web-based aggregators and brokers of lending products
- On-line aggregators and brokers of banking products can use a variety of
operating models...
- ... with Zopa, the ‘social lending’ marketplace, standing out
as a unique example in this respect
- Who owns whom in web-based aggregation / broking of banking products?
- Finaccord
- Net Metrics and other consumer-focused studies
- UK affinity and partnership marketing publications
- IPT / IMRS
2.0 MARKET ANALYSIS
- Introduction
- Consumer propensity to purchase via the Internet
- Consumers are most likely to have made on-line acquisitions of books or
music...
- ... with almost 50% having taken out banking products via the Internet at
least once in the past
- Significant year-on-year growth appears to have occurred for cars,
clothing and groceries...
- ... although it is possible that the number of on-line insurance buyers
has hit a temporary peak
- Propensity to research and purchase insurance products over the
Internet
- Most consumers who research banking products via the Internet also take
them out on-line
- Types of web site used for researching and taking out banking
products
- Opportunities arising from growth in Internet sales are not limited to
banks and building socs
- Consumers show high willingness to use the web sites of on-line price
comparison providers...
- ... although there appears to be less interest in using the web sites of
trad. affinity partners
- Breakdown by type of banking product
- Consumers are most likely to take out credit cards and savings deposits
via the Internet
- On-line sales are least likely to be realised among customers for
mortgages and car finance
- For most products, on-line customers are most likely to use the site of a
focused bank. entity...
- .... although on-line sales of banking products are often intermediated in
one form or another
- Effectiveness of on-line and off-line marketing prompts
- In spite of competition from other media, television advertising appears
to be the most effective
- Few consumers are likely to be influenced by SMS text advertising or
on-line pop-up advertising
- The effectiveness of event sponsorship as a marketing prompt appears to be
increasing
- Other sources of information and advice used
- Consumers are very likely to consult friends or family prior to taking out
banking products
- ... although a variety of other sources are also used by a significant
percentage of respondents
- Fewer than 10% of on-line banking customers pay any attention to comments
on ' blogs'
- Number of details solicited prior taking out bank. prods. over the
Internet
- On-line customers are most likely to solicit details for banking products
on three occasions
- Recognition and usage of providers of general price comparison
services
- A number of general price comparison providers have begun coverage of
banking products...
- ... although the nature of this aspect of their service varies
significantly from entity to entity
- Eight general providers of price comparisons are recognised by over one
third of respondents...
- ... with MoneySavingExpert.com achieving the highest search rates for
banking products
- Characteristics of effective web sites for banking products
- Almost 75% of consumers consider the degree to which they trust a site to
be very important
- Over a quarter of respondents are comfortable with using a site with no
telephone support
3.0 COMPETITOR ANALYSIS
- Introduction
- Consumer awareness of aggregation and broking web sites
- Ocean Finance and Norton Finance continue to rank among the leading five
brokers...
- ... although consumer recognition of a trio of fleeter-footed rivals is
growing far more quickly
- Awareness of Elephant Loans and Freedom Finance has diminish. during the
most recent year
- Well over half of the 70 web brands covered are not recognised by over 85%
of respondents
- Consumer trust of aggregation and broking web sites
- Nine aggregators and brokers of banking products are clearly ahead of the
bulk of their peers
- ... although only six in total would definitely be trusted by more than 5%
of respondents
- Consumer usage of aggregation and broking web sites
- Moneysupermarket.com, The Motley Fool and MoneyExpert are clear market
leaders
- 0.21% of respondents claim to have made use of Zopa, the lending and
borrowing exchange
- The vast majority of competitors lack the differentiating features to
improve their prospects
- The Motley Idol, Moneysupermarket.com and MoneyExpert have broken away
from the pack...
- ... as a consequence of the breadth and differentiated nature of their
proposition
- Moneysupermarket.com and MoneyExpert appear to have grown most rapidly
- Conditions for market participants outside of the top ten seem destined to
become tougher...
- ... as the evidence of the research is that the majority of the leading
players are gaining ground
4.0 AGGREGATOR AND BROKER PROFILES
- Introduction
- 4.1 1st choice loans
- 4.2 24 Hour loan
- 4.3 77 Finance
- 4.4 accepted.co.uk
- 4.5 AdviceOnline
- 4.6 apply4aloan.co.uk
- 4.7 Arrange it Free
- 4.8 AWD Moneyextra
- 4.9 Beech Finance
- 4.10 blackandwhite.co.uk
- 4.11 Blue Moon
- 4.12 Charcolonline
- 4.13 Click 4 A Loan
- 4.14 Compare Loan UK
- 4.15 Creditcards.co.uk
- 4.16 earth mortgages
- 4.17 Easy Loans
- 4.18 Easy Quote
- 4.19 Elephant Loans
- 4.20 e-loan
- 4.21 E-loanshop.com
- 4.22 emortgage.co.uk
- 4.23 Enable Finance
- 4.24 Endsleigh Financial
- 4.25 Fair Investment Company
- 4.26 Financeworx
- 4.27 First Line Loans
- 4.28 Flexemortgage
- 4.29 Freedom Finance
- 4.30 Goodinvestor.com
- 4.31 Guardian Credit
- 4.32 Home Loans Direct
- 4.33 Home Loans Made Easy
- 4.34 Interactive Investor
- 4.35 LendQuest
- 4.36 Loan Giant
- 4.37 loan.co.uk
- 4.38 LoanCube
- 4.39 Loans UK
- 4.40 Loanspage.co.uk
- 4.41 mform
- 4.42 MoneyExpert
- 4.43 Moneynet
- 4.44 Moneyquest
- 4.45 Moneysupermarket.com
- 4.46 Moneyworld
- 4.47 Mortgages.co.uk
- 4.48 mysortofloan
- 4.49 NetLoans
- 4.50 NetYourDebt
- 4.51 Norton Finance
- 4.52 Ocean Finance
- 4.53 Okoza
- 4.54 Only Finance
- 4.55 Pacific Home Loans
- 4.56 Pay day UK
- 4.57 Personal-loans.co.uk
- 4.58 Purely Mortgages
- 4.59 Shakespeare Finance
- 4.60 Star Finance
- 4.61 The Home Loan Shop
- 4.62 The Mortgage & Loan Business
- 4.63 The Motley Fool
- 4.64 The Thrifty Scot
- 4.65 theidol.com
- 4.66 UK Personal Loan Store
- 4.67 Unravelit
- 4.68 Vesta Money
- 4.69 yes-loans.co.uk
- 4.70 Zopa
GRAPHICS / TABLES
- Sample breakdown by age group, household income band and geographical
location - banking questions
- Sample breakdown by age group, household income band and geographical
location - entire survey
- Aggregators and brokers of banking products covered for the first time in
the Q1 2007 research
- Who owns whom in web-based aggregation and broking of banking products in
the UK?
- Who owns whom in web-based aggregation and broking of banking products in
the UK? (continued)
- Who owns whom in on-line provision of general price comparisons in the UK?
- Consumer propensity to purchase assorted goods and services via the
Internet, Q1 2007
- Cons. prop. to purchase assorted goods and services via the Internet, Q1
2006 and Q1 2007 comp. (data)
- Consumer prop. to research and take out banking products over the
Internet, Q1 2006 and Q1 2007 comp
- Types of site used for res. and tak. bank. prods.., inc. sites of orgs.
for which dist. of ins. is a sec. act., Q1 2007
- Tps. of site used for res. and tak. bank. prods. inc. sites of orgs. for
wh. dist. of ins. is a sec. act., Q1 2007 (data)
- Use of on-line and off-line channels for taking out assorted banking
products, Q1 2007
- Use of on-line and off-line channels for taking out assorted banking
products, Q1 2007 (data)
- Breakdown of on-line channels by type of web site used for purchasing
assorted banking products, Q1 2007
- Breakdown of on-line channels by type of web site used for purchasing
assorted bank. prods., Q1 2007 (data)
- Effect. of on-line and off-line mktg. prompts as a means of persuading
custs. to visit part. web sites, Q1 2007
- Effect. of mktg. prompts as a means of pers. custs. to visit part. web
sites, Q1 2006 and Q1 2007 comp. (data)
- Other sources of information and advice used prior to taking out banking
products, Q1 2007
- Other sources of information and advice used prior to taking out banking
products, Q1 2007 (data)
- Number of quotes sol. by cons. prior to taking out bank. prods. over the
Internet, Q1 2006 and Q1 2007 comp
- No. of quotes solicited by cons. prior to tak. bank. prods. over the
Internet, Q1 2006 and Q1 2007 comp. (data)
- Recognition and usage of on-line providers of general price comparison
services, Q1 2007
- Recognition and usage of on-line providers of general price comparison
services, Q1 2007 (data)
- Imp. of web site characts. in pers. custs. to res. and / or purch. bank.
prods. through a part. web site, Q1 2007
- Imp. of site characts. in pers. custs. to res. and / or purch. bank.
prods. through a part. web site, Q1 2007 (data)
- Ranking of web sites of aggregators and brokers of bank. products by
overall consumer awareness, Q1 2007
- Ranking of web sites of aggs. and brokers of bank. prods. by overall
consumer awareness, Q1 2007 (cont.)
- Ranking of web sites of aggregators and brokers of banking products by
consumer trust, Q1 2007
- Ranking of web sites of aggregators and brokers of banking products by
consumer trust, Q1 2007 (continued)
- Ranking of web sites of aggregators and brokers of bank. products by
consumer usage to purchase, Q1 2007
- Ranking of web sites of aggs. and brokers of bank. prods. by consumer
usage to purchase, Q1 2007 (cont.)
- Correlation between cons. awareness and consumer trust of web sites of
aggs. and brokers of bank. prods
- Correlation between cons. aware. and cons. usage to take out of web sites
of aggs. and brokers of bank. prods
- Correlation between cons. trust and cons. usage to take out of web sites
of aggs. and brokers of bank. prods
- Comparison of recent and historic usage to take out of web sites of aggs.
and brokers of banking products (1)
- Comparison of recent and historic usage to take out of web sites of aggs.
and brokers of banking products (2)
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