Abstract
Technological developments such as high-speed broadband are helping to drive Internet penetration among households. This in turn is helping to drive growth in the financial ecommerce sector. However, most people are still only using the Internet to search for product and provider information and to browse financial websites (and then proceeding to buy via other channels); and many still need to be convinced of the merits and relative safety of buying, banking and investing online.
Consumer research data suggest that in the banking and insurance markets the average conversion rate (ie the proportion of sales to quotes conducted online) is currently around 25-35%. Companies are therefore investing heavily in marketing and product/service development in order to increase the rate of conversion. This involves offering financial incentives and exclusive online deals; improving online brand presence and the user-friendliness of websites; and enhancing the overall experience.
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