Table of Contents
- Issues in the Market
- Key themes in the report
- Report definition
- Abbreviations
- Market in Brief
- The rise of the retailers
- NTPs have their limitations
- ' Millionaires' and ' earth warriors'
- RoI reluctant to step out of comfort zone
- Driving Growth in the NTP Market
- Key points
- Why have NTPs entered the financial services market?
- Addressing the issue of time-poor consumers
- The ' one-stop shop' for consumers...
- ...with an online presence also
- NTPs -- the original opportunists
- Customer databases essential for providing cross-selling opportunities
- Traditional FSPs come in handy too
- In difficulty lies opportunity
- ' Irresponsible lending'
- Bonus scandals
- A lack of transparency on overdraft charges
- Problems with switching bank accounts
- Security threats at banks
- High credit card interest rates
- Implications for NTPs
- Transferable branding essential to NTPs
- Broader Market Environment
- Key points
- NTPs to benefit from gloomy economic outlook
- Figure 1: Economic outlook for NI and RoI, 2008-10
- Housing and construction
- Unemployment
- Consumer spending
- Implications for the NTP market
- Technology developments vital for growth of NTPs
- Figure 2: Percentage of respondents who have accessed the internet in
the last 12 months, NI and RoI, 2003-08
- Figure 3: Percentage of respondents with a broadband internet connection
at home, NI and RoI, 2004-08
- Banking on the go
- Figure 4: Number of respondents who access the internet through a mobile
phone, NI and RoI, 2003-08
- Implications for NTPs
- Barriers to Market Growth
- Key points
- Could NTPs' simplicity be their downfall?
- Figure 5: Barriers of growth in the non-traditional financial services
provider market, Ireland, 2009
- Limited range of products and lack of financial advice
- Security threats preventing cautious consumers from banking online
- Figure 6: Number of reported phishing incidents targeted against UK
banks and building societies Q1 2006-Q1 2008
- Increased regulation restricting market growth
- Case Studies in the NTP Market
- Key points
- Smaller Irish firms competing well with UK rivals
- Figure 7: NTPs, by number of customers and operating profit, 2008/09
- Case study -- M&S Money
- Case study -- Postbank
- Case study -- Post Office Financial Services
- Case study -- Quinn Group
- Case study -- Tesco Personal Finance
- Case study -- Tesco Personal Finance Ireland
- Companies and Products
- Key points
- Motoring organisations
- AA Financial Services (UK including NI)
- AA Insurance (AA Ireland Limited)
- Kwik-Fit Financial Services (UK including NI)
- RAC Direct Insurance (UK including NI)
- Retailers
- Boots UK Limited (UK including NI)
- Home Retail Group Financial Services (UK and Ireland)
- Supermarkets
- Asda Financial Services Limited (UK including NI)
- Sainsbury' s Bank plc (UK including NI)
- Other providers
- The Co-operative Group (UK including NI)
- Quinn Group (all Ireland)
- Saga Insurance and Personal Finance (UK including NI)
- Virgin Money (UK including NI)
- The Consumer -- Receptiveness to Change
- Key points
- RoI consumers becoming harder to convince
- Figure 8: Agreement with ' supermarkets and retailers should not get
involved in personal finance' , NI and RoI, 2003-08
- Younger consumers more enthusiastic about NTPs
- Is trust an obstacle or opportunity for NTPs?
- Appendix
- Driving growth in the NTP market
- Figure 14: Agreement with ' Convenience often plays a part in my purchase
decisions' , NI and RoI, 2006-08
- Figure 15: Agreement with ' To do my shopping by internet makes my life
easier' , NI and RoI, 2003-08
- Broader market environment
- Figure 16: Respondents who have accessed the internet in the last 12
months, NI, 2008
- Figure 17: Respondents who have accessed the internet in the last 12
months, RoI, 2008
- Barriers to market growth
- Figure 18: Respondents who access a bank branch for financial advice, NI
and RoI, 2006-08
- The Consumer -- Receptiveness to change
- Figure 19: Agreement with ' Supermarkets and retailers should not get
involved in personal finance' , NI and RoI, 2008
- Figure 20: Agreement with ' Supermarkets and retailers should not get
involved in personal finance' , NI and RoI, 2003-08
- Figure 21: Attitudes towards banking, NI and RoI, November 2007
- Figure 22: Disagreement with ' Supermarkets and retailers should not get
involved in personal finance' , NI and RoI, 2003-08
- Figure 23: Disagreement with ' Supermarkets and retailers should not get
involved in personal finance' , NI, 2008
- Figure 24: Disagreement with ' Supermarkets and retailers should not get
involved in personal finance' , RoI, 2008
- Figure 25: Agreement with ' I like changing brands' , NI and RoI, 2008
- Figure 26: Agreement with ' I like changing brands' , NI and RoI, 2007 and
2008
- Figure 27: Agreement with ' I always look out for special offers' , NI and
RoI, 2008
- Figure 28: Agreement with ' I always look out for special offers' , NI and
RoI, 2003-08
- Figure 29: Attitudes towards finance, NI, 2003-08
- Figure 30: Attitudes towards finance, RoI, 2003-08
- Figure 31: Agreement with ' I like to pursue a life of challenge, novelty
and change' , NI and RoI, 2003-08
- Figure 32: Agreement with ' I like to try out new recipes' , NI and RoI,
2003-08
- Figure 33: Agreement with ' I like to try out new food products' , NI and
RoI, 2003-08
- Figure 34: Agreement with ' I only buy trusted products, ones I know' , NI
and RoI, 2007 and 2008
- Opportunities for future growth
- Figure 35: Methods of accessing banking services, NI, 2006-08
- Figure 36: Methods of accessing banking services, RoI, 2006-08
- Figure 37: Agreement with factors that would improve a consumer' s
banking experience, NI and RoI, 2008
- Figure 38: Agreement with factors that would improve a consumer' s
banking experience, NI, 2008
- Figure 39: Agreement with factors that would improve a consumer' s
banking experience, NI, 2008
- Figure 40: Agreement with factors that would improve a consumer' s
banking experience, NI, 2008
- Figure 41: Agreement with factors that would improve a consumer' s
banking experience, RoI, 2008
- Figure 42: Agreement with factors that would improve a consumer' s
banking experience, RoI, 2008
- Figure 43: Agreement with factors that would improve a consumer' s
banking experience, RoI, 2008
- Figure 44: Number of respondents who carry out online banking as an
online activity, NI and RoI, 2003-08
- Figure 45: Agreement with ' I often refer to the internet before making a
purchase' , NI and RoI, 2003-08
- Figure 46: Agreement with ' It' s important that a bank understands my
individual needs' , NI and RoI, 2008
- Figure 47: Agreement with ' It' s important that a bank understands my
individual needs' , NI and RoI, 2003-08
- Figure 48: Most important factors when shopping for groceries, NI and
RoI, 2008
- Figure 49: Agreement with ' I' m tempted to buy products I' ve seen
advertised, NI and RoI, 2003-08
- Figure 50: Agreement with ' I look with interest at advertising for
financial services' , NI and RoI, 2008
- Figure 51: Agreement with ' I look with interest at advertising for
financial services' , NI and RoI, 2007-08
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