Abstract
Finaccord' s updated and expanded report titled Net Metrics: Consumer Usage of
On-Line Aggregators, Brokers and Other Intermediaries in UK Banking focuses on
two fundamental aspects of Internet distribution of lending and savings
products in the UK: general patterns in consumer behaviour in this sphere and
dynamics in the rapidly evolving market for on-line aggregators and brokers of
banking products.
With regards to the former issue, the research investigates several core areas
including consumer propensity to take out six different types of banking
product via the Internet, consumer propensity to use different generic types
of web site in this context and the relative importance of 12 key
characteristics of web sites of aggregators and brokers of lending and savings
products for encouraging consumer usage to research and / or acquire.
As for the latter, the study offers an updated and detailed benchmarking in
terms of consumer awareness, consumer trust and consumer usage to take out
banking products of 70 of the leading web-based aggregators and brokers in the
UK including BeatThatQuote.com, Fool.co.uk, Kelkoo, MoneyExpert, Moneyfacts,
MoneySavingExpert.com, moneysupermarket.com, Norton Finance, Ocean Finance and
uSwitch.com.
Table of Contents
0.0 EXECUTIVE SUMMARY
- Banks and building societies offering current accounts generate the
highest volumes of web traffic
- Social networking and video sharing provider sites are very widely used by
younger consumers
- Utilisation of the Internet as a distribution option for banking products
may have reached a plateau
- Longevity of Internet usage is an important factor driving on-line
acquisition of banking products
- Consumers focus on a more limited number of sites to research and take out
banking products
- Most consumers understand the difference between on-line aggregators and
on-line brokers
- Usage of on-line aggregators and brokers of banking products peaks in the
25-44 age bracket
- Users of on-line aggregators and brokers are motivated primarily by
finding the best interest rate
- Only a minority of consumers state that they are loyal to their main
on-line aggregator or broker
- A significant proportion of users of on-line aggregators and brokers
question their accuracy
- … and over 10% express dissatisfaction with a range of aspects of
the service that they receive
- Over two thirds of respondents claim to be either very aware or quite
aware of uSwitch.com
- Only a minority of aggregators and brokers are definitely trusted by more
than 5% of consumers
- moneysupermarket.com achieves the highest ratings in terms of actual usage
to purchase
- On-line aggregation and broking of banking products may be subject to
significant consolidation
1.0 INTRODUCTION
- Research rationale
- The updated Net Metrics research incorporates a variety of new analyses of
consumer behaviour
- Research sample
- Web-based aggregators and brokers of banking products
- On-line aggregators and brokers of banking products can use a variety of
operating models
- … although some of the most successful protagonists possess
differentiated approaches
- … and provision of white-labelled searching facilities between
competitors is also commonplace
- Who owns whom in on-line aggregation and broking of banking products?
- Strengths and weaknesses
- Finaccord
- Other UK consumer research publications
- UK affinity and partnership marketing publications
- IPT / Tpoll
2.0 MARKET ANALYSIS
- Introduction
- Consumer propensity to visit different types of web site
- Frequency of visits is a key metric in the emerging environment for
on-line financial services
- … with banking institutions offering current accounts being
well-positioned in this respect
- … and both social networking providers and video sharing providers
also scoring highly
- Insurance companies and some traditional affinity partners generate
relatively little web traffic
- Over 80% of individuals aged between 16 and 24 visit the sites of social
networking providers
- The gap in usage by age group for the web sites of video sharing providers
is slightly less acute
- Consumer propensity to purchase via the Internet
- Consumers are most likely to have made on-line acquisitions of books or
music
- … with well 40% of respondents having acquired banking products via
the Internet at least once
- On-line sales of computers and associated peripherals appear to be subject
to a decline
- … and a slowdown may also be occurring for certain categories of
retail banking product
- Propensity to research and take out banking products over the Internet
- Over a half of consumers use the Internet to research and / or take out
banking products
- There is a clear link between longevity of Internet use and acquisition of
bank. products on-line
- Number of details solicited prior taking out on-line banking products
- On-line customers are most likely to solicit details for banking products
on three occasions
- Likelihood to research or take out banking products by type of web site
- Consumer propensity to research or take out banking products varies
greatly by type of web site
- Banking entities offering current accounts should make the most of high
volumes of web traffic
- Awareness and influence of the on-line insurance banking concept
- Most consumers are aware of the difference between on-line aggregation and
on-line broking
- … although a surprisingly high proportion assert that they are not
influenced by this awareness
- Consumer usage of aggregators or brokers of banking products
- On-line banking aggregators and brokers achieve highest utilisation in the
25-44 age group
- Characteristics of effective insurance aggregator and broker web sites
- Over 75% of respondents consider eight characteristics to be either very
or quite important
- Personalisation, exclusive products and user reviews are the least valued
characteristics
- Banking aggregator or broker web sites used most frequently
- Two competitors are subject to the most frequent usage by over a half of
respondents
- … with Confused.com likely to become an increasingly serious
challenger in this space
- Loyalty towards insurance aggregators and brokers used most frequently
- … although the research is indicative of low rates of loyalty
towards even the leading players
- A key challenge for aggregators and brokers will be to maximise the
loyalty of their customers
- Accuracy of banking aggregators and brokers used most frequently
- Over one in ten consumers have concerns over the accuracy of product
information provided
- … although moneysupermarket.com scores accuracy ratings in excess
of the market average
- Satisfaction with banking aggregators used most frequently
- Finaccord' s research facilitates the measurement of consumer satisfaction
levels
- … and indicates that the majority are satisfied by the service
offered by banking aggregators
3.0 COMPETITOR ANALYSIS
- Introduction
- Consumer awareness of aggregation and broking web sites
- uSwitch.com achieves the highest rating for recognition among on-line
aggregators and brokers
- 17 competitors in this field are recognised to some extent by over 25% of
survey respondents
- … although almost a half of the 70 web brands are not recognised by
over 85% of consumers
- Consumer trust of aggregation and broking web sites
- In spite of its recent difficulties, simplyswitch is ranked highly in
terms of consumer trust
- … and only 11 of its competitors are definitely trusted by more
than 5% of respondents
- Consumer usage of aggregation and broking web sites
- moneysupermarket.com has achieved a surge in actual utilisation during the
last 12 months
- 20 aggregators or brokers of banking products have been used by at least
1% of consumers
- There continues to be a reasonable if not perfect correlation between
awareness and trust
- Five banking aggregators appear to be out-performing their rivals in the
on-line market
- … helped by the degree to which they are trusted rather than merely
known by consumers
- moneysupermarket.com and MoneySavingExpert.com 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 smaller players are being
squeezed out of the picture
4.0 AGGREGATOR AND BROKER PROFILES
- Introduction
- 4.1 24 Hour loan
- 4.2 accepted.co.uk
- 4.3 AdviceOnline
- 4.4 AWD Moneyextra
- 4.5 BeatThatQuote
- 4.6 Bullhorn.co.uk
- 4.7 buy.co.uk
- 4.8 Charcol
- 4.9 Click 4 A Loan
- 4.10 Compare & Save
- 4.11 Compare Loan UK
- 4.12 Creditcards.co.uk
- 4.13 Easy Quote
- 4.14 Elephant Loans
- 4.15 e-loan.co.uk
- 4.16 E-loanshop.com
- 4.17 Endsleigh Financial
- 4.18 Fair Investment Company
- 4.19 FinanceDaily.co.uk
- 4.20 Find.co.uk
- 4.21 First Line Loans
- 4.22 Fool.co.uk
- 4.23 Freedom Finance
- 4.24 Goodinvestor.com
- 4.25 Guardian Credit
- 4.26 Help My Money
- 4.27 Home Loans Direct
- 4.28 Interactive Investor
- 4.29 Kelkoo
- 4.30 Know Your Money
- 4.31 Loan Arrangers UK
- 4.32 loan.co.uk
- 4.33 loangenie
- 4.34 Loans UK
- 4.35 Loans.co.uk
- 4.36 Loantime.co.uk
- 4.37 MoneyExpert
- 4.38 Moneyfacts
- 4.39 moneygem.com
- 4.40 Moneymatchmaker.com
- 4.41 MoneyMonkey.co.uk
- 4.42 Moneynet
- 4.43 Moneyquest
- 4.44 MoneySavingExpert
- 4.45 moneysupermarket.com
- 4.46 Moneyway
- 4.47 Moneywise
- 4.48 Mortgages.co.uk
- 4.49 NationalPrice.com
- 4.50 NationsFinance.co.uk
- 4.51 Norton Finance
- 4.52 Ocean Finance
- 4.53 OnlineLoans.co.uk
- 4.54 Only Finance
- 4.55 Pacific Home Loans
- 4.56 Pay day UK
- 4.57 pinkfish loans
- 4.58 Precision Loans
- 4.59 PriceRunner
- 4.60 Shakespeare Finance
- 4.61 simplyswitch
- 4.62 Smarter Money
- 4.63 The Thrifty Scot
- 4.64 theidol.com
- 4.65 thisismoney.co.uk
- 4.66 Unravelit
- 4.67 uSwitch
- 4.68 Wider Choice
- 4.69 Your Money
- 4.70 Zopa
GRAPHICS / TABLES
- Sample breakdown by age group, household income band and geographical
location - entire survey
- Sample breakdown by longevity of Internet usage - entire survey
- Aggregators and brokers of banking products covered for the first time in
the 2008 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)
- Consumer propensity to visit different types of web site, 2008
- Consumer propensity to visit different types of web site, 2008 (data)
- Consumer propensity to visit the web sites of social networking providers,
2008: detailed segmentation (data)
- Consumer propensity to visit the web sites of video sharing providers,
2008: detailed segmentation (data)
- Consumer propensity to purchase assorted goods and services via the
Internet, 2008
- Comparison of consumer propensity to purchase assorted goods and services
via the Internet, 2006-8 (data)
- % of custs. acquiring different bank. prods. through the Internet - 2007,
2005 and all previous years comp. (data)
- Consumer propensity to research and take out banking products over the
Internet, 2008
- Consumer propensity to research and take out bank. products over the
Internet, 2008: detailed segment. (data)
- Number of quotes solicited by consumers prior to taking out bank. products
over the Internet, 2006-8 compared
- Number of quotes solicited by cons. prior to taking out bank. products
over the Internet, 2006-8 compared (data)
- Consumer likelihood to research or take out banking products from
different types of web site, 2008
- Consumer likelihood to research or take out banking products from
different types of web site, 2008 (data)
- Comparison of consumer propensity to visit and cons. likelihood to search
for or take out bank. products, 2008
- Awareness of the difference between on-line banking aggs. and on-line
brokers of banking products, 2008
- Consumer usage of web sites of aggregators or brokers of banking products,
2008 (data)
- Importance of agg. and broker web site characteristics in persuading
custs. to take out bank. products, 2008
- Imp. of agg. and broker web site characteristics in persuading custs. to
take out bank. products, 2008 (data)
- Banking agg. or broker web sites used most frequently by cons. to research
or take out bank. products, 2008
- Degree of loyalty engendered by banking aggregators and brokers used most
frequently, 2008
- Degree of loyalty engendered by banking aggregators and brokers used most
frequently, 2008 (data)
- Perceived accuracy of banking aggregators and brokers used most
frequently, 2008
- Perceived accuracy of banking aggregators and brokers used most
frequently, 2008 (data)
- Cons. satisfaction with agg. web site used most freq. when searching for
and / or taking out bank. prods., 2008
- Cons. satisfaction with agg. used most freq. when searching for and / or
taking out bank. prods., 2008 (data)
- Ranking of web sites of aggregators and brokers of banking products by
overall consumer awareness, 2008
- Ranking of web sites of aggs. and brokers of bank. products by overall
consumer awareness, 2008 (cont.)
- Ranking of web sites of aggregators and brokers of banking products by
consumer trust, 2008
- Ranking of web sites of aggregators and brokers of banking products by
consumer trust, 2008 (continued)
- Ranking of web sites of aggregators and brokers of banking products by
consumer usage to purchase, 2008
- Ranking of web sites of aggs. and brokers of bank. products by consumer
usage to purchase, 2008 (cont.)
- Correlation between cons. awareness and cons. trust of web sites of aggs.
and brokers of bank. products
- Correlation between awareness and usage to take out bank. products of
aggs. and brokers of bank. products
- Correl. between trust and usage to take out bank. prods. of web sites of
aggs. and brokers of bank. prods
- Comparison of recent and historic usage to take out bank. products of
aggs. and brokers of bank. products (1)
- Comparison of recent and historic usage to take out bank. products of
aggs. and brokers of bank. products (2)
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