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
- 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
Highlights of this title
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 title
- 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.
