- Published: November 2009
Consumer Attitudes to Security in Online Payments and Banking
- Published: December 2009
- 23 pages
Security is a key issue in the online space and understanding the consumer perspective is imperative. It is the consumer who ultimately decides how and where they use the internet for after all. In late 2009, Datamonitor was invited to present its research findings in this area to a conference of payment professionals. The slide deck presented to that audience is available here.
- Sizes the market for online banking and payments and provides insight into the key consumer trends in these areas across 15 global markets.
- Provides analysis of the factors preventing consumers from banking online, particularly the impact of concerns over security.
- Examines the trade-off between convenience and security when consumers choose how to make payments online.
- Quantifies the potential growth in online commerce from addressing concerns over security in payments and the quality of the online retail experience.
Highlights of this title
Up to a quarter of some FS product lines globally are sold online, a trend that is true across all age groups. While the trends do differ across different regions and countries, the overall pattern is clear - consumers are growing increasingly comfortable with the internet as a channel for buying and managing their financial products.
Online commerce will be a EUR1 trillion market in 2009, and credit cards account for 45.3% of total transaction values. The proportion held by non-card payment tools represents a huge market opportunity for banks and issuers to look to grow.
When selecting a payment tool online, consumers primarily choose based on convenience. In contrast, security is largely disregarded when making online transactions, despite this being the single biggest barrier to some consumers shopping online in the first place.
Key reasons to purchase this title
- Understand the key consumer trends in the use of the internet for the purchase and management of financial products.
- Learn how consumers make payments for goods and services online and the factors influencing their choice of payment tool.
- Benefit from insight into the true impact of security on online behaviours and use these to shape your business.
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