TABLE OF CONTENTS
Overview 1
Catalyst 1
Summary 1
Methodology 1
Executive Summary 2
The FS landscape has changed post-downturn 2
The Megatrends have different levels of importance across the globe 3
Convenience is about saving time and effort 3
A customer-centric approach is needed to increase Convenience 5
Introduction: The Importance of Trend Tracking to Financial Services 11
The post-recessionary FS market presents new challenges to the industry 11
Datamonitor is committed to creating a holistic view of 'the consumer' 12
Tracking consumer Megatrends is fundamental to long-term success 14
The Megatrends have different levels of importance for consumers across the globe 19
Availability of technology and a need to save time drive the desire for Convenience 20
The Future Decoded 22
Convenience is about saving time and effort 22
The Convenience Megatrend is comprised of key trends 22
Insight: The rise of the online channel in response to time scarcity and multi-tasking 24
Insight: a multi-channel approach is vital to the customer experience 41
Insight: the success of mobile banking in less developed economies can be replicated in mature markets 46
Insight: simplicity offers Convenience to the consumer by reducing effort in financial chores 50
Insight: consumers feel that they have the time to manage their finances, but are not always doing so effectively 53
Insight: the global financial downturn has decreased the desire to outsource 55
Action Points 57
A customer-centric approach will help to increase Convenience 57
The online channel should allow for more customization 57
There is great potential in the mobile channel for FS providers 61
The branch channel needs to supplement the online channel offering 62
The telephone channel should be quick and efficient 65
Appendix 67
Additional data 67
Definitions 76
Methodology 77
Further reading 78
Ask the analyst 79
Datamonitor consulting 79
Disclaimer 79
TABLE OF FIGURES
Figure 1: Consumer behavior and the innovations targeting it inevitably fit into a ‘trend hierarchy’ 3
Figure 2: Looking at consumers as a whole will help to address their needs 13
Figure 3: Datamonitor's Megatrends have a long-term and substantive impact on the marketing landscape and can be grouped into two categories 16
Figure 4: Convenience is not one of the Megatrends most in demand at the moment 20
Figure 5: Supply of technology and the desire to save time affect the demand for Convenience at a local level 21
Figure 6: There are five key trends within the Convenience Megatrend 23
Figure 7: Quick and easy access to online services is important to consumers across all regions 26
Figure 8: Consumer demand and the penetration of online banking do not always match 27
Figure 9: There are regional opportunities to capitalize on the online channel 28
Figure 10: All age groups are using the online channel 29
Figure 11: Online banking is most attractive to younger generations 30
Figure 12: Consumers conduct more activities online in countries where the demand for online banking is higher 31
Figure 13: There is the opportunity to expand online services in Spain and France 32
Figure 14: Australian consumers make good use of online banking 33
Figure 15: Japanese consumers present an opportunity for the online channel 34
Figure 16: The online channel is widely used among South African consumers 35
Figure 17: Consumers in developing economies are conducting a wide range of activities online 36
Figure 18: Canadian consumers show above average use of the online channel for everyday tasks 37
Figure 19: FS providers in North America could expand the range of services used by consumers 38
Figure 20: Internet-only banks are not greatly in demand among consumers 41
Figure 21: All channels must work together to meet consumer demand 42
Figure 22: A multi-channel approach is favored by many consumers 43
Figure 23: A customer journey for purchasing a generic insurance product can be mapped into a number of stages 44
Figure 24: Breaking down the customer journey into stages will help to identify where there is scope to improve convenience 45
Figure 25: Consumers in the most developed economies are least interested in managing their money on-the-go 47
Figure 26: Younger consumers most want to manage their money on-the-go 48
Figure 27: Consumers in developing countries are embracing the idea of mobile banking 49
Figure 28: Consumers not only want to save time, they also want to reduce effort 51
Figure 29: Only a minority of consumers feel that they do not have sufficient time to manage their finances 54
Figure 30: The trend for outsourcing is in low demand globally 56
Figure 31: BBVA's Tu Cuentas site allows consumers to customize their view and see balances from all providers in one place 58
Figure 32: TD Bank, since acquiring Commerce Bank in 2008, has embraced the title of 'America's Most Convenient Bank' 63
Figure 33: Umpqua Bank's stores have a range of facilities to increase convenience 64
TABLE OF TABLES
Table 1: To what extent do you agree with the following statement: "Quick and easy access to online services is important to me?", by country 67
Table 2: To what extent do you agree with the following statement: "Quick and easy access to online services is important to me?", by age group 68
Table 3: How important are each of the following to you in financial services: online banking?, by country 68
Table 4: How important are each of the following to you in financial services: online banking?, by age group 69
Table 5: Which, if any, of these tasks have you conducted online in the last six months?, by country 69
Table 6: Which, if any, of these tasks have you conducted online in the last six months?, by country 70
Table 7: To what extent do you agree with the following statement: "I like to be able to manage my money on-the-go?", by country 71
Table 8: To what extent do you agree with the following statement: "I like to be able to manage my money on-the-go?", by age group 71
Table 9: How important are each of the following to you in financial services: mobile banking?, by country 72
Table 10: To what extent do you agree with the following statement: "My FS provider must make it simple to manage my finances?", by country 73
Table 11: To what extent do you agree with the following statement: "I do not have time to effectively manage my finances?", by country 74
Table 12: To what extent do you agree with the following statement: "I like other people to look after my finances for me?", by country 75
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