Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

IDC’s Financial Insights Reveals Latest Consumer Banking Behavior Findings, Growth of Electronic Channels Alters Patterns

  • 23 March, 2004 15:26

<p>NORTH SYDNEY, March 23rd, 2004 – A series of reports by global independent research and advisory firm Financial Insights uses detailed survey data to shed new light on consumer banking habits. This series, based on Financial Insights and IDC's Marco Polo study of over 5,000 households in the region, looks at Internet banking, channel usage, and consumer behavior, across various demographics. This is the most comprehensive survey of its kind in Asia and provides evidence of a rapid evolution in consumer banking behavior. The growth of electronic channels has altered customer interaction patterns and this has deep ramifications for retail financial institutions. The emergence of a new generation of Web-savvy customers has led to demand for electronic service delivery. The branch remains a crucial part of the banking equation, but the data suggests it may be time to re-think the nature of this delivery channel.</p>
<p>Rapid growth over the past few years has created an enormous group of online customers within the region's leading banks. These individuals have their own service preferences and expectations, and this poses new challenges for financial institutions. Internet banking customers also occupy a demographic sweet spot, as they are generally older, better educated and richer than their offline peers. This makes them an attractive group to target, but they are also interesting from a cost perspective, as they are more inclined to migrate the day-to-day components of their bank relationship – transactions, help requests, statement delivery, etc – online.</p>
<p>“A fundamental change is occurring in the manner in which customers interact with their bank,” says Douglas Jaffe, Senior Research Manager in Financial Insights’ Retail Financial Services Group. “And, this is fueling new concerns about how to service these online customers and what their growth will mean for the future of Retail banking."</p>
<p>For more information on obtaining these reports, please contact: Catherin Bennett, Director User Programmes for Australia and New Zealand +61 2 9925 2259 or</p>
<p>1. Channel Usage in Asia Pacific: Are Customers Choosing Clicks Over Mortar? (Financial Insights #FIN1423, March 2004)
2. Internet Banking Product Analysis: The Facts behind Web Banking Usage (Financial Insights #FIN1424, March 2004)
3. Behavior and Demographics: Emergence of a New Customer Segment? (Financial Insights #FIN1426, March 2004)</p>
<p>For Press Enquires please contact:
Catherin Bennett, ANZ Director User Programmes
Phone: 02 9925 2259</p>

Most Popular

Editor's Recommendations

Solution Centres


View all events Submit your own security event

Latest Videos

More videos

Blog Posts

Media Release

More media release