Acquia, the digital experience company, has published research by independent technology market research specialist Vanson Bourne, into how consumers are using financial products and services online (such as bank accounts, mortgages, credit cards and insurance) to help inform brands’ digital strategies. The research shows that consumers are very comfortable with digital interactions with their banks, but that they are not buying financial products or sharing online in the same way.

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Is the financial services sector
making the most of digital channels?
85% of people have used financial products or
services online in the last 12 months. What have
they been doing?
How are people using online financial
products & services?
OF PEOPLE CHECKED THEIR FINANCIAL STATEMENTS ONLINE
OF PEOPLE PAID AN ORGANISATION OR BILL ONLINE
OF CONSUMERS LOOKED FOR INFORMATION ONLINE
OF PEOPLE PAID ANOTHER PERSON ONLINE
OF CONSUMERS BOUGHT A FINANCIAL PRODUCT / SERVICE
65%
59%
47%
46%
27%
12% OF CONSUMERS RECOMMENDED A PRODUCT / SERVICE
OR SHARED LINKS TO THEM WITH FRIENDS & FAMILY
But how much of this
is because our finances
are generally seen to be
more private to us than,
for example, the latest
pair of jeans that we
bought online?
Interestingly, there is little difference by either AGE or GENDER
as to how respondents have used financial products and services
online in the last 12 months.
Financial services customers show a clear appetite for receiving
products and services via digital channels, but can key players in
this industry do more to provide more enticing platforms and
content to keep customers loyal?
The gender story
Age is no barrier
Men are slightly more likely to use financial products
and services online, compared with women:
88 HAVE USED FINANCIAL PRODUCTS & SERVICES ONLINE IN THE LAST YEAR
HAVE USED FINANCIAL PRODUCTS & SERVICES ONLINE IN THE LAST YEAR
More men than woman have looked for information
about financial products / services onine in the last year:
HAVE LOOKED FOR INFORMATION ON A FINANCIAL
PRODUCT / SERVICE IN THE LAST YEAR
HAVE LOOKED FOR INFORMATION ON A FINANCIAL
PRODUCT / SERVICE IN THE LAST YEAR
Older generations (45-65+) are much more likely to
pay their bills online than those younger than them:
69% AGED 45-54 HAVE PAID THEIR BILLS ONLINE IN THE LAST YEAR
AGED 45-54
AGED 25-34
AGED 25-34
AGED 64+
59% AGED 25-34 HAVE PAID THEIR BILLS ONLINE IN THE LAST YEAR
Younger people (16-44) are more likely to recommend
a financial product/service online than older generations:
11% OF RESPONDENTS AGED 25-34 HAVE RECOMMENDED A FINANCIAL
PRODUCT / SERVICE ONLINE IN THE LAST YEAR
2% OF RESPONDENTS AGED 64+ HAVE RECOMMENDED A FINANCIAL
PRODUCT / SERVICE ONLINE IN THE LAST YEAR
OF MEN
%
83 WOMEN
% OF
52 OF MEN
%
43 WOMEN
% OF
This dispels the myth
that modern women tend
to look after their family’s
day-to-day finances more
than men, perhaps driven
by the increase in
families where both
parents work.
Sources:
uk.businessinsider.com/breadwinning-women-control-family-money-2015-3?r=US&IR=T
www.telegraph.co.uk/finance/personalfinance/savings/9571809/Women-now-in-charge-of-major-financial-decisions.html