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 cbennett@idc.com</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
Email: cbennett@idc.com
Phone: 02 9925 2259</p>

Most Popular

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Join the newsletter!

Error: Please check your email address.

Latest Articles

Resources

PCW Evaluation Team

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?