发布时间：2008.9

摘要

Introduction

Australian online financial services is a rapidly growing and evolving market segment. There have been changes to consumer attitudes, regulatory environment, technology and security. Going forward, the online channel is expected to become yet more important for financial services providers.

Scope

• Includes a comprehensive overview of online financial services in Australia.
• Provides survey data on consumer attitudes and behavior relating to online financial services.
• Discusses security issues and two-factor authentication.
• Analyzes current and future trends in the market.

Highlights

Australian broadband subscription numbers have grown from around one million in 2004 to almost five million in 2007. This rise in broadband is especially important for financial institutions, as broadband strongly increases consumer propensity for using the internet for financial services.

Some experts believe that specific regulation for the online channel would be good for both providers and consumers, as there are issues and challenges that are unique to the channel. In their view, lack of specific regulation leads insufficient consumer protection which can hinder uptake.

Concerns can be assuaged by a highly accessible and transparent service, and by open communication between the institution and its customers. Personalization of accounts, where customers can change the look of the online banking site and customize its features, increases the sense of control.

Reasons to Purchase

• Improve your strategic position using Datamonitor's in-depth analysis of the Australian online financial services market.
• Understand the unique challenges the online financial services market is facing, and benefit from forecasts of future developments.
• Learn about what consumers think about online financial services, and how to increase online uptake.

目录及图表

Overview

Catalyst

Summary

Executive summary

Market context

Internet access has grown in Australia

The internet has grown in importance as a channel for financial products

Consumer focus

Some products are more readily embraced by online consumers

More consumers would like to arrange financial products online than actually do

Online customers are younger, have higher income and are better educated

Online financial services customers are more active consumers

The regulatory environment of online financial services

There is little specific regulation of online financial services in Australia

Some observers feel that channel-specific regulation would be beneficial

There are a number of regulatory changes on the cards

Technology infrastructure

Financial institutions spend an increasing but insufficient amount on online platforms

Several banks recently announced major investments in online financial services

Integrating platforms constitutes an expensive venture

Security and online financial services

Fraud is estimated to cost Australians A$1 billion a year

Real and perceived security are two different issues

Security impacts before, during and after a transaction

Future focus and recommendations

The internet will become even more important

Providers must help consumers progress through the three tiers of functionality

Demonstration tours can be extremely useful in building consumer confidence

Communication with customers will increasingly be conducted online

Platform quality does not guarantee customer satisfaction

Integrated platforms for all products will eventually be introduced by large banks

Online applications must be even simpler than offline applications

Mobile banking will rise eventually

Both real and perceived security must be improved

Table of Contents

Table of figures

Table of tables

Market context

Internet access has grown strongly in Australia over the last decade

The internet is a burgeoning channel for financial products

The internet has grown in importance as a channel for financial products

There are theoretical reasons why financial products are suited for online distribution

The internet is used for researching, managing and arranging financial products

Researching financial products on the internet has become commonplace

Accounts are frequently managed online

Arranging products online is the final step for consumers

Consumer focus

Some products are more readily embraced by online consumers

Credit cards and savings accounts are often arranged online

Commitment, complexity and commodity levels determine a product's affinity for the online channel

The level of commitment of a product is inversely related to its suitability for the online channel

Complexity makes online distribution less attractive

Higher commodity level facilitates the online channel

More consumers would like to arrange financial products online than actually do

Online customers are younger, have higher income and are better educated

Credit cards are often arranged online by the younger demographic

Educational levels strongly differ between online mortgagors and other mortgagors

Income differences are strong for online savings account holders

Online financial services customers are more active consumers

Online customers are more likely to be heavy users of the financial product in question

Online customers may be more likely to switch provider

Security concerns constitute the most important hurdle for consumers

Security concerns are by far the most significant hurdle for consumers

A sizeable proportion of the population would never consider arranging financial products online

Purely internet-based financial services providers are viewed with skepticism

Regulatory environment of online financial services

Online financial services regulation is still in its infancy

There is little specific regulation of online financial services in Australia

Some observers feel that channel-specific regulation would be beneficial

Cybercrime is seldom punished

There are a number of regulatory changes on the cards

ASIC recently released new guidelines concerning online communications with customers

New data breach disclosure laws have been recommended

The government is reviewing its e-security framework

In New Zealand banking guidelines have been criticized as unfair to consumers

More detailed credit reporting could benefit online financial services providers

Technology infrastructure

Financial institutions spend an increasing but insufficient amount on online platforms

There have been difficulties assessing the correct level of investment

Several banks recently announced major investments in online financial services

Integrating platforms constitutes an expensive venture

Rapid development increases uncertainty

New technology will require new investments

Unsuccessful technology overhauls can be costly mistakes

IT projects can falter due to problems with implementation

Insufficient planning can cause failure

Even successfully completed projects can be mooted by changes in the market

Sometimes technology choice is driven by consumer perceptions

Security and online financial services

The online channel provides new methods for perpetrating old forms of crime

Online financial services security has strengths and weaknesses

There are four main kinds of consumer fraud

Advance fee schemes have thrived on the internet

Online auction sites can attract scammers

Nine out of every ten emails is now spam

Identity fraud is more feared than terrorism and unemployment

Fraud is estimated to cost Australians A$1 billion a year

Tools for conducting online fraud have become cheaper

Security is a top concern for both providers and consumers of online financial services

Real and perceived security are two different issues

Online banking is afflicted by security concerns because of a perceived lack of control

Time, knowledge and empowerment can assuage concerns

Security can be split into three phases

Security impacts before, during and after a transaction

Australian banks commonly offer discounted security software

Two-factor authentication has been implemented in different ways

Hardware tokens are falling out of favor

SMS notifications eliminate the need for a separate device

Mobile phone software can allow mobiles to function as hardware tokens

Digital certificates use encryption technology to vouch for the identity of the customer

Different solutions have different advantages

Alert services and account monitoring may become more important security solutions

Notifications can alert customers of fraud in progress

Major banks have fraud-detection software

Financial institutions must protect consumers' personal information

Future focus and recommendations

The internet will become even more important

A variety of factors will result in expanding online financial services

Broadband penetration will drive growth in online financial services in the short term

A domino effect of satisfaction will drive growth in the medium term

Demographic changes will drive online financial services uptake in the long term

Providers must help consumers progress through the three tiers of functionality

Integrated platforms would encourage online customers

Demonstration tours can be extremely useful in building consumer confidence

Communication with customers will increasingly be conducted online

Online platforms should be integrated and improved

Platform quality varies by provider

Platform quality does not guarantee customer satisfaction

Integrated platform for all products will eventually be introduced by large banks

Financial tools enhance the online experience for consumers

Online financial planning will become more important

Account aggregation has yet to catch on

Online applications must be simplified

Online applications must be even simpler than offline applications

ING have launched a paperless account opening

Mobile banking will rise eventually

Mobile phone banking has recently been introduced in Australia

Mobile phone banking is forecast to reach 600 million customers globally by 2011

Mobile banking will follow the same trajectory as online banking

New and prospective customers are mainly interested in basic mobile banking services

Security concerns must be targeted head-on

Both real and perceived security must be improved

New security solutions may rewrite the rules again

APPENDIX

Supplementary data

Methodology

Further reading

Ask the analyst

Datamonitor consulting

Disclaimer

List of Tables

Table 1: Security efforts vary among Australian online banking providers, 2008

Table 2: Pros and cons of different 2FA solutions

Table 3: Selected features of major Australian online banking websites

Table 4: NAB is the highest rated online bank in Australia, 2008

Table 5: Australian internet subscriptions and usage over time, 2001-07

Table 6: Internet users per 100 inhabitants for selected Asia Pacific countries, 2007

Table 7: E-readiness scores of selected countries, 2006-07

Table 8: Sources of information for Australian mortgagors, 2007

Table 9: How Australian consumers have arranged different products, 2007

Table 10: Australian attitudes towards arranging financial products online, 2007

Table 11: Demographics of customers who arrange online, 2007

Table 12: Proportion of Australians that arranged credit card online by age group, 2007

Table 13: Account behavior of online Australian savings account holders, 2007

Table 14: Card behavior of Australian cardholders who arrange online, 2007

Table 15: Whether credit card was arranged online or not by card tenure, 2007

Table 16: Account behavior of online Australian savings account holders, 2007

Table 17: Unisys internet security index for Australia, June 2006-May 2008

Table 18: Australian attitudes towards arranging financial products online, 2007

Table 19: Australian attitudes towards arranging financial products online, 2007

Table 20: Australian attitudes towards arranging financial products online, 2007

Table 21: Australian attitudes towards internet-based companies, 2007

Table 22: How personal information was obtained for identity theft in the United States, 2008

Table 23: Fraud reporting for different kinds of fraud, 2008

Table 24: PC Authority ratings of online banking providers, 2008

Table 25: Satisfaction with different aspects of banking, 2007

Table 26: Online savings account holders satisfaction ratings, 2007

List of Figures

Figure 1: Broadband penetration has grown strongly in Australia since 2001, 2001-07

Figure 2: Commitment, complexity and commodity govern online adoption rates of a financial product

Figure 3: More people would like to arrange products online, 2007

Figure 4: There are three phases of security for online financial products

Figure 5: Broadband penetration has grown strongly in Australia since 2001, 2001-07

Figure 6: There are several Asia Pacific countries with higher internet usage than Australia, 2007

Figure 7: Australia ranked ninth in terms of e-readiness, 2007

Figure 8: The internet is the fourth most common source of information for mortgagors, 2007

Figure 9: There are three tiers of internet functionality for online financial services consumers

Figure 10: Credit cards and savings accounts are frequently arranged online, 2007

Figure 11: Commitment, complexity and commodity govern online adoption rates of a financial product

Figure 12: More people would like to arrange products online, 2007

Figure 13: Online customers are younger, better educated and have higher income, 2007

Figure 14: Higher age group makes online arranging of credit cards less likely, 2007

Figure 15: Savings account holders who arranged online have higher household incomes, 2007

Figure 16: Online-only savings account holders are heavier users of their account, 2007

Figure 17: Cardholders who arrange online are more active customers, 2007

Figure 18: Cardholders with a newly acquired card are more likely to have applied online, 2007

Figure 19: Online-only savings account holders are more likely to switch provider, 2007

Figure 20: Internet concerns have remained relatively stable over the last years, June 2006-May 2008

Figure 21: Many Australians would never consider arranging financial products via the internet, 2007

Figure 22: Some Australians would like to arrange all financial products online, 2007

Figure 23: Older generations are more skeptical toward the internet, 2007

Figure 24: Many Australians would never consider internet-based companies for financial products, 2007

Figure 25: Most identity theft is committed through traditional methods, 2008

Figure 26: Many victims of fraud do not report fraud and do not change their subsequent behavior, 2008

Figure 27: There are three phases of security for online financial products

Figure 28: Internet banking is appreciated by Australian consumers, 2007

Figure 29: BankWest has the highest proportion of very satisfied online savings account holders, 2007

Figure 30: Online financial services providers must improve both real and perceived security