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OSS Current accounts

(Published price £495)

This 2008 report looks in detail at how UK consumers use the internet to shape and guide their shopping approach for current accounts. As well as looking at the shape and size of the market from a quantitative perspective we also follow a group of consumers all the way through the decision-making process. This gives a uniquely detailed perspective on the multi-channel shopping process to anyone involved with the marketing and product-design of current accounts.

Overview

Loan Report

At first glance, there is healthy demand in the marketplace: our data shows that in any given month there are likely to be well over 200,000 UK online adults actively shopping for a new current account. But our study also shows the difficulty the industry has in converting this online shopping activity into sales. The shopping process takes more effort than consumers expect, dragging decision-making out over three months or more in many cases. At the end of three months 30% of our sample concluded that they would not bother switching at all.

The problem is that the current account products currently on offer are not well suited to the online marketplace. They are often complex: difficult to evaluate and compare online. Many also fail to deliver any tangible sense of value-for-money, a common motivator amongst those who go online to shop for this product.

Bundled accounts in particular, which were pioneered many years ago as a way of migrating loyal customers to a higher-value relationship through an in-branch sale, look out of place in the online environment.

We also note in our report that most current accounts, which could be a flag-ship product to show what’s different and engaging about banking brands, all too often have a ‘me-too’ feel about them. Banks which are serious about winning share through online need to get serious about product design.

Key questions:

OSS Current Accounts examines the way UK consumers use the web to find, evaluate and buy current accounts. In particular we wanted to understand:

  • What are consumers’ expectations and pre-conceptions about how and where they will shop for loans?
  • What sites and tools do they use to acquaint themselves with the market?
  • What steps are there between the initial online shopping session and purchase?
  • How do consumers formulate a shortlist of potential providers?
  • What dissuades shoppers from buying online?
  • What are shoppers’ attitudes to to the offers and features associated with current accounts?

To enquire about purchasing OSS Current accounts contact info@foolproof.co.uk