SKOPOS Market Insight - GIMRA - Mobile, Finance, MFX
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This document discusses mobile finance and the mobile experience in a personal finance context. It summarizes findings from surveys conducted by SKOPOS on mobile usage. Key findings include: - Half of UK digital society users access the internet via mobile phones, showing the rise of mobile access. However, only 20% of FTSE 100 websites fully support mobile. - Banking is more mature on mobile than insurance, with better customer experiences reported for mobile banking than insurance. - Convenience and being able to access services on the go are seen as advantages, while security concerns, small screens and usability issues are seen as disadvantages of mobile finance. - Confidence and usability are key drivers for non-
SKOPOS Market Insight - GIMRA - Mobile, Finance, MFX
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- 3. Financial Services 3 SKOPOS In a nutshell Digital & Mobile Insight & Illumination Full service Bespoke/custom/ad hoc Tracking & Syndication UK & International Customer Insight & UX Its all about the best experience
- 4. Fast food m-commerce 4 Mobile, Finance & MFX The Mobile Experience in a personal finance context including extracts from Darren Mark Noyce MCIM MMRS Darren.Noyce@SKOPOS.info Founding Partner Scott Dodgson MMRS Scott.Dodgson@SKOPOS.info Head of Research, Insight, Consulting SKOPOS market insight City of London Tel: 0207 953 8 359 www.SKOPOS.info UK Active Digital Society, 2012
- 5. Prologue, Taster, Trailer Scott Dodgson MMRS Scott.Dodgson@SKOPOS.info Head of Research, Insight, Consulting, SKOPOS
- 6. 6 Prologue: Me, Myself and iPhone
- 7. Average number of apps on mobile SKOPOS MTrack TM SKOPOS MTrack - Base: 378 respondents (web enabled phone users) - wave 4 data Q17. Approximately how many apps do you have on your mobile? M-Financers More Apptive 20 Web enabled phone users Average number of apps on mobile Average number of apps on mobile 27 Mobile insurance users 29 Mobile banking users 7
- 8. 8 TV news & information 32% Social networks 43% 2 Music 39% 4 5 News (latest today) 40% 3 Weather 52% 1 Financial news & information 14% 16 SKOPOS MTrack TM The Mobile Content Countdown SKOPOS MTrack - Base: 521 respondents (mobile users) - wave 4 data Q20. What types of information and content do you like to read or access via your mobile?
- 9. 9 Do/Accept Potential Currently do, and are likely to do in the future Are likely to do in the future, but dont currently do SKOPOS MTrack - Base: 521 respondents (mobile users) - wave 4 data Q16. Thinking about your mobile phone(s) and/or mobile device(s) which of the following Finance Lagging Behind Comms & Content SKOPOS MTrack TM Download new apps 49% 23% Order products and Services 29% 29% Read newspapers / magazines / articles 40% 21% Send / receive emails on your mobile 59% 19% Use an instant messaging service 39% 26% Use social networks 50% 14% Bank or control finances 28% 24% Get an insurance quote 10% 27% Make an insurance claim 4% 22% Some up-claim due to voice unavoidable
- 10. The Rise of Mobile Darren Mark Noyce MCIM MMRS Darren.Noyce@SKOPOS.info Founding Partner, SKOPOS
- 11. 11 SKOPOS MTrack - Base: 521 (wave 4) (UK Active Digital Society) Q12. Where do you access the internet? The Rise & Rise of Mobile 0 20 40 60 80 100 120 140 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011* Per100inhabitants Mobile-cellular subscriptions per 100 inhabitants, 2001-2011* Developed World Developing
- 12. 12 SKOPOS MTrack - Base: 521 (wave 4) (UK Active Digital Society) Q12. Where do you access the internet? The Rise & Rise of Mobile
- 13. 13 SKOPOS MTrack - Base: 521 (wave 4) (UK Active Digital Society) Q12. Where do you access the internet? The Rise & Rise of Mobile APPS
- 14. 14 SKOPOS MTrack - Base: 521 (wave 4) (UK Active Digital Society) Q12. Where do you access the internet? The Rise & Rise of Mobile WEB
- 15. 15 SKOPOS MTrack - Base: 521 (wave 4) (UK Active Digital Society) Q12. Where do you access the internet? SKOPOS MTrack TM Access Internet via Mobile Phone 48% Half the UK Digital Society Use Mobile Web
- 16. Wave 1 Wave 2 2% Own an iPad Wave 3 4% Own an iPad/iPad 2 4% Own an iPad/iPad 2 9% Own an iPad/iPad 2 Wave 4 16 SKOPOS TabTrack - Base: 500 (wave 1), 506 (wave 2), 507 (wave 3), 521 (wave 4) (UK Active Digital Society) Q25. Do you own a tablet? SKOPOS TabTrack TM Tablets & iPad rising too Jan 12
- 17. 17 SKOPOS ChatTrack - Base: 521 respondents (UK Active Digital Society) - wave 4 data Q30. Do you use social network sites? Q16. Do you use social network sites on your mobile? Almost All Use Online Social Networks Now half using Mobile to do so too SKOPOS ChatTrack TM 88% 50%
- 18. 18 Augmented Reality Bar Code Scanning (to source products and best prices etc) Personally used via mobile Aware but not used Quick Response (QR) Codes 2% 16% 12% 36% 21% 60% SKOPOS MTrack TM Usage & Awareness of Advanced Mobile Functions low & limited, but SKOPOS MTrack - Base: 521 respondents (UK Active Digital Society) - wave 4 data (Jan 12) Q22. Which of the following have you (a) heard of but NOT used, (b) personally used via your mobile (c) not heard of? Mobile Contactless Payment 4% 67% Likely to use or accept a mobile to pay with instead of using a credit/debit card 51% NB: Low level, similar to Mobile Insurance Claim
- 19. Mobile Finance 2012 Lots of Blue Ocean Scott Dodgson MMRS Scott.Dodgson@SKOPOS.info Head of Research, Insight, Consulting, SKOPOS
- 20. 20 17% 15% 14% 13% 13% 12% NatWest 10% Halifax 9% HSBC 7% Santander 7% Direct Line 7% MORE TH>N 6% Aviva 4% BOS 3% Admiral 3% AXA 2% Zurich 2% Allianz 2% L&G No Finance Brands51% SKOPOS MTrack TM Comparison Sites & High Street Brands best for mobile channel association, but SKOPOS MTrack - Base: 521 respondents (UK Active Digital Society) - wave 4 data Q21c. Which, if any, of the following FINANCIAL companies/services do you most associate with the mobile and mobile devices/channels?
- 21. 21 Male 48%, Female 51% Gender 16-25: 14%, 26-40: 34%, 41-60: 45%, 61+7% Under 贈10k: 10%, 贈10-贈20K: 22%, 贈21- 贈40k: 31%, 贈41-贈60k:17%, 贈61-贈80k: 7%, 贈81-贈100k: 1%, Over 贈100K: 2%, Prefer not to say: 11% Full time 35%, Part time 18%, unemployed 29%, Retired 18% Age Household Income Employment Status Mobile Banking User 16-25 19% 26-40 47% Full time 43% UK Active Digital Society * Includes unemployed, self employed and student ** includes household responsibility and retired SKOPOS MTrack - Base (wave 4 data): - UK Active Digital Society: 521 respondents - Mobile Banking customers: 146 respondents (those that have used their mobile to bank/control their finances ) - Mobile Insurance customers: 56 respondents (those that have used their mobile to gain a quote or make a claim) M-Finance Users more likely to be younger & full-time employed (but equal on gender) SKOPOS MTrack TM = Mobile Insurance User 16-25 20% 26-40 45% 贈21-40K 39% Full time 52% *** Caution low base for Mobile insurance *** =
- 22. 22 Why the shift in user behaviour? 1. Mobile addiction 2. Smartphone & true mobile web 3. Easy, instant, on the go access 4. Useful apps & functions This is ingraining new sets of daily behaviours & tasks Availability Usability
- 23. EVIDENCE: Advantages of Transacting on Mobile Phones/Devices... 23 Can do it whilst out and about. Can do wherever...compare prices while in-store. Its quick and I can do it in my own time. No need to carry cash or (debit/credit) cards. I can do it in my own time 52% On the go 65% Convenient 62% No need for cash 34% Its easy to do 46% Quick 45% SKOPOS MTrack TM SKOPOS MTrack - Base: 327 respondents (those that had shopped/bought/paid via their mobile) - wave 4 data Q18. What do you consider to be the advantages of using your mobile/mobile device for activities such as shopping & paying?
- 24. 24 But a Fuzzy Mobile User Experience for Finance MFX- persists Scott Dodgson MMRS Scott.Dodgson@SKOPOS.info Head of Research, Insight, Consulting, SKOPOS
- 25. 25 Mobile: currently the worst channel for customer experience Purchase channel quality of the customer experience Planned investment in customer channels this year As m-commerce grows, so does the importance of the user experience Only 9% stated that the m-shopping customer experience was good 83% of m-shoppers encountered some kind of problem Retailers need to make mobile checkout as easy as possible Reducing Customer Struggle Report - June 2011
- 26. 26 Mobile Web: Only 20% of FTSE 100 Websites Support Mobile ! Source: http://www.fourthsource.com/m obile/why-your-website-needs-a- tailored-mobile-presence-now- 7045
- 27. 27 Lack/loss connectivity 46% Small screen 63% Its not always easy to navigate around sites if not set-up for mobile use. It makes everything very impersonal..no need for shops/shopworkers. You cant really see what youre buying and what size it is. Time, it takes longer 28% Security 44% Difficult to navigate sites/apps 33% SKOPOS MTrack - Base: 327 respondents (those that had shopped/bought/paid via their mobile) - wave 4 data Q19. What do you consider to be the disadvantages of using your mobile/mobile device for activities such as shopping & paying? EVIDENCE: Disadvantages of Transacting on Mobile Phones/Devices... SKOPOS MTrack TM Simply Security (perceptions) & Usability
- 28. 28 Tablet 10% Desktop Computer 63% Connected TV 3% Games device 2% Laptop 60% SKOPOS MTrack - Base: 521 respondents (UK Active Digital Society) - wave 4 data Q45. Thinking about online payments/shopping, which of the following devices do you believe to be the most secure? SKOPOS MTrack TM Mobile devices seen as less secure 11% Mobile / Smartphone
- 29. Mobile Banking Customer 29 Last mobile banking experience It was easy and simple but most of all convenient Lloyds TSB Easy to transfer money between account and safer with self generating code device HSBC I use it often as I like to check for charges or anything coming off, etc. I use an app and its perfect for checking balances or transferring funds. It works well however the connection when I'm out and about is sometimes very slow. However the transfer is immediate. Bank of Scotland The same as using a laptop or desk top although when using a mobile you can get randomly logged out. Nationwide SKOPOS MTrack TM SKOPOS MTrack - Base (wave 4 data): - UK Active Digital Society: 521 respondents - Mobile Banking customers: 146 respondents (those that have used their mobile to bank/control their finances ) - Mobile Insurance customers: 56 respondents (those that have used their mobile to gain a quote or make a claim) The M-Finance customer experience has considerable scope for optimisation 47% Not good 53% Good Last experience of gaining a mobile insurance quote Used web browser. My browser is quite good and the specific website's platform compatible. Bell Simple Aviva Get slow results Compare the Market Was very slow Go Compare Took too long to fill out the online form. To small on my mobile so ended up using my iPad. Dial Direct Mobile Insurance Customer*** *** Caution low base for Mobile insurance *** 71% Not good 29% Good
- 30. Mobile Banking Customer 30 SKOPOS MTrack TM Last mobile banking experience SKOPOS MTrack - Base (wave 4 data): - UK Active Digital Society: 521 respondents - Mobile Banking customers: 146 respondents (those that have used their mobile to bank/control their finances ) - Mobile Insurance customers: 56 respondents (those that have used their mobile to gain a quote or make a claim) The M-Finance customer experience - Banking more Mature than Insurance? Mobile Insurance Customer*** *** Caution low base for Mobile insurance *** Last experience of gaining a mobile insurance quote
- 31. 31 Frustrations with passwords and log-in details when using mobile finance SKOPOS MTrack TM It is time consuming and cumbersome, but necessary to prevent against fraud etc if my mobile is lost or stolen If they require pass codes, cannot take your card reader with you Remembering them! its ok saying that they all need to be different but when you log into so many different accounts on a daily or weekly basis its a nightmare remembering them. Most people end up having them written down which defeats the object. Getting stuff reset is then normally a real pain Sometimes they insist on letters numbers and capital letters which can be complicated to remember small screen and keyboard causes wrong key entry SKOPOS MTrack - Base: 146 Mobile Banking respondents (UK Active Digital Society) - wave 4 data Q37d. What, if any, frustrations do you have with providing passwords and log-in details when using mobile banking
- 32. 32 And App Visibility/Access can be a problem Insurance iPhone apps Who are Sponge?
- 33. 33 Android seems even harder Insurance Android apps UK Insurers, where are you?
- 34. 34 Even QR Codes often disappoint Obtained QR codes from... Magazines: 41%Newspaper: 26% Other: 43% TV: 11% Experience using QR Codes 24% Poor Good 28%48% Reasons for not using QR or 2D Bar-Codes Phone has no capability 39% Dont know how to 30% No interest 15% Have not seen any before 8% SKOPOS MTrack TM SKOPOS MTrack - Base: 46 respondents (All that had used a QR code) - wave 3 data / 259 respondents (non QR code users) Q21e. How would you rate your experience of using QR/2D barcodes on your mobile? Q21c. Why have you not used a QR/2D barcode on your mobile?
- 35. 35 Our Main Mobile Messages Darren Mark Noyce MCIM MMRS Darren.Noyce@SKOPOS.info Founding Partner, SKOPOS
- 36. 36 Increased mobile security Reassurance from bank 65% 45% Incentives 21% Advertising / promotions 2% Personal demonstration 5% Paying for phone security 6% None (rejectors) 24% SKOPOS MTrack TM Key M-Finance Usage Drivers SKOPOS MTrack - Base: 375 respondents (all that dont current use mobile banking) - wave 4 data Q37. What, if anything, would encourage you to start using your mobile phone for banking/controlling your finances? 1/. Confidence Simple to use app/website 27% Larger screen on mobile 27% 2/. Usability Non Users Only
- 37. 37 SKOPOS Guidance for Optimised MFX SKOPOS MTrack TM Are there Insurance apps? Being able to point device at an advert which then turned into a real time movie app. Make an app that you could type your shopping list & they could tell you if the products were in stock instead of browsing for what you want. Improve Awareness Access/Visibility/Education Mobile has momentum and cannot be ignored as part of a multi-channel customer journey Make payment secure, and convince me that it is. Send barcodes so that cash doesnt need to be used or have an app for their stores that can be scanned and money automatically deducted. Improve security, reassurance, confidence I want quicker loading times and fewer links. Was very slow Go Compare Took too long to fill out the online form. To small on my mobile Improve usability
- 38. Epilogue Darren Mark Noyce MCIM MMRS Darren.Noyce@SKOPOS.info Founding Partner, SKOPOS
- 39. 39 SKOPOS MTrack - Base: 521 (wave 4) (UK Active Digital Society) Q. O/S and Device code auto-captured. SKOPOS MTrack TM 7% completed this survey via a mobile device Mobile (5%)/Tablet (2%) PC/Mac
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- 41. Fast food m-commerce 41 Mobile, Finance & MFX The Mobile Experience in a personal finance context including extracts from Darren Mark Noyce MCIM MMRS Darren.Noyce@SKOPOS.info Founding Partner Scott Dodgson MMRS Scott.Dodgson@SKOPOS.info Head of Research, Insight, Consulting SKOPOS market insight City of London Tel: 0207 953 8 359 www.SKOPOS.info UK Active Digital Society, 2012