The results also offered good news for traditional providers, with an overwhelming majority of respondents being nervous of Internet-only banks and insurers. In addition, the research makes plain that eCRM must be placed in the wider context of total customer service, playing a part in a multi-channel strategy.
The in-depth research, which surveyed 1000 Internet users, examined attitudes towards financial services providers (FSPs). Analysis showed that, in this sector, Internet users can be segmented into four distinct groups: traditionalists, enthusiasts, and, of the rest, those willing and not willing to pay for better service. Significantly, these segments are not stereotypical: they cut across normal socio-demographic lines, presenting a challenge to FSPs when trying to predict behaviour and preferences.
Results include:
Only 16 per cent of respondents including those enthusiastic about Internet use believe the Internet will be used by financial services providers to get closer to the customer: in other words, financial services are failing to create a relationship with their online users.
All segments consider multi-channelling vital: 80 per cent had telephoned their bank; 65 per cent had a face-to-face meeting and 45 per cent visited their web site. In addition, 62 per cent are happy to be contacted about a new offer by email.
Regular contact is vital: 80 per cent felt that regular contact between an FSP and its customers helps build a better relationship, implying that a tailored, proactive contact strategy may generate a customer loyalty dividend.
A significant proportion are willing to offer personal information to aid tailoring: 86 per cent felt that by knowing their needs and history, financial services providers can build a better relationship with them.
All sectors would prefer to deal with an established company rather than a new dotcom, and nearly two-thirds are nervous about doing business with an Internet-only FSP.
All sectors now regard the telephone as a widely accepted channel for financial services: this acceptance of what was once regarded as a new channel perhaps indicates that the Internet should be accepted more widely in the future.
Clive McNamara, Marketing Director of AIT, commented: As new media reaches mass market dimensions, consumers will adapt and use technology in ways that suit them and fit with their lives. The challenge facing financial services providers is how to recognise and accommodate these demands and how to change alongside them. They need to be able to deliver the level of service over the right channel at the right time in a way which will delight, astound and consequently retain their customers.
