Insight
Title:
Consumers are moving online and mobile
Description:
- 76% of adults now have broadband
- 39% of people use their mobile phone to access the internet.
- Online retail sales hit £50bn last year (the highest percentage of total retail spend in Europe).
- 60% of UK adults have bought something online (the highest in the developed world, and double the OECD average).
- UK smartphone ownership hit 58% of the UK population in June 2012.
- General insurance and online banking are the thin edge of the wedge for financial services.
- 52% of people say they’ve already bought motor insurance online, and 38% say this of home insurance, not to mention other direct channels.
- By 2008 22 million adults, or half of all internet users in the UK, were banking online.
- One in four web users log on to internet banking every day.
The advantages are numerous:
- Cost savings from
- simplified processes
- self-service
- reduced cycle times
- better information and decision making
PESTEL:
Technological
Five Forces:
Bargaining power of buyers