The Economist Intelligence Unit surveyed consumers to ask what they want from companies and how they rate companies for customer service. And we asked company executives about their attitudes to customer service and how well they think they are doing in joining up all of the new technologies in use today.
Even if China's GDP growth slows to 5.5%, personal consumption is projected to increase by about half to $6.5 trillion, by 2020. But growth is only a part of the story: demographic, social, and technological forces will transform China's consumer economy.
At IHRSA 2014 Bryan O'Rourke presented this content about mobility trends and how clubs will revolutionize sales and service using mobile technologies.
The Economist Intelligence Unit surveyed consumers to ask what they want from companies and how they rate companies for customer service. And we asked company executives about their attitudes to customer service and how well they think they are doing in joining up all of the new technologies in use today.
Even if China's GDP growth slows to 5.5%, personal consumption is projected to increase by about half to $6.5 trillion, by 2020. But growth is only a part of the story: demographic, social, and technological forces will transform China's consumer economy.
At IHRSA 2014 Bryan O'Rourke presented this content about mobility trends and how clubs will revolutionize sales and service using mobile technologies.
Internet Trends Report 2018 - KPCB - Mary Meeker - #CodeConIan Gertler
Ā
Technology analyst and venture capital icon Mary Meeker released the 2018 Internet Trends report at #CodeCon (the Recode Conference). The 294 page report covers a range of trends and topics including:
- Internet adoption
- Mobile usage
- Mobile ads
- Crypto/cryptocurrency/blockchain
- Voice/speech recognition
- Tech investment
- Ecommerce vs Brick & Mortar
- Subscription services
- Education
- Freelancing
- Transportation
- Enterprise
- China
- Immigration
E-COMMERCE AND THE FUTURE OF RETAIL: 2015Cooper Smith
Ā
The retail sector is undergoing a major transformation driven by digital. Technology is changing the way people shop, as well as how retailers operate.
We've created a slide deck highlighting the biggest e-commerce trends in retail. Some of the topics we cover in the deck include:
The size of the retail and e-commerce markets.
The breakdown of e-commerce sales by product category.
How legacy retailers are faring.
New e-commerce players.
Disrupting last-mile delivery.
The companies mentioned in this yearās presentation include:
Walmart, Target, Amazon, eBay, Google, Uber, JCPenney, Gap, Kroger, Kohlās, Macyās, Safeway, SuperValu, Albertsons, Blue Apron, HelloFresh, Plated, Instacart, FreshDirect, Peapod, Fresh Market, Harris Teeter, Whole Foods, Birchbox, Olay, L'Oreal, Avon, Ulta, CVS, Walgreens, Sephora, Postmates, FedEx, UPS, US Postal Service
Marketing Attribution: Valuing The Customer JourneyDung Tri
Ā
Marketers want to do more than simply justify their digital spend; they want to optimize it. Theyāre looking to attribution to understand how different media perform so they can adjust the media mix and improve performance.
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
Ā
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ādigital Indiansā
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
Swift is an exciting new language developed by Apple as a replacement for ObjectiveC. It has a modern clean syntax, strong inferential typing support, and uses automatic reference counting to streamline memory management and prevent numerous types of errors. Swift focuses on providing a "safe" compiled language but manages to have an easy-to-learn scripting language "feel".
The language was originally released in 2014, but after it was released as an Open Source project in late 2015, there has been an explosion of interest and work in the language. It's been ported to multiple non-MacOS platforms (e.g, Linux and Android) and extended to support server-side programming in addition to being able to target MacOS, iOS, watchOS, and tvOS.
This talk will present an overview of the development of Swift, review the basic syntax of the language, and discuss some of the philosophy behind its design. After attending this talk, you'll be poised to dive into Swift coding for yourself!
Delivered at OpenWest 2016, 15 July 2016
La posibilidad de que cierren tres refinerĆas de Pemex es una de las opciones barajadas en el seno del Sindicato Petrolero (STPRM).
La principal razĆ³n que esgrimen varias secciones sindicales es la falta de dinero para poder realizar labores de mantenimiento; en suma, dicen, hay un problema de seguridad industrial real en al menos 50% de las instalaciones de las refinerĆas de Pemex que se estĆ”n convirtiendo en bombas de tiempo.
Internet Trends Report 2018 - KPCB - Mary Meeker - #CodeConIan Gertler
Ā
Technology analyst and venture capital icon Mary Meeker released the 2018 Internet Trends report at #CodeCon (the Recode Conference). The 294 page report covers a range of trends and topics including:
- Internet adoption
- Mobile usage
- Mobile ads
- Crypto/cryptocurrency/blockchain
- Voice/speech recognition
- Tech investment
- Ecommerce vs Brick & Mortar
- Subscription services
- Education
- Freelancing
- Transportation
- Enterprise
- China
- Immigration
E-COMMERCE AND THE FUTURE OF RETAIL: 2015Cooper Smith
Ā
The retail sector is undergoing a major transformation driven by digital. Technology is changing the way people shop, as well as how retailers operate.
We've created a slide deck highlighting the biggest e-commerce trends in retail. Some of the topics we cover in the deck include:
The size of the retail and e-commerce markets.
The breakdown of e-commerce sales by product category.
How legacy retailers are faring.
New e-commerce players.
Disrupting last-mile delivery.
The companies mentioned in this yearās presentation include:
Walmart, Target, Amazon, eBay, Google, Uber, JCPenney, Gap, Kroger, Kohlās, Macyās, Safeway, SuperValu, Albertsons, Blue Apron, HelloFresh, Plated, Instacart, FreshDirect, Peapod, Fresh Market, Harris Teeter, Whole Foods, Birchbox, Olay, L'Oreal, Avon, Ulta, CVS, Walgreens, Sephora, Postmates, FedEx, UPS, US Postal Service
Marketing Attribution: Valuing The Customer JourneyDung Tri
Ā
Marketers want to do more than simply justify their digital spend; they want to optimize it. Theyāre looking to attribution to understand how different media perform so they can adjust the media mix and improve performance.
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
Ā
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ādigital Indiansā
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
Swift is an exciting new language developed by Apple as a replacement for ObjectiveC. It has a modern clean syntax, strong inferential typing support, and uses automatic reference counting to streamline memory management and prevent numerous types of errors. Swift focuses on providing a "safe" compiled language but manages to have an easy-to-learn scripting language "feel".
The language was originally released in 2014, but after it was released as an Open Source project in late 2015, there has been an explosion of interest and work in the language. It's been ported to multiple non-MacOS platforms (e.g, Linux and Android) and extended to support server-side programming in addition to being able to target MacOS, iOS, watchOS, and tvOS.
This talk will present an overview of the development of Swift, review the basic syntax of the language, and discuss some of the philosophy behind its design. After attending this talk, you'll be poised to dive into Swift coding for yourself!
Delivered at OpenWest 2016, 15 July 2016
La posibilidad de que cierren tres refinerĆas de Pemex es una de las opciones barajadas en el seno del Sindicato Petrolero (STPRM).
La principal razĆ³n que esgrimen varias secciones sindicales es la falta de dinero para poder realizar labores de mantenimiento; en suma, dicen, hay un problema de seguridad industrial real en al menos 50% de las instalaciones de las refinerĆas de Pemex que se estĆ”n convirtiendo en bombas de tiempo.
PPT ON HOW TO REGISTER UNDER GST IN INDIA. REGISTRATION PROCESS, DOCUMENTATION, ELIGIBILITY FOR REGISTRATION ETC.
(BASED ON REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESS FOR GST)
The coming GST law in India will have wide ranging impact on E-Commerce in India. This PPT analysis the problems of E commerce under present indirect tax regime as also impact of Model GST law
Zuora CMO, David Gee, kicks off Subscribed 2016 in Sydney with a powerful keynote addressing the global impact the Subscription Economy is making on businesses, consumers, and technology. He shares the stage with Michael Addison, Group Manager at Energy Australia, and Danny Gravell, CIO at Sensis.
Unit 1 Evolution of Digital Marketing. Assignment 2 Task 1 Presentation.pdfGiuseppeTarantino7
Ā
Digital technology has impacted the lives of consumers and businesses around the world. With access to the internet and the lowering cost of smart devices, audiences use the internet to improve their daily lives. In this connected world, access to information is seen as a necessity rather than a convenience. You will learn how audiences use technology to find information, to be entertained/informed and to live their lives.
Catch and Keep Digital Shoppers - How To Deliver Retail Their WayHiten Sethi
Ā
A new study by the Cisco Internet Business Solutions Group (IBSG) reveals that web-based digital content is now the most powerful influence on buying decisions for shoppers across all retail channels. The study surveyed 5,000 shoppers across five countries: the United States, United Kingdom, Brazil, Mexico, and China.
Earlier this year, Episerver carried out consumer research in the UK with over 1000 consumers, to evaluate use of the mobile internet and use of apps.
Consumers were asked if they are using mobile sites, the importance of features and their engagement with mobile apps.
This research gives a useful list of the leading retailers to benchmark your Mcommerce site and apps against:
Understand the cross-device consumer in just 15 minutesJim Nichols
Ā
To get the most out of your marketing and advertising programs, itās essential that you understand todayās consumer and the multi-device phenomenon of how they connect, communicate, shop and buy. Get the facts about cross-device consumer behaviors, and then four tips on how to use them to your brand advantage.
Cross-device usage
Mobileās share of total connected time
The "mobile-only" and "mobile-mostly" connected consumer
Cross-device purchasing
Download this compelling information today so you can develop a cross-device strategy that delivers better ROI.
Understand the cross-device consumer in just 15 minutesConversant, Inc.
Ā
To get the most out of your marketing and advertising programs, itās essential that you understand todayās consumer and the multi-device phenomenon of how they connect, communicate, shop and buy. Get the facts about cross-device consumer behaviors, and then four tips on how to use them to your brand advantage.
Cross-device usage
Mobileās share of total connected time
The "mobile-only" and "mobile-mostly" connected consumer
Cross-device purchasing
Download this compelling information today so you can develop a cross-device strategy that delivers better ROI.
Ascent ā Thought leadership from Atos Promises of a converging worldAscent Atos
Ā
A magazine into the future of our ever-more connected planet
This new Ascent magazine is the latest edition of the ascent thought leadership program from Atos and sets out how the years ahead will see era-defining change in the global technology landscape, further impacting the way we all connect, live and do business.
This magazine includes articles and views from business leaders, academia and the Atos Scientific Community. Each of the stories in this magazine can tell us something about the world that awaits us all.
how to swap pi coins to foreign currency withdrawable.DOT TECH
Ā
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Ā
Pi coins is not launched yet in any exchange š± this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAYĀ you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ā„ļø
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Ā
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
Ā
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new productāit signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the future of Pi Network currency.DOT TECH
Ā
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Ā
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Ā
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the worldās largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
Ā
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
Ā
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The European Unemployment Puzzle: implications from population aging
Ā
Uk data disruption_digital_consumer_report
1. Innovative technology for wealth management, financial markets and the mortgage industry.
Data, disruption and
the digital consumer
How the tech revolution affects ļ¬nancial services
April 2015
2. Like it or not, the Internet is now a ļ¬rm ļ¬xture in all of our lives.
Technology has advanced dramatically over the last 20 years.
And as desktop computers have given way to laptops and ultimately
the tablet and smartphone, we can access the information and
services we need faster and more effectively than ever before.
Itās staggering to consider that in the wake of the dot com bubble 15 years ago there was still speculation about whether
the Internet was just a ļ¬ash in the pan. Today Internet access is viewed as a human right and to question its power and
inļ¬uence would be unthinkable.
As the Internet has become ubiquitous so consumers have become more demanding. Today children do their
homework online and we can buy almost anything our bank balance allows at the touch of a screen.
Access has been made simpler through technological advancements from pioneers such as Apple, who
revolutionised the phone and tablet markets in the last decade. By removing the barriers of needing even
a basic technical knowledge to use their products they have opened up the Internet to new demographics
and forced competitors to respond.
Within the Internet itself sites such as Amazon have created simple, trusted user friendly experiences that
have drawn consumers in - paving the way for the business to grow from a book seller to a global retailer
of almost any product imaginable.
But the impact of this change is much more profound with pressure on nearly all businesses to adapt their
models to remain relevant. To do this effectively, we need to understand how consumers interact with our
business and products and, more importantly, how they want to interact in the future. Some industries have
embraced this change and evolved while others still lag behind.
Introduction
iress.com
3. Financial services as a sector has successfully
embraced technology in some ways but has
struggled in other respects. Unique challenges,
both from within and of external perception, make it
difļ¬cult to meet consumer demands but the industry
must adapt. The industry has been both inadvertently
constrained and protected by regulation but the
landscape is now changing fast. There is an appetite
across the industry to embrace this change and
make a shift to meet the evolving needs of the digital
consumer - however the pace of change is of the
utmost importance
We need to look critically at the models of businesses
that have successfully added an online presence to
a traditionally physical model, such as Argos and
John Lewis. Financial services needs to consider
how this can be emulated to engage the consumer,
build trusted relationships across multiple channels to
respond to how consumers now interact.
We believe that this report will give the industry
an insight into how it can achieve this, and in
which direction evolution must follow to match the
development of the digital consumer in
the UK.
Simon Badley
Managing Director, IRESS
Introduction 01
The Switched On Consumer 03
Age v Money 05
The Purchasing Experience 07
How to Provide Support 09
The Online Divide 10
The Need for Trust 11
The Worldwide Wealth Web 13
Financial Advice - Retirement Reassurance 15
Face-to-Face 17
The Future - Simple, Safe and Secure 19
Conclusions 21
Contents
Methodology - The survey was conducted using
an online interview administered by YouGov of 2,197 UK adults.
Fieldwork was undertaken between 18th - 19th January 2015.
The ļ¬gures have been weighted and are representative of
all GB adults (aged 18+).
2
4. Eight out of ten people (81%) now access the Internet several
times a day as the non-digital consumer becomes an endangered
species. While the home pc or laptop is still the main way to get
online (51%), nearly half (47%) of people use their phone to do so
numerous times throughout the day.
Although how we are using the Internet continues to evolve with increasing broadband speeds and new technology
advancements, industries that adopted the web early and utilised it effectively are already reaping the beneļ¬ts. More than
half of us (52%) access current affairs online on a daily basis, compared to just 13% who watch ļ¬lms or TV. However, one
of the biggest online winners is the retail sector where a mere 8% of people say that they never shop online and 83% do
so at least once a month.
Further to this, when asked which industry had embraced technology the most in the last
ļ¬ve years, nearly a quarter (23%) said retail, with music a distant second at 12%. A focus
on user experience, convenience, simplicity and customer service has seen retail thrive
online and gain the trust of consumers. While some traditional high street retailers initially
struggled with the move online, Internet only retailers such as Amazon and Ebay led the
way remodelling the business paradigm in a way few can now afford to ignore and today,
even a niche retailer such as Ashmei sports clothing offers instant online chat to answer
consumer queries.
This step change holds important lessons for ļ¬nancial services providers and ļ¬nancial
advisers, who need to improve online take-up of products and services and match the
changing demand of consumers. The way people choose to engage has impacted all
online behaviour, with consumers becoming more discerning. Purchasing decisions are
made after signiļ¬cant research and independent veriļ¬cation through customer reviews,
specialist opinion and social media.
Today, for example, just 11% of people say they are prepared to make signiļ¬cant
purchases or investments, or secure signiļ¬cant products (such as insurance or
mortgage products) without prior research. More than half of people (52%) say that
they use price comparison websites to conduct pre-purchase research for signiļ¬cant
purchases or investment decisions. The majority of users (60%) trust these sites, with a
third of respondents seeing them as the most positive advance in ļ¬nancial services for
consumers - the most popular innovation among respondents.
The switched on consumer
iress.com
People use price
comparison websites
in their pre-purchase
research.
People do research
when making a signiļ¬cant
purchase or investment.
80%
52%
5. Almost one in ļ¬ve people (19%) use peer review websites such as Money Saving Expert, while 29% say that they use
a specialist website to research products. This indicates that often consumers require as much detailed information as
possible before making a large ļ¬nancial commitment, but there is also a desire for consumers to have their opinions
validated, as well as informed, by trusted impartial sources.
Social media does not appear to factor signiļ¬cantly in the decision making process, with only 7% of the sample saying
they use it for research, but there are signs that its importance is growing. Here age is a factor as 15% of 18-24 year
olds utilise it, while for the over 55ās the ļ¬gure is just 4%. The FCA has taken note and has set rules on social media
promotion of services suggesting that it anticipates peopleās use of social media is beginning to incorporate ļ¬nancial
services discussion and products.
4
Which, if any, of the
following do you EVER
do/use to research significant
purchases, investments
or products before
purchasing?
The companyās own website
49%
52%
A comparison website (e.g. Moneysupermarket)
19%
A peer review website
29%
A specialist website
20%
A review publication
16%
Discuss the product / service with an impartial expert
39%
Discuss the product / service with friends/ family
7%
Social media searches
3%
Other
8%
Don't know
11%
Not applicable - I never do / use any research before purchasing
6. iress.com
While younger demographics still use technology more than any other
age group, ongoing simpliļ¬cation and ease of access have promoted
broad access to information and services online. Half (50%) of
18-24ās questioned use the Internet daily to access current affairs
information, while for the over 55ās the ļ¬gure is almost as high at 48%.
The biggest gap in usage now exists between different income groups. Broadly speaking, the wealthier
the consumer, the more frequently they use technology, suggesting that they are more comfortable with it,
potentially due to the difference in the level of access they have to online resources.
While 47% of households with the smallest annual income (below Ā£20,000) access current affairs information
daily online, the ļ¬gure rises to 71% among those who earn over Ā£60,000. There is a similar pattern across
a number of activities, with 44% of those in the lowest income bracket accessing sport news online at least
once a month compared to 66% of highest earners. However, 67% of those in this higher earning bracket
use the Internet for work on a daily basis and 71% access the Internet via a smartphone several times a day,
compared with just 36% and 34% respectively for the lowest earners.
Age v money
Use a smartphone or tablet several times a day.
Annual household income Ā£60,000+
Smartphone Tablet
71%
0% 10% 20% 30% 40% 50% 60% 70% 80%
41%
Annual household income Ā£40,000 - Ā£59,000
59%
33%
Annual household income 20,000 to 39,999 per year
45%
26%
Annual household income under Ā£19,999 per year
34%
21%
8. So as the online experience simpliļ¬es the purchasing process,
our research suggests buying a ļ¬nancial product is a generally
positive experience for consumers.
When asked about the last product they bought, more than half (53%) said it was simple and 38% said
it was quick. However, this does not tell the full story as the research revealed that some products are a
much less straightforward experience to buy than others. Nearly half of people (47%) who had bought a
SIPP recently said the process was confusing, while 24% said the same about life insurance and 33% felt
the same about buying an annuity. The most positive purchasing experiences were for products that can
be and often are bought online, such as securing a credit card, ISA, or savings account.
The purchasing experience
iress.com
Found buying their last financial product confusing
Credit card(s) 05%
Mortgage(s) 18%
Savings account(s) 06%
Cash ISA 05%
Stocks and shares / Funds ISA 03%
SIPP (Self-Invested Personal Pension) 47%
Critical illness or income protection insurance 51%
Private medical insurance -%
Life insurance 24%
Annuity 33%
Income drawdown 24%
Motor insurance 04%
Home building / contents insurance 04%
Travel insurance 06%
Pet insurance 04%
0% 10% 20% 30% 40% 50% 60%
9. 8
People say that buying
an annuity was confusing
33%
People would like prompts
on ļ¬nancial advice via email
or website notiļ¬cations
20%
Say that they do not wish
to receive any advice at all
when purchasing a ļ¬nancial
services product
5%
10. How people prefer to receive support when making major ļ¬nancial
decisions presents a challenge for the industry as 39% say that they
would only like to receive advice that they have actively requested
within the process.
The difļ¬culty is two-fold: ļ¬rstly, whether or not people are aware of the advice that is available to them and
secondly, the difference between simple guidance and regulated ļ¬nancial advice. One in ļ¬ve people (20%)
say that they would like occasional prompts via email or website notiļ¬cations, which may present the best
option to give customers advice options to consider, or indicate points where fuller advice may be more
applicable. Just 5% say that they do not wish to receive any advice at all.
If the ļ¬nancial services industry wants to improve the online experience, simpler, quicker and clearer options
are needed to give customers the conļ¬dence to implement online. Throughout the process, the availability of
guidance or advice should be made clear, in a fee transparent manner to avoid the perception that advice is
being offered as an additional sales tool.
How to provide support
iress.com
11. It is now possible to buy almost anything online and, as a society, we
have become reliant on it to offer a convenient way to access goods
and services more easily and cheaper than by other methods. When
people interact with ļ¬nancial services ļ¬rms, 39% say technology
is making the process more convenient, 21% say it speeds up the
process and 68% are positive about the impact that technology has
on ļ¬nancial services.
In spite of this there are still some products that people are reticent about buying online. While 56% of people
have made a bank account transaction online, 42% have purchased car insurance and 41% have made a
large purchase such as a holiday or a car, only 2% have purchased a retirement product such as an annuity
or drawdown product, 3% have secured a mortgage and only 9% have invested in stocks, shares or funds.
When examining the divide it is likely that familiarity and complexity have roles to play. Even though the
costs are high, cars, insurance and holidays are viewed as everyday purchases, are easier to understand
and so many consumers appear comfortable with making these transactions online. By contrast, products
such as annuities and mortgages are typically bought no more than a handful of times in a lifetime and so
the decision to purchase will have an effect over a greater length of time. Equally, these products are more
complicated in nature as well as holding longer lasting implications. Here, most consumers appear happier
to defer to an adviser.
The online divide
10
Say technology makes
the process of interacting
with ļ¬nancial services ļ¬rms
more convenient
39%
People now use
online banking
85%
Purchased a retirement
product such as an annuity
or drawdown product online
2%
12. Further to this there is clearly a trust and security issue to overcome.
Banks have been very successful at presenting online banking as a
simple and secure option, which is why it is now used by 85%
of people.
Price comparison websites have helped to play their part in increasing trust in the process of buying
insurance online, creating a more retail focused offering that appeals to consumers. It is up to the industry to
build this level of trust across other products and services as only 28% say that they would be comfortable
transferring legal or conļ¬dential documents online and just 23% say that they feel the same way about
retirement decision making.
When asked how comfortable they would be doing a number of different tasks solely online, there are a
number of people that say they would feel comfortable securing a mortgage (30%) or investing in stocks
and shares (31%) so there is also a need to increase both access and awareness to these services online
to support todayās consumer behaviour.
The need for trust
iress.com
Not comfortable Donāt know Comfortable
How do you feel about doing the following solely online?
Purchasing car insurance 8%
Making large purchases 17%
Weekly shopping 13%
Investing in stocks and shares or funds 33%
Purchasing house insurance 11%
Retirement decision making 38%
Checking bank account / savings / investment statements 10%
Transferring legal / conļ¬dential documents online 43%
Making bank account transaction 12%
Selecting a current account 17%
Securing a mortgage 37%
69%
62%
63%
31%
68%
23%
78%
28%
74%
59%
30%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
14. Wealthier consumers are more likely to want to conduct ļ¬nancial
activity online. When getting an update on the performance of an
investment, savings or retirement plan, only 38% of people with a
household income under Ā£20,000 would prefer to do this online,
rising to 56% of those that earn over Ā£60,000. When changing
payments to an existing pension pot the difference is from 24%
(under Ā£20,000) to 46% (over Ā£60,000).
It is likely that those with higher incomes make larger nominal investments and yet they are still more
comfortable doing this online than others. However, it may be due to a greater access to and use of
technology. Those who earn over Ā£60,000 are more likely to use social media several times a day (59%)
than those that earn Ā£20,000 (44%) and they are also more likely to use the Internet to check personal
ļ¬nances. The highest earners are both more willing and able to embrace technology and access ļ¬nancial
products and advice online.
Trust in ļ¬nancial services is also higher amongst the wealthy across the board, with the exception of pay
day lenders, where trust is universally low. More than half (52%) of those that earn between Ā£100,000 and
Ā£149,000 trust ļ¬nancial advisers compared to 32% of those that earn less than Ā£20,000. It would seem
reasonable to assume that more higher earning consumers will have used the services of an adviser and
their view is based on experience rather than perception. There is a need for ļ¬nancial services providers
and advisers to tackle this perception and build trust among lower earners and offer products that meet
their needs. Part and parcel of this should be propositional innovation, delivering affordable scalable
advice that supports mass market demand.
The worldwide wealth web
iress.com
15. Earning between Ā£100,000
and Ā£149,000 trust ļ¬nancial
advisers
Earning less than Ā£20,000
trust ļ¬nancial advisers
14
52%
32%
Level of trust in financial services
Ā£60,000+
Ā£40,000 - Ā£59,000
Ā£20,0000 to Ā£39,999
Under Ā£19,999
Building societies
Household income per year
62%
75%
75%
77%
54%
65%
64%
74%
54%
57%
58%
61%
37%
45%
44%
44%
32%
41%
42%
46%
29%
40%
46%
48%
30%
33%
36%
31%
18%
21%
28%
30%
15%
20%
25%
26%
7%
5%
4%
3%
Comparison
websites
Banks
Insurance
companies
Financial advisers /
wealth managers
Mortgage brokers
Insurance brokers
Investment
supermarkets
Peer to peer
lending
Pay day lenders
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
16. Financial advice remains an important service for many people.
A quarter (25%) of consumers are willing to pay for professional
ļ¬nancial advice from an independent ļ¬nancial adviser (IFA)
and this ļ¬gure increases signiļ¬cantly to more than half (51%)
for those earning Ā£100,000 - Ā£149,000 and 74% for those
earning over Ā£150,000.
Clearly those with more resources to pay for advice are more willing to do so, but these richer consumers
may also have larger investments or more complex arrangements and will feel the need for support and
reassurance in making the right decisions.
Financial Advice
Retirement reassurance
iress.com
Willing to pay for financial advice from an IFA (by household income per year)
Ā£150,000 and over 74%
Ā£100,000 to Ā£149,999 51%
Ā£70,000 to Ā£99,999 40%
Ā£60,000 to Ā£69,999 39%
Ā£50,000 to Ā£59,999 37%
Ā£45,000 to Ā£49,999 32%
Ā£40,000 to Ā£44,999 33%
Ā£35,000 to Ā£39,999 31%
Ā£30,000 to Ā£34,999 27%
Ā£25,000 to Ā£29,999 29%
Ā£20,000 to Ā£24,999 27%
Ā£15,000 to Ā£19,999 19%
Ā£10,000 to Ā£14,999 16%
Ā£5,000 to Ā£9,999 12%
0% 10% 20% 30% 40% 50% 60% 70% 80%
17. 16
Consumers are willing
to pay for professional
ļ¬nancial advice from an IFA
25%
People prefer a face-to-face meeting
with an IFA when deciding which
retirement product to buy
48%
18. When asked what their preferred method of communication with
ļ¬nancial advisers would be, more than four in 10 (44%) chose a
face-to-face meeting when planning how much they need to save
for retirement.
Nearly half (48%) said the same about deciding which retirement product to purchase. At a time when
pension rules are changing advisers are in a strong and trusted position to act as the voice of authority
and reassurance to those trying to make sure they have enough money once they stop working.
Currently interaction with IFAs is seen as a face-to-face experience but this could change in the future.
When choosing which ļ¬nancial services innovation they would most like to see from a list of eleven
options, 10% of people chose automated online ļ¬nancial advice. The Australian model of scaled advice,
that seeks to provide for affordable advice by adjusting the scope of advice to match a clientās relevant
circumstances, would be more likely to drive advice into an online space and also meet the challenge of
desire for advice compared to willingness to pay for it.
Face-to-face
iress.com
Prefer face-to-face meeting with an IFA
When completing a conļ¬dential health questionnaire as part of a life/ health/ medical insurance application
19%
20%
When getting an update on the performance of an investment, savings or retirement plan
33%
When making a change to an investment or savings product
28%
When changing payments into an existing pension pot
16%
When telling an insurer about a material change in my circumstances
15%
When making a claim on a medical insurance policy
44%
When planning how much I need to save for my future retirement
48%
When deciding which retirement product to purchase with my pension
20. When asked what innovation they would most like to see in the world
of ļ¬nancial services in the future, nearly a quarter of people (23%)
said they would like the ability to view their ļ¬nancial world - bank
accounts, mortgages, investments, insurance - in one place. Further
to this, 18% of people want fully integrated customer service options
across phone, online, social media and text.
Technology has caused people to demand simple, clear and easy to access information. They also want the
convenience of being able to respond to this information by whatever channel is most convenient to them.
Opportunities exist to respond to this and offer customers a concise, on-demand picture of what their money
is doing.
However, tied to this is an appetite for increased security, particularly through the use of biometrics, which
a further 23% of people said was the innovation that they would most like to see in ļ¬nancial services. This
further highlights the desire for innovation and the wish to use online resources, but only as long as there
is trust that they are safe and secure.
There is also a sense that people want help to enable them to save more as 14% say what they most want
to see is compulsory ļ¬nancial education in the workplace. There has been increased ļ¬nancial services
education at a school level in recent years but there is a desire for adults who missed out on this to improve
their understanding of ļ¬nancial products. Further to this people also want help saving more money as 12%
are most keen to have the ability to automatically switch change from small purchases (e.g. buying a coffee)
into their savings account.
The future
Simple, safe and secure
iress.com
21. These demands demonstrate there is plenty of room for innovation in ļ¬nancial services. When a sector does not
evolve it is at risk from disruptors in the marketplace. Financial services could see challenger businesses reacting
faster to the digitalisation of business take the initiative and market share, as Uber has with transport and Airbnb has
with accommodation. However, the industry is also in a position to see what has worked well in other sectors and
adapt them to offer the best possible solution to consumers. While disruptors may be best placed to react purely to
digitalisation, it is established ļ¬rms that are in a position to react, but also leverage their experience to make sure any
advances also cover existing consumer concerns such as security and integrated multi-channel engagement.
20
People would most like to
have an online resource
to view all of their
ļ¬nances in one place
23%
People would most
like to see increased
security through biometrics
23%
Which of the following innovations would you most want to see in financial services?
Access savings / pensions via social media 1%
Automated online ļ¬nancial advice 10%
A single secure store of personal data 14%
Automated information and prompts on ļ¬nancial services 6%
Fully integrated customer service options 18%
Improved security through unique human characteristics 23%
Access via wearable technology 24%
An alternative visual representation of investments and ļ¬nancial products 5%
A single view of all your ļ¬nancial services accounts 23%
Micro-saving 12%
Compulsory ļ¬nancial education in the workplace 14%
0% 5% 10% 15% 20% 25%
22. Consumers are embracing ļ¬nancial services online and, in some
areas such as banking, the adoption is almost universal and a part
of daily life. There has also been a huge impact on how people
purchase ļ¬nancial services online, due to price comparison sites,
which are trusted by a generation of consumers that requires
impartial advice and guidance before making decisions or for
securing the best price.
However, there are still areas of ļ¬nancial services that have not yet been adopted as Internet friendly.
Pensions, mortgages and stocks and shares have been purchased online by only a comparatively small
number of consumers. Our research shows that there is a desire among many to be able to buy these
products online but the industry has not yet been able to emulate the success of online retailers like
Amazon and will need to streamline and improve accessibility to the entire process, to be able to achieve
this.
This research highlights that simplicity, security and convenience need to be at the heart of innovation for
the ļ¬nancial services industry to build trust and better meet the needs of todayās - and tomorrowās - digital
consumer. It has also led to the development of five key foundations for innovation in the industry.
Conclusions
iress.com
23. 00
Unify engagement via multiple ļ¬nancial advice options ranging
from full advice, scaled or guided advice and self-service.
Simple and secure multi-channel engagement and customer
support will help consumers switch between channels based
on advice or assistance need in real-time.
Integration of research and advice functions into digital models
to take advantage of the high level of online research already
being conducted on ļ¬nancial decisions.
Provision of simple but detailed information and guidance
online via semi-automated prompts for people to utilise
when researching, selecting or altering products.
Leverage technology to provide consumers with a
consolidated single view of their overall ļ¬nancial
position ensuring consistency between channels.
Five key foundations
1.
2.
3.
4.
5.