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Channel Preferences for Consumer Finance - Ireland - December 2010

The recession has seen the personal finance industry decline somewhat, as NI and RoI consumers remain cautious in regards to their finances; less willing to borrow and increasingly trying to save. Increasingly they are becoming more involved in their finances and are seeking out better deals and a deeper understanding of finances, which has seen consumers increasingly operating in a greater variety of financial channels. The increased ease and availability of online banking services have had a great impact on the industry.

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Table of contents

  1. Issues in the Market

      • Key issues
        • Market size rationale
          • Definitions
            • Abbreviations
            • Insights and Opportunities

              • Key points
                • Consumers want a personal service
                  • Exploiting the internet
                    • Embrace regulation
                      • Invest in the young
                      • Market in Brief

                        • The bank branch remains the popular channel for financial advice
                          • Economic woes present mixed fortunes
                            • Regulation could change the financial services landscape
                              • Arms race in cyber crime
                                • Mobile banking takes off
                                  • Supermarkets joining the financial services
                                    • Market value declines
                                      • Irish consumer typologies
                                      • Fast Forward Trends

                                          • Trend 1: Totophobia
                                            • What’s it about?
                                              • What we’ve seen
                                                • What next?
                                                  • Trend 2: Moral Brands
                                                    • What’s it about?
                                                      • What we’ve seen
                                                        • What next?
                                                        • Evolution of Finance Channels

                                                          • Key points
                                                            • Irish personal finance industry remains in weakened state
                                                              • Consumer attitudes towards financial issues are changing
                                                                • Low opinion of banks boost credit unions
                                                                  • Supply of finance continues to cause concern
                                                                    • Fewer products available post-crunch
                                                                      • Lending criteria tighten
                                                                        • All exasperated by weak credit demand
                                                                          • The channels are changing
                                                                            • Figure 1: Agreement with the statement ‘Supermarkets and retailers should not get involved in personal finance’, NI and RoI, 2005-10
                                                                          • Evolution of financial services
                                                                            • Face-to-face banking
                                                                              • Call centres
                                                                                • The internet
                                                                                  • Figure 2: Consumers with a broadband connection at home, NI and RoI, 2005-10
                                                                                • The internet most important for information and guidance
                                                                                • Broader Market Environment

                                                                                  • Key points
                                                                                    • The economic context
                                                                                      • Figure 3: Issues which consumers are most concerned with in current economic situation, NI and RoI, 2009
                                                                                      • Figure 4: Seasonally adjusted average unemployment rates, RoI, 2005-10
                                                                                    • Rising household debt
                                                                                      • Rising inflation and potential for increasing borrowing costs
                                                                                        • Weak mortgage supply demands
                                                                                          • The rise of the Silver Surfer
                                                                                            • Figure 5: Population, by age, RoI, 2006-41
                                                                                            • Figure 6: Population, by age, NI, 2008-58
                                                                                          • Emigration initiating need for specialist financial advice
                                                                                            • Consumer concerns
                                                                                              • Quality of the Financial Retail Advice
                                                                                                • Figure 7: How consumers have re-assessed their lifestyles due to the recession, NI and RoI, April 2010
                                                                                              • Cyber criminals winning the online war?
                                                                                                • Regulatory pressures building
                                                                                                • Strengths and Weaknesses

                                                                                                  • Strengths
                                                                                                    • Weaknesses
                                                                                                    • Competitive Context

                                                                                                      • Key points
                                                                                                        • Branch banking making a return
                                                                                                          • Ireland lags behind in providing advice through the internet
                                                                                                            • Supermarket banking grows in the UK
                                                                                                            • Who’s Innovating?

                                                                                                              • Key points
                                                                                                                • Banks fighting back against online fraud
                                                                                                                  • Mobile banking
                                                                                                                    • SMS/MMS
                                                                                                                      • Prepaid cards
                                                                                                                        • Contactless cards
                                                                                                                        • Market Value and Forecast

                                                                                                                          • Key points
                                                                                                                            • Market value
                                                                                                                              • Figure 8: Value of loans approved and general insurance* gross written premium, IoI, 2005-15
                                                                                                                            • What next?
                                                                                                                              • Mortgage meltdown
                                                                                                                                • Figure 9: Value of mortgages arranged through various channels, IoI, 2005-15
                                                                                                                              • What next?
                                                                                                                                • Insurance sees decline
                                                                                                                                  • Figure 10: Value of gross premiums arranged through various channels, IoI, 2005-15*
                                                                                                                                • Personal loans value falls
                                                                                                                                  • Figure 11: Value of personal loans arranged through various channels, IoI, 2005-15
                                                                                                                              • Preferred Channels for Methods of Purchase

                                                                                                                                • Key points
                                                                                                                                  • Telephone main method for purchasing car insurance
                                                                                                                                    • Figure 12: Method used to purchase car insurance policy, for main car, NI and RoI, 2010
                                                                                                                                  • Internet narrowing the gap in how travel insurance is arranged
                                                                                                                                    • Figure 13: Method used to arrange holiday/travel insurance, NI and RoI, 2010
                                                                                                                                  • Personal contact for arranging buildings and contents insurance
                                                                                                                                    • Figure 14: Method used to arrange buildings and contents insurance, NI and RoI, 2010
                                                                                                                                  • Branch still the most popular when applying for credit cards
                                                                                                                                    • Figure 15: Method used to apply for credit card, NI and RoI, 2010
                                                                                                                                • Agents and Intermediaries Consumer Preferences

                                                                                                                                  • Key points
                                                                                                                                    • Insurance companies winning the sales
                                                                                                                                        • Figure 16: How car insurance policy was purchased, NI and RoI, 2010
                                                                                                                                      • Consumers want to buy insurance direct from insurer
                                                                                                                                        • Figure 17: How travel and holiday insurance was bought, NI and RoI, 2007-10
                                                                                                                                      • Buildings and contents insurance, consumers go direct
                                                                                                                                          • Figure 18: How policy for buildings and contents insurance was bought (building and contents bought from insurer), NI and RoI, 2010
                                                                                                                                        • Life assurance purchasers need brokers
                                                                                                                                            • Figure 19: How life assurance was obtained, RoI and NI, 2010
                                                                                                                                          • Consumers relying most on state pensions
                                                                                                                                              • Figure 20: How pensions were sourced, (Pensions that will be received or are being currently received), NI and RoI, 2010
                                                                                                                                            • Specialist advice needed for buying investments
                                                                                                                                              • Figure 21: How consumers buy stocks, shares, unit trusts and investment trust, NI and RoI, 2010
                                                                                                                                          • Preferred Channels for Managing Banking Services

                                                                                                                                            • Key points
                                                                                                                                              • Internet use increases
                                                                                                                                                • Figure 22: Managing financial products through internet, RoI and NI, 2006 and 2010
                                                                                                                                              • Branch banking a necessity in confusing financial circumstances
                                                                                                                                                • Figure 23: Managing financial products through branch visits, RoI and NI, 2006 and 2010
                                                                                                                                              • Telephone in decline
                                                                                                                                                • Figure 24: Managing financial products via telephone, RoI and NI, 2006 and 2010
                                                                                                                                              • Consumers continue to seek face-to-face financial advice
                                                                                                                                                • Figure 25: Accessing financial advice, RoI, 2006-10
                                                                                                                                                • Figure 26: Channels to access financial advice, NI, 2006-10
                                                                                                                                            • Consumer Target Groups

                                                                                                                                              • Key points
                                                                                                                                                • RoI target groups
                                                                                                                                                  • Figure 27: Consumer typologies, RoI, 2010
                                                                                                                                                • Cautious Traditionalists
                                                                                                                                                  • Characteristics
                                                                                                                                                    • Who are Cautious Traditionalists?
                                                                                                                                                      • Understanding Cautious Traditionalists
                                                                                                                                                        • Prudent Parents
                                                                                                                                                          • Characteristics
                                                                                                                                                            • Who are Prudent Parents?
                                                                                                                                                              • Understanding Prudent Parents
                                                                                                                                                                • Cavalier Kids
                                                                                                                                                                  • Characteristics
                                                                                                                                                                    • Who are Cavalier Kids?
                                                                                                                                                                      • Understanding Cavalier Kids
                                                                                                                                                                        • NI target groups
                                                                                                                                                                          • Figure 28: Consumer typologies, NI, 2010
                                                                                                                                                                        • Casual Spenders
                                                                                                                                                                          • Characteristics
                                                                                                                                                                            • Who are Casual Spenders?
                                                                                                                                                                              • Understanding Casual Spenders
                                                                                                                                                                                • Financial Planners
                                                                                                                                                                                  • Characteristics
                                                                                                                                                                                    • Who are Financial Planners?
                                                                                                                                                                                      • Understanding Financial Planners
                                                                                                                                                                                        • Conventional Bankers
                                                                                                                                                                                          • Characteristics
                                                                                                                                                                                            • Who are Conventional Bankers?
                                                                                                                                                                                              • Understanding Conventional Bankers
                                                                                                                                                                                              • Appendix

                                                                                                                                                                                                  • Figure 29: Population projections, by gender, NI, 2006-20
                                                                                                                                                                                                  • Figure 30: Population projections, by gender, RoI, 2006-20
                                                                                                                                                                                                  • Figure 31: Pound to euro exchange rate used (annual average), 2004-13
                                                                                                                                                                                                • Market value by NI and RoI
                                                                                                                                                                                                  • Figure 32: Market value of financial sectors, RoI, 2005-15
                                                                                                                                                                                                  • Figure 33: Market value of financial sectors, NI, 2005-15
                                                                                                                                                                                                • Consumer typologies
                                                                                                                                                                                                  • Figure 34: Attitudes towards finance, by consumer typologies, RoI, 2010
                                                                                                                                                                                                  • Figure 35: RoI consumer typologies, by demographics, 2010
                                                                                                                                                                                                  • Figure 36: Attitudes towards finance, by consumer typologies, NI, 2010
                                                                                                                                                                                                  • Figure 37: NI consumer typologies, by demographics, 2010
                                                                                                                                                                                                • Consumer finance demographic tables – NI
                                                                                                                                                                                                  • Figure 38: How car insurance policy purchased (main car), by demographics, NI, 2010
                                                                                                                                                                                                  • Figure 39: Ownership of a buildings and contents insurance policy (from same provider), by demographics, NI, 2010
                                                                                                                                                                                                  • Figure 40: Method used to buy buildings and contents insurance policy, by demographics, NI, 2010
                                                                                                                                                                                                  • Figure 41: Visiting a branch for financial services, frequency of usage, by demographics, NI, 2010
                                                                                                                                                                                                  • Figure 42: Frequency of use of ATMs (for services other than cash withdrawl), by demographics, NI, 2010
                                                                                                                                                                                                • Consumer finance demographic tables – RoI
                                                                                                                                                                                                  • Figure 43: Ownership of a buildings and contents insurance policy (from same insurer), by demographics, RoI, 2010
                                                                                                                                                                                                  • Figure 44: Method used to buy buildings and contents insurance policy, by demographics, RoI, 2010
                                                                                                                                                                                                  • Figure 45: Method used to buy buildings and contents insurance policy (continued), by demographics, RoI, 2010
                                                                                                                                                                                                  • Figure 46: Visiting a branch for financial services, frequency of usage, by demographics, RoI, 2010
                                                                                                                                                                                                  • Figure 47: Frequency of use of ATMs (for services other than cash withdrawl), by demographics, RoI, 2010

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                                                                                                                                                                                              Channel Preferences for Consumer Finance - Ireland - December 2010

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