16:9 TEMPLATE - Ipsos – Future of Research FOR WIDE SCREENS UK Multimedia and Graphic Design July...
Transcript of 16:9 TEMPLATE - Ipsos – Future of Research FOR WIDE SCREENS UK Multimedia and Graphic Design July...
Ipsos – Future of Research
FOR WIDE SCREENS
UK Multimedia and Graphic
Design
July 2016
IPSOS MORI – FUTURE OF RESEARCH 2016
16:9 TEMPLATE
Ipsos – Future of Research
THE FUTURE OF MONEY
PAUL STAMPER, HEAD OF FINANCIAL SERVICES,
FINANCIAL SERVICES IN
A DIGITAL WORLD
2
IPSOS MORI
Ipsos – Future of Research 4
A POWERHOUSE OF FIN-TECH?FIN-TECH MARKET SIZE 2015
Source: EY, UK FinTech: on the cutting edge, Feb 2016
£1.8 b
£0.7 b
£0.6 b
£0.6 b
£6.6 b
£10.3 b
7Ipsos – Future of Research
Ipsos Connect, Tech Tracker, Q1 2016
0%
20%
40%
60%
Q4' 13 Q1' 14 Q2' 14 Q3' 14 Q4' 14 Q1' 15 Q2' 15 Q3' 15 Q4' 15 Q1' 16
61% Read or send emails
55% Visit social networking sites
37% Watch video clips on sites i.e. You tube
33% Online shopping
43% Online banking
BANKING FASTEST GROWING PHONE USE
Base: circa 500-750 smartphone owners per wave
Ipsos – Future of Research 8
MOBILE PERSONAL BANKING
ESPECIALLY FOR THE
NEXT GENERATION
55%
50%
37%
24%
14%
16-24
25-34
35-44
45-54
55-75
And which of these do you currently use to access your bank account?
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
Ipsos – Future of Research 10
39%
30%
29%?
Data sharing
Q1. How do you feel about this idea on a scale of 1 to 5, where 1 = very positive and 5 = very negative?
Base: All respondents, n=2027
ATTRACTIVE EVEN
WITH A GENERAL
BENEFIT
Ipsos – Future of Research 11
34%
23%
52%
77%
Agree
Disagree
I am willing to pay extra for a
service or product to keep my
details private
I increased privacy settings on
my browser
UTILITY TRUMPS SECURITY
Base: 16,167 adults across 20 countries (1,000 GB), online, 1-15 October 2013, data is weighted. Source: Ipsos Global Trends Survey
74% of those who say willing to pay haven’t increased their privacy settings
Ipsos – Future of Research 13
MONEY IS MOBILE PROPOSITION
Allows you to see a full picture of your
personal finances in one place
Be updated in real time
Show all your financial products and
services from different providers
Present the information in an
easy to understand way
Allow you to manage money
between accounts
Q. There may soon be mobile apps available…designed to help you manage your personal money
and spending…If such an app were available, how likely or unlikely would you be to use it?
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
13
Ipsos – Future of Research 14
46%41% 52%29%18%
REAL APPETITE EXISTS NOW
Q. There may soon be mobile apps available…designed to help you manage your personal money
and spending…If such an app were available, how likely or unlikely would you be to use it?Base: 1,119, UK adults 16-75, online, 8-12 April 2016, data is weighted.
55-75 45-54 35-44 25-34 16-24
Ipsos – Future of Research 15
83%
47%
80%71%
39%47%
WHO ARE THE CREDIBLE PROVIDERS?
Established
high street
Newer bank Payment card
brand
Digital
payments
Well-known digital Mobile tech
Q. How confident are you about using each of the following to help you manage and control your
everyday personal finances?Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
Q. How confident are you about using each of the following to help you
manage and control your everyday personal finances?
Ipsos – Future of Research 16
55%
18%
49%34%
22% 22%
Q. How trustworthy would you find each of the following types of organisation as a
provider of a mobile app to use to manage your everyday finances?
WHO WOULD WE TRUST TO PROVIDE THE APP?
Established
high street
Newer bank Payment card
brand
Digital
payments
Well-known digital Mobile tech
Q. How trustworthy would you find each of the following types of organisation as a provider of a
mobile app to use to manage your everyday finances?Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
Ipsos – Future of Rese© aIprch This work was carried out in accordance with the requirements of the international quality standard for market research, ISO 20252:2006 and with the Ipsos MORI Terms and Conditions which can be found here
THANK
YOU.
About the FSCS
» Set up by statute to protect customers of UK
regulated firms that go bust
» Covers full range of financial services including
insurance, deposits and investments
» Independent but accountable to Treasury/regulators
» Industry funds the FSCS which doesn’t charge
consumers
» Paid out more than £26bn to more than 4.5m people
since 2001
» Suffered from very low consumer awareness before
the crisis
21
Profile of Grow
22
25 to 34-years-old, female and very diverse(Pre-family & Post family)
Significantly more time pressured than average
Concerned with being organised and making every
minute count (Implications for timing during the day)
Open to financial services messaging and money
management a concern
Heavy users of mobile and social media
What interests Grow
23
Renting their first home
Buying their first homeHome improvement Weddings
Having children Travel Food & Cooking
Are we cutting through?
26
» Boosts social media campaign awareness
» Extended our reach significantly
» Strongest performing channel
» Delivered strongest CTA among the
audience with 58% taking action
» Campaign awareness up 7 points in
channels used
» 78% reassured knowing FSCS exists
» 100,000s of visits to website monthly
The future
» Defining the next phase of content andthemes now
» Additional insights show even morescope for a focus on finance/FSCS
» Consumer bulletin to provide content tothose interested in FSCS
› Money Means
» Providing information and support topromote awareness
» Possible revamp of current advertisinglater in the year or next year
» More work with the industry
27
What we’ve learned
28
Recognise the diversity of the audience, and be honest, relevant, helpful to engage, win
trust and resonance
Provide sharp content that not only interests them but supports them and their aspirations
Don’t be afraid of talking about finance and be straight talking
Recognise their influencers and work with them
Be fleet of foot and ready to adapt
31
“Mobile Payments
will change the face
of commerce across
the world”
Dan Schulman, President & CEO
$2.5Tn*
Online and mobile payments
$
$25Tn*
Online
$
In-App In-store
Commerce experiences
*Sources: 2015 market size by E-marketer & Morgan Stanley
Mobile checkout
Web checkout
In-app payments and Loyalty
Instant credit
In-store checkout
BETWEEN ONLINE & REAL WORLD
LINES ARE BLURRING
1. Creating customer-led value for both par ties
35
Partner of choice for
digital commerce
MerchantsConsumers
An essential part of
daily life
PayPal’s Consumer Proposition
36
Consumers
An essential part of
daily life
P2P – App & PayPal.me
Consumer Credit &
Installments
Managing &
Moving Money
One Touch
Offers & Incentives
More…
Simple | Safe
Online | On mobile
PayPal’s Merchant Proposition
37
Merchants
Partner of Choice for
Digital Commerce
Open Source Platform
Risk | CS | Scalability
Availability | Compliance | Data
Contextual CommerceAPI
Managing &
Moving Money
Rewards API
Invoicing
Credit and PPWC
More
Debit Credit
100% Payment Processing
Bank
By making moving money supremely
simple—and even fun—Venmo represents
the next generation of mobile commerce.
Social Commerce
Connecting families and friends across the
globe—champions immigrants and expats.
Community Empowerment
The patented cloud-based platform enables
merchants to deploy their own secure mobile
wallet solutions under their own brands,
in their own apps.
Merchant Choice
The ingenious code that lets people log in to
buy and sell with a single touch—and creates a
revolutionary network of merchants.
Next Generation Mobile &
Contextual Commerce
2. Mobile at the core
Ipsos – Future of Research 43
Q. In the year 2020, how likely or unlikely do you think it is that…
Your main bank account will be with an online-only bank (with no branches)?
35.85%
20.75%
1.89%
30.19%
11.32%
0%
POLL
OPENWILL WE NEED BRANCHES?
VERY LIKELY
FAIRLY LIKELY
NEITHER
FAIRLY UNLIKELY
VERY UNLIKELY
DON’T KNOW
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
Future of Finance
2016 Study Results
Likely
35%
Ipsos – Future of Research 44
Q. In the year 2020, how likely or unlikely do you think it is that…
You will have opened an account or purchased a financial product using just
your mobile phone or tablet?
VERY LIKELY
FAIRLY LIKELY
NEITHER
FAIRLY UNLIKELY
VERY UNLIKELY
DON’T KNOW
80%
16.36%
0%
1.82%
1.82%
0%
POLL
OPEN
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
NEW PRODUCTS ON MY MOBILE?
Future of Finance
2016 Study Results
Likely
41%
Ipsos – Future of Research 45
21.43%
17.86%
1.79%
35.71%
23.21%
0%
POLL
OPEN
Q. In the year 2020, how likely or unlikely do you think it is that…
You will no longer carry any cash?
VERY LIKELY
FAIRLY LIKELY
NEITHER
FAIRLY UNLIKELY
VERY UNLIKELY
DON’T KNOW
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
IS CASH DYING?
Future of Finance
2016 Study Results
Likely
26%
Ipsos – Future of Research 46
Q. In the year 2020, how likely or unlikely do you think it is that…
Shops and retailers will have stopped accepting cash?
VERY LIKELY
FAIRLY LIKELY
NEITHER
FAIRLY UNLIKELY
VERY UNLIKELY
DON’T KNOW
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
3.64%
7.27%
3.64%
30.91%
54.55%
0%
POLL
OPENIS CASH DYING?
Future of Finance
2016 Study Results
Likely
17%
Ipsos – Future of Research 47
9.09%
18.18%
1.82%
40%
30.91%
0%
POLL
OPEN
Q. In the year 2020, how likely or unlikely do you think it is that…
You will be making payments using your mobile phone and have stop carrying
plastic payment cards?
VERY LIKELY
FAIRLY LIKELY
NEITHER
FAIRLY UNLIKELY
VERY UNLIKELY
DON’T KNOW
Base: 1,124, UK adults 16-75, online, 8-12 April 2016, data is weighted.
HAVE CARDS HAD THEIR DAY?
Future of Finance
2016 Study Results
Likely
31%
IPSOS THINKS
Ipsos Thinks is a new initiative to draw together insights and experts from across our business and conduct new research on the most important issues for our clients, business and society.
It has many of the features of a think tank, where we will seek external support to add to our own financial commitment and the best research skills and resources that Ipsos has to offer
We will use our expertise and experience in publicising our work and
influencing debates across a very wide range of stakeholders to help
ensure this research has an impact. It will also always be based on
our strongly held values of integrity, independence and impartiality:
we do not have a position on the issues we research, and we will
bring that natural mindset to this work.
OPEN DATA SHARING IN FINANCIAL SERVICES
Changes in EU law mean that in the next two years UK banks will have to open up access to their
payments capabilities and provide services that will enable customers to access their data over the
internet and, if they choose to do so, share it with third parties.
The Open Banking Working Group (OBWG) was set up in September 2015 at the request of HM
Treasury and, in February 2016, it set out an Open Banking Standard:
http://hollandfintech.com/wp-content/uploads/2016/02/298568600-Introducing-the-Open-Banking-
Standard.pdf
It is clear that there is significant potential consumer benefit from open banking, helping people find what they need and improving their experiences of accessing and using financial services. However, providing consumers with the opportunity to share sensitive personal and financial data raises a number of security concerns. Research conducted by Ipsos indicates that consumers can often be
vague (at best) about the implications of signing up for on-line products and services:
https://www.ipsos-mori.com/researchpublications/publications/1694/Personalisation-vs-Privacy.aspx
SETTING THE SCENE
Ipsos – Future of Research 51
WHAT NEXT…
We plan to build on this initial work with a further study to more fully investigate consumers’
understanding of the implications of data sharing in financial services
We anticipate addressing a number of broad questions:
What are people’s attitudes and behaviours around open data sharing?
How and why do they differ / contradict (i.e. people say they are concerned but do little about
it)?
How does this vary across types of consumer (in particular generations / tech savviness)?
How might these general trends transfer a financial services context?
Whose responsibility is it when things go wrong?
What’s the potential impact of consumer decisions – for consumers themselves, banks, tech
providers?
Financial
Reputational
What possible interventions could we introduce to shape people’s behaviour?
OPEN DATA SHARING
IPSOS THINKS
If you would be interested in being involved, please contact:
Paul Stamper
Head of Financial Services
+44 (0)7880 783053