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


THE FUTURE OF MONEY

PAUL STAMPER, HEAD OF FINANCIAL SERVICES,

FINANCIAL SERVICES IN

A DIGITAL WORLD

2

IPSOS MORI

3Ipsos – Future of Research

THE WORLD OF MONEY

IS CHANGING EVER FASTER

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


ARE WE

AT A

TIPPING

POINT?

5


THE SECTOR SEEMS

… WHAT ABOUT

CUSTOMERS?

ON THE VERGE…


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


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.


OPEN API

A MAJOR FACILITATOR?

9


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


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


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?


13


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


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?


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.


LEAP OF FAITH

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.

http://www.ipsos-mori.com/terms

Influencing for awarenessTargeting a “Grow” audience – millennials

25 May 2016

Mark Oakes

Agenda

20

About FSCS Our audienceCommunication

programmeConclusion

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

Appealing to Grow with money saving tips

24

Range of channels & themes

25

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

http://www.thedebrief.co.uk/

http://www.thedebrief.co.uk/

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

T H A N K» Y O U

Alison SagarUK Marketing Director & Head of Consumer

31

“Mobile Payments

will change the face

of commerce across

the world”

Dan Schulman, President & CEO

2 HOURS MORE 83% UK ADULTS #1 DEVICE 110 – 150 TIMES

UK IS A SMARTPHONE SOCIETY

$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

Internet Regulation Social Change

CONSUMER-LED REVOLUTION

A TECHNOLOGY-ENABLED

+

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

Enabled by Par tnerships

40

“I promiseto pay…”

3. TRUST + VALUE + SIMPLICITY => HABIT

THANK YOU

[email protected]


INTO THE FUTURE

A LITTLE LOOK

Meeting ID

187 340 175


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


Future of Finance

2016 Study Results

Likely

35%



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


NEW PRODUCTS ON MY MOBILE?

Future of Finance

2016 Study Results

Likely

41%


21.43%

17.86%

1.79%

35.71%

23.21%

0%

POLL

OPEN


You will no longer carry any cash?

VERY LIKELY

FAIRLY LIKELY

NEITHER

FAIRLY UNLIKELY

VERY UNLIKELY

DON’T KNOW


IS CASH DYING?

Future of Finance

2016 Study Results

Likely

26%



Shops and retailers will have stopped accepting cash?

VERY LIKELY

FAIRLY LIKELY

NEITHER

FAIRLY UNLIKELY

VERY UNLIKELY

DON’T KNOW


3.64%

7.27%

3.64%

30.91%

54.55%

0%

POLL

OPENIS CASH DYING?

Future of Finance

2016 Study Results

Likely

17%


9.09%

18.18%

1.82%

40%

30.91%

0%

POLL

OPEN


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


HAVE CARDS HAD THEIR DAY?

Future of Finance

2016 Study Results

Likely

31%

OPEN BANKING: UTILITY & SECURITY

IPSOS THINKS

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

http://hollandfintech.com/wp-content/uploads/2016/02/298568600-Introducing-the-Open-Banking-Standard.pdf

https://www.ipsos-mori.com/researchpublications/publications/1694/Personalisation-vs-Privacy.aspx


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

[email protected]

+44 (0)7880 783053

mailto:[email protected]


FOR WIDE SCREENS

• UK Multimedia and GraphicDesignJuly 2016

IPSOS MORI – FUTURE OF RESEARCH 2016

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