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  Online Banking In Singapore - Findings by NetValue


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  “It is important to differentiate the customer-visitor mix to evaluate the performance of any e-banking site and its related marketing campaigns.  Are banks attracting new prospects or prompting higher usage levels amongst their existing customer base?  Web-traffic alone does not tell you much about how successful is the site.  You need information about the proportion of the visitors that engage in secured connections (i.e., visitors versus customers).”  Said Dr. Jack Loo. remained as the most visited e-banking sites in Singapore.  Accordingly, visitorship to has increased by about 24% since January 2001.  “There is a significant overlap between’s visitors and visitors to the other local e-banking sites in Singapore.  On the average, about 60% of the cyber-audience to each of the other four Singapore-based online banking sites also reportedly visited”.  Said Dr. Jack Loo.

  Are You Banking Online?

  If you are a visitor to e-banking sites, chances are, you would be a male (57.7%) PMEB (professional, manager, executive and businessman – 61.1%), between the ages of 25-34 (46.3%), with a median monthly income between S$2,001 to S$2,500.  “Compared to the beginning of the year, we see a decline in the proportion of professionals (e.g., lawyers, architect, engineer) visiting e-banking sites.  However, the decrease is offset by the corresponding increase in the proportion of middle- and upper-level executives (e.g., department head, junior/middle manager, director, senior manager) and students at these sites.”  Said Dr. Jack Loo.

  More than half of the visitors to online banking sites were early adopters, having connected to the Internet in 1997 or earlier.  About 17.1% of them adopted the Internet in 2001 or later.  “Since these early adopters would have more experience over the Internet, e-banking sites may consider providing more complex transaction options.”  Said Dr. Jack Loo.

  Rewarding E-banking Customers

  Three in four of the e-banking visitors would own a mobile phone.  M1 and Singtel each took up about 44% of the market share, and the rest with Starhub.  “Banks should consider partnerships with telecommunications providers to incentivise their customers and/or to expand their clientile base.  Rewarding e-banking customers with bonus air-time, for example, may encourage more people to use the online banking facilities.”  Said Dr. Jack Loo.

  Online Banking Visitors Engage In Non-Web Protocols

  Internet activities may be classified into web- and non- web-based activities.  Web-activities relate primarily to web-surfing (what are the web-sites visited) while non- web-based activities include protocol usage like audio-video streaming, gaming, instant messaging, chatting, news, and the execution of a number of applications online.  NetValue’s findings indicate that visitors to online banking sites behave differently from the average Internet user.  In particular, e-banking visitors are more likely to use instant messaging, chat, news protocols, and to engage in audio-video streaming.  “Web-surfing (or web-based activity) constitutes at best half of what people do online.  To fully understand the Internet behavior of your target audience, you need to know what they are doing online and not just where they have surfed.”  Said Dr. Jack Loo. 

  “Knowing that online banking visitors are also frequent users of the other protocols, e-banking sites may incorporate some of these applications in their banking site to induce traffic and repeat visits.  For example, e-banking sites may consider integrating audio-video streaming facilities at these sites to enhance their content.”  Said Dr. Jack Loo.

Terms used in this release

Displays/Unique Pages: Are total number of pages displayed by an Internet user, whether downloaded from a site or originating from cache memories or proxy server.

Duration per visitor: Is the length of time (in minutes) spent by an Internet user on pages from a domain or property in the month.

Reach: Represents the percentage of unique Internet users who connected at least once during the reference period.

Unique visitors: Represents the number of unique projected Internet users who connected at least once during the reference period. 

See Charts

Source:  NetValue

About NetValue

NetValue, a global Internet measurement company, provides the most comprehensive picture of consumer behaviour online. NetValue recruits and operates meticulously structured user panels to yield unique and detailed Internet usage (and audience) reports.

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