Online Banking - One of the Fastest Growing Internet Sectors.Business Editors SINGAPORE--(BUSINESS WIRE)--July 17, 2001 NetValue, the global Internet measurement company, today releases its findings on online banking in Singapore Banking in Singapore is a service industry that has grown significantly in recent years. Total banking assets under management in Singapore rose from about $92 billion in 1998 to about $350 billion in 2004. . - Are You Banking Online? - Rewarding E-Banking Customers - Online Banking Visitors Engage in Non-Web Protocols Online banking is fast gaining popularity in Singapore. In the last three months, reach across banking sites with e-commerce facilities has seen a gradual increase from 25.4% to 28.1% across March and May 2001, respectively. In May 2001, a total of 235,860 people reportedly visited the e-banking sites. Compared to December 2000, visitorship to online banking sites has increased by about 36%, making it one of the fastest growing Internet sector. "The increasing popularity of e-banking indicates that more and more people acknowledge the benefits of accessing information and transacting online. When people see that it is easier and faster to transfer funds online than to queue up Verb 1. queue up - form a queue, form a line, stand in line; "Customers lined up in front of the store" queue, line up stand, stand up - be standing; be upright; "We had to stand for the entire performance!" at the bank, they begin to appreciate the value of e-commerce." Said Dr. Jack Loo, Country Manager, NetValue (Singapore). The duration across these sites, on the other hand, declined slightly from 25.1 minutes in March 2001 and leveled off at about 21.4 minutes across April and May 2001. The slight decrease in duration was expected because of the increase in the proportion of visitors browsing for information at the banking sites rather than engaging in secured connections (i.e., customers logging into their bank accounts). Accordingly, those engaging in secured modes were likely to take a longer time than those browsing for information. "Visitorship to five Singapore-based online banking sites (dbs.com, oub.com.sg, uopbgroup.com, ocbc.com and keppelbank.com.sg) constituted majority of the reach across the e-banking sector in Singapore. On the average, about two in three visitors actually engaged in a secured connection. Comparatively, uobgroup.com has the highest proportion of visitors engaging in secured connections for the month of May 2001." Said Dr. Jack Loo. "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. Dbs.com remained as the most visited e-banking sites in Singapore. Accordingly, visitorship to dbs.com has increased by about 24% since January 2001. "There is a significant overlap between dbs.com'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 dbs.com". 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 PMEB Paul McGann Estrogen Brigade PMEB Professionals, Managers, Executives and Businessmen PMEB Pakistan Madrassah Education Board (Pakistan government) (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 Communicating information, including data, text, pictures, voice and video over long distance. See communications. 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 Exchanging text messages in real time between two or more people logged into a particular instant messaging (IM) service. Instant messaging is more interactive than e-mail because messages are sent immediately, whereas e-mail messages can be queued up in a mail server for seconds or , 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 Internet user n → internauta m/f Internet user Internet n → internaute m/f . 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.
Distribution of Days Connected to the Different Protocols, May 2001
Instant Chat Secured News File Audio
Messaging Connections Transfers Video
All Internet Users 11.8 6.8 6.6 5.5 4.5 4.1
Online Banking Sites 15.5 8.1 8.5 6.8 4.8 5.0
Visitors
Base : Singapore Internet Users, May 2001
Source : NetValue
Figures can be published with specific mention: "NetValue copyright" or "Source: NetValue". For guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. of how to use NetValue data, please visit www.netvalue.com/corp/guide.htm 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 Also called a "proxy," it is a computer system or router that breaks the connection between sender and receiver. Functioning as a relay between client and server, proxy servers are used to help prevent an attacker from invading the private network. . 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 A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. : Represents the number of unique projected Internet users who connected at least once during the reference period. About NetValue NetValue, a global Internet measurement company, provides the most comprehensive picture of consumer behaviour online. NetValue recruits and operates meticulously me·tic·u·lous adj. 1. Extremely careful and precise. 2. Extremely or excessively concerned with details. [From Latin met structured user panels to yield unique and detailed Internet usage (and audience) reports. NetValue's technology delivers insightful information on Internet behaviour, capturing all Internet activity including web, email, chat, audio, video, games, instant messaging and more. Founded in France in 1998, NetValue S.A. currently owns panels in Denmark, France, Germany, Mexico, Norway, Spain, Sweden, the United Kingdom and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . NetValue Limited, a subsidiary headquartered in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , owns panels in Hong Kong, Korea, Singapore and Taiwan. NetValue clients include Optimum Media Direction, Engage, Kimo, Lycos, MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). , Modem Media, Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. , Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. ,
Sohu, tom.com, Yahoo! and Zenith zenith, in astronomy, the point in the sky directly overhead; more precisely, it is the point at which the celestial sphere is intersected by an upward extension of a plumb line from the observer's location. Media.Methodology NetValue panels are recruited by market research firm Taylor Nelson Sofres Taylor Nelson Sofres (TNS) is a global market research group, active in over 70 countries and employing 14,000 people. TNS conducts custom research business in key industry sectors, including Healthcare, Automotive, Technology, Finance, Consumer as well as Polling and Social. (TNS TNS transcutaneous neural stimulation. ) globally, and are fully representative of the Internet universe in each country. An establishment survey quantifies and profiles the number of Internet users in each country, gathering both Internet related data (e.g. level of Internet penetration, main ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. used, how long the household has been connected) and demographic and socio-economic data. The most current characteristics of the Internet user population are determined through monthly random digit dialing Random digit dialing (RDD) is a method for selecting people for involvement in telephone statistical surveys by generating telephone numbers at random. Random digit dialing has the advantage that it includes unlisted numbers that would be missed if the numbers were selected from a telephone interviews. Once recruited, panelists download NetValue's technology, NetMeterTM, onto their home computers, enabling NetValue to track the most up-to-date Internet behaviours. Keep your finger on the pulse of the Internet world. Subscribe to Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; Blink, NetValue's monthly newsletter, at http://www.netvalue.com/corp/news/news_form.htm. For more information, visit www.netvalue.com. |
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