Tuesday, November 22, 2005
Internet Trust
How do consumers perceive the online environment and how much trust do they have in what you say on your web site? Understanding this will help you deliver your products and services.
Consumer Reports WebWatch commissioned a survey relating to the trust and credibility perceived in the online environment. Completed in May and June 2005, this survey reveals a decline in many areas. Knowing what your customers perceive, will assist you in combating their fears, instilling confidence in your products, services and this cost effective means of delivery. Comparisons are based on a similar survey completed in 2002.
Interesting facts from the survey:
Of particular interest to financial institutions:
Expectations about web sites was also evaluated.
Knowing the expectations of your customers as well as the strengths and weaknesses of your web site and electronic delivery can help you grow your online market.
How do consumers perceive the online environment and how much trust do they have in what you say on your web site? Understanding this will help you deliver your products and services.
Consumer Reports WebWatch commissioned a survey relating to the trust and credibility perceived in the online environment. Completed in May and June 2005, this survey reveals a decline in many areas. Knowing what your customers perceive, will assist you in combating their fears, instilling confidence in your products, services and this cost effective means of delivery. Comparisons are based on a similar survey completed in 2002.
Interesting facts from the survey:
- 86 percent internet users have changed their online behavior, fearing identity theft
- 30 percent of those have reduced their use of the internet
- 25 percent say they stopped online purchasing
- 29 percent who shop online have reduced how often they shop online
- 80 percent are somewhat concerned about identity theft of personal information on the internet
- trust in financial companies to provide accurate information is at 51 percent, down from 55 percent
- internet users who almost never trust large corporations to provide accurate information has increased 7 percent
- internet users who almost never trust web sites selling a product is at 21 percent, up from 14 percent
- 8 percent of online shoppers have started using just one credit card for all their online shopping
Of particular interest to financial institutions:
- 93 percent of those who do online banking trust the sites
- 48 percent who do NOT do online banking trust those sites
- 68 percent of all internet users trust banking sites
- 55 percent trust sites with automatic bill payment functions
- 52 percent trust sites where they check their credit history and credit score
- 42 percent say sites where they can buy and sell stocks or mutual funds are trustworthy
- 36 percent trust sites for mortgages or loans
Expectations about web sites was also evaluated.
- 88 percent rate keeping personal information safe as "very important"
- 81 percent rate trusting the web site content as "very important"
- 76 percent rate identifying the source of information as "very important"
- 73 percent rate keeping a site updated and current as "very important"
- 48 percent rate knowing who owns a web site as "very important"
- 54 percent of those who shop online say they are more likely to read the privacy policy before making a purchase.
Knowing the expectations of your customers as well as the strengths and weaknesses of your web site and electronic delivery can help you grow your online market.
