Online Strategies of Banking and Insurance Companies in the BRIC Countries

NEW YORK, April 23, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Online Strategies of Banking and Insurance Companies in the BRIC Countries

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Synopsis

The report provides top-level market analysis, information and insights, including:

• In-depth analysis of the online strategies adopted by banking and insurance companies in the BRIC countries: Brazil Russia, India and China

• How companies in the BRIC countries are adopting social media as a part of their marketing tools

• Key trends and drivers supporting the growth of online banking and insurance strategies

• Challenges faced by companies in leveraging online banking and insurance platforms

• Regulations affecting the growth of online banking and insurance in the BRIC nations

• Company-wise analysis of marketing strategies

Summary

Internet banking has become increasingly popular in Brazil and the country's banks have begun to offer various online services, ranging from checking account transactions to making investments and even paying bills on the internet. There were 37.8 million internet banking customers in Brazil in 2010, who together conducted 12.8 billion online transactions.

Most Russian banks and insurance companies are currently seeking to develop English language websites in order to attract more international customers. Russian customers are generally very apprehensive of shopping or conducting banking activities online. Due to this, Russian banks have focused on improving the security of their websites. For example, Rosbank uses multiple software programs to ensure the complete security of their customers' transactions.

Internet banking has become an integral part of the Indian banking industry, although online insurance sales only started in the country in the late 2000s. Most Indian banks have developed mobile applications as a strategy to attract young customers. Banks in India are expected to extend the scope of their mobile banking channels to offer a broader array of products and services over the forecast period. Indian banks also use social media sites to provide basic information and market their products and new offers. It is expected that banks will incorporate consumer grievance redressal mechanisms into social media networks over the forecast period.

Banks and insurers are increasingly utilizing the online platform to market their products and services. Companies are attracting customers by providing an all-inclusive online service network. The Bank of China launched a special online service for its small and medium-size enterprises (SMEs). Chinese banks also offer an online banking platform for their overseas customers. To attract domestic and international customers, the Industrial and Commercial Bank of China has launched cross-border foreign exchange remittance and global account management services. Similarly, the Chinese insurance company PICC introduced a special online website (www.e-picc.com.cn) to offer online insurance and other value-added services to its customers. Meanwhile, Ping An Insurance introduced an online shopping model that offers insurance services.

Scope

• This report provides an extensive analysis of the online strategies used by banking and insurance companies.

• This report provides an extensive analysis of online marketing strategies used by banking and insurance companies in the four BRIC nations – Brazil, Russia, India and China.

• The report provides a detailed understanding of how online platforms are being used by banking and insurance industries to identify new markets, launch products, gather customer feedback and monitor brand performance.

• The report also provides insights into evolving social media market sizes for each country.

• It also provides insights into future online marketing strategies adopted by players in each industry to strengthen market position.

Reasons To Buy

• Gain in-depth insight into the online banking and insurance strategies used in each of the BRIC countries.

• Understand the various market dynamics within the BRIC countries by industry and use that knowledge to capitalize on the potential of these high-growth markets.

• Take informed decisions and formulate effective technical and marketing strategies based on the report's detailed market insights on online strategies, including social media marketing.

• Understand the growth strategies adopted by key companies.

Key Highlights

• Increasing internet and mobile penetration in Brazil is expected to drive the use of online channels for conducting banking and insurance transactions over the forecast period. Companies in Brazil are also using online platforms as a medium to market and cross-sell their products to existing customers.

• Russian online banking and insurance transactions currently account for only a small proportion of the country's total banking and insurance services. However, the leading Russian banks and insurance companies, such as VTB Bank, Sberbank, Bank of Moscow, Rosbank, TransCreditBank, Renaissance Insurance Group, OJSC IC Allianz (Rosno) and Uralsib, are planning to strengthen their online capabilities to capitalize on the demand for online financial services.

• Most of the largest banks in India offer online services including online banking and mobile banking facilities, although only a few banks, such as ICICI Bank, Citibank, PNB and Bank of Baroda, collect feedback on their websites. India's leading insurers offer insurance policies and premium payment options online. However, only a few of these insurers offer advisory services, and Bajaj Allianz is the only notable insurer that offers insurance through a mobile application.

• Chinese banking and insurance companies have invested significant amounts of time and capital to develop robust online and mobile distribution platforms for their customers. The top four banks in the Chinese banking industry, the Bank of China, China Merchant Bank, China Construction Bank and ICBC Bank, have developed online sites that offer an extensive range of services for their retail and corporate customers.

Table of Contents

1 Executive Summary

2 BRIC Countries Comparison

2.1 Banking and Insurance Industries' Attractiveness

2.2 Online Marketing Environment

2.3 Macroeconomic Drivers

3 Online Strategies of Banking and Insurance Industries in Brazil

3.1 Market Environment

3.1.1 Macroeconomic fundamentals

3.1.2 Market size and growth potential – Brazilian banking industry

3.1.3 Market size and growth potential – Brazilian insurance industry

3.2 Evolution of Distribution Strategy

3.2.1 Evolution of distribution strategy for the banking industry

3.2.2 Evolution of distribution strategy for the insurance industry

3.3 Online Marketing Strategies of Banking and Insurance Industry in Brazil

3.3.1 Internet marketing

3.3.2 Mobile application-based marketing

3.3.3 Social media marketing

3.4 Competitive Benchmarking

3.5 Key Trends, Growth Drivers and Challenges for Online Banking and Insurance Strategies

3.5.1 Trends

3.5.2 Growth drivers

3.5.3 Challenges

3.6 Regulatory Framework

4 Online Strategies of the Banking and Insurance Industries in Russia

4.1 Market Environment

4.1.1 Macroeconomic fundamentals

4.1.2 Market size and growth potential – Russian banking industry

4.1.3 Market size and growth potential – Russian insurance industry

4.2 Evolution of Distribution Strategy

4.2.1 Evolution of distribution strategy for the banking industry

4.2.2 Evolution of distribution strategy for the insurance industry

4.3 Online Marketing Strategies of Banking and Insurance Industries in Russia

4.3.1 Internet marketing

4.3.2 Mobile applications based marketing

4.3.3 Third-party online marketing

4.3.4 Social media marketing

4.4 Competitive Benchmarking

4.5 Key Trends, Growth Drivers and Challenges for Online Banking and Insurance Strategies

4.5.1 Trends

4.5.2 Growth drivers

4.5.3 Challenges

4.6 Regulatory Framework

5 Online Strategies of the Banking and Insurance Industries in India

5.1 Market Environment

5.1.1 Macroeconomic fundamentals

5.1.2 Market size and growth potential – Indian banking industry

5.1.3 Market size and growth potential – Indian insurance industry

5.2 Evolution of Distribution Strategy

5.2.1 Evolution of distribution strategy for the banking industry

5.2.2 Evolution of distribution strategy for the insurance industry

5.3 Online Marketing Strategies of Banking and Insurance Industries in India

5.3.1 Internet marketing

5.3.2 Mobile application based marketing

5.3.3 Third-party online marketing

5.3.4 Social media marketing

5.4 Competitive Benchmarking

5.5 Key Trends, Growth Drivers and Challenges for Online Banking and Insurance Strategies

5.5.1 Trends

5.5.2 Growth drivers

5.5.3 Challenges

5.6 Regulatory Framework

6 Online Strategies of the Banking and Insurance Industries in China

6.1 Market Environment

6.1.1 Macroeconomic fundamentals

6.1.2 Market size and growth potential – Chinese banking industry

6.1.3 Market size and growth potential – Chinese insurance industry

6.2 Evolution of Distribution Strategy

6.2.1 Evolution of distribution strategy for the banking industry

6.2.2 Evolution of distribution strategy for the insurance industry

6.3 Online Distribution Strategies of Banking and Insurance Industries in China

6.3.1 Internet marketing

6.3.2 Mobile application based marketing

6.3.3 Third-party online marketing

6.3.4 Social media marketing

6.4 Competitive Benchmarking

6.5 Key Trends, Growth Drivers and Challenges in Online Banking and Insurance Strategies

6.5.1 Trends

6.5.2 Growth drivers

6.5.3 Challenges

6.6 Regulatory Framework

7 Appendix

7.1 About BRICdata

7.1.1 Areas of expertise

7.2 Methodology

7.3 Disclaimer

List of Tables

Table 1: BRIC Countries' Banking Industry Scenario, 2007–2016

Table 2: BRIC Countries' Insurance Industry Scenario, 2007–2016

Table 3: Market Environment for Online Marketing of Banking and Insurance in BRIC Countries

Table 4: BRIC Countries' Current Macroeconomic Scenario, 2011

Table 5: Comparison of Macroeconomic Prospects of the BRIC Countries, 2012–2016

Table 6: Brazilian Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Table 7: Brazilian Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Table 8: Brazilian Insurance Industry by Insurance Segment (US$ Billion), 2007–2016

Table 9: Brazilian Banking Transaction by Channel (Million), 2007–2010

Table 10: Online Distribution Strategies in Brazilian Banking and Insurance Industries

Table 11: Brazilian Internet Banking Users and Transactions (Million), 2007–2010

Table 12: Brazilian Online Banking – Service Comparison

Table 13: Brazilian Online Insurance – Service Comparison

Table 14: Russian Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Table 15: Russian Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Table 16: Russian Insurance Industry by Insurance Segment (US$ Billion), 2007–2016

Table 17: Online Distribution Strategies in Russian Banking and Insurance Industries

Table 18: Russian Online Banking and Insurance – Services Comparison

Table 19: Indian Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Table 20: Indian Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Table 21: Indian Insurance Industry by Insurance Segment (US$ Billion), 2007–2016

Table 22: Online Distribution Strategies in the Indian Banking and Insurance Industries

Table 23: India Online Banking – Service Comparison

Table 24: India Online Insurance – Service Comparison

Table 25: Chinese Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Table 26: Chinese Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Table 27: Online Distribution Strategies in Chinese Banking and Insurance Industries

Table 28: Introduction of Internet Banking Services Among China's Leading Commercial Banks

Table 29: China Online Banking – Service Comparison

Table 30: China Online Insurance – Service Comparison

List of Figures

Figure 1: BRIC Countries' Banking Industry Scenario, 2007–2016

Figure 2: BRIC Countries' Insurance Industry Scenario, 2007–2016

Figure 3: Brazilian GDP at Constant Prices (US$ Billion), 2007–2016

Figure 4: Brazilian Annual Per Capita Disposable Income (US$), 2007–2016

Figure 5: Brazilian Population Distribution by Age (%), 2007–2016

Figure 6: Brazilian Urban and Rural Population (%), 2007–2016

Figure 7: Brazilian Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Figure 8: Brazilian Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Figure 9: Brazilian Insurance Industry Dynamics by Insurance Segment (US$ Billion), 2007–2016

Figure 10: Evolution of Brazilian Banking Distribution

Figure 11: Brazilian Banking Transaction by Channel (Million)

Figure 12: Evolution of Brazilian Insurance Distribution Channels

Figure 13: Brazilian Banking Transactions Comparison by Banking Channels (Billion), 2007–2010

Figure 14: Bradesco – Online Banking Interface

Figure 15: Banco do Brazil – Online Banking Interface

Figure 16: Caixa Seguradora – Online Insurance Interface

Figure 17: Brazilian Mobile Banking Users (Million), 2009–2010

Figure 18: Social Media Strategy

Figure 19: Brazilian Bank Using Slideshare

Figure 20: Brazilian Insurance Company Using Twitter

Figure 21: Brazilian Internet Penetration Rate (%), 2007–2016

Figure 22: Brazilian Mobile Penetration Rate (%), 2007–2016

Figure 23: Russian GDP at Constant Prices (US$ Billion), 2007–2016 (Base Year 1999–2000)

Figure 24: Russian Annual Per Capita Disposable Income (US$), 2007–2016

Figure 25: Russian Population Distribution by Age (%), 2007–2016

Figure 26: Russian Urban and Rural Population (%), 2007–2016

Figure 27: Russian Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Figure 28: Russian Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Figure 29: Russian Insurance Industry Growth Rate by Insurance Segment (%), 2007–2011

Figure 30: Evolution of Russian Banking Distribution Channels

Figure 31: Evolution of Russian Insurance Distribution Channels

Figure 32: Typical Internet Banking Platform of Russian Banks

Figure 33: Typical Insurance Portals of Russian Insurers

Figure 34: Typical Mobile Application for Russian Banks

Figure 35: Third-Party Online Marketing Platform in Russia

Figure 36: Social Media Strategies in Key Russian Industries

Figure 37: Average Number of Credit Cards Used by an Individual by Country, 2010

Figure 38: Russian Internet Penetration Rate (%), 2007–2016

Figure 39: Russian Mobile Phone Penetration Rate (%), 2007–2016

Figure 40: Indian GDP at Constant Prices (US$ Billion), 2007–2016

Figure 41: Indian Annual Per Capita Disposable Income (US$), 2007–2016

Figure 42: Indian Population Distribution by Age Group (%), 2007–2016

Figure 43: Indian Urban and Rural Population (%), 2007–2016

Figure 44: Indian Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Figure 45: Indian Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Figure 46: Indian Insurance Industry Dynamics by Insurance Segment (US$ Billion), 2007–2016

Figure 47: Evolution of Indian Banking Distribution Channels

Figure 48: Evolution of Indian Insurance Distribution Channels

Figure 49: ICICI Bank – Online Banking Interface

Figure 50: Citibank – Online Banking Interface

Figure 51: Life Insurance Company of India – Online Banking Interface

Figure 52: ICICI Prudential – iCare Plan Interface

Figure 53: Bajaj Allianz – Online Insurance Interface

Figure 54: Policybazaar – Online Web Aggregator Interface

Figure 55: Snapshot of Medimanage's Online Banking Interface

Figure 56: Social Media Strategies of Key Industries in India

Figure 57: ICICI Bank – Official Twitter Page

Figure 58: ICICI Bank – Official Facebook Page

Figure 59: HDFC Bank – Official Twitter Page

Figure 60: Indian Internet Penetration Rate (%), 2007–2016

Figure 61: India Mobile Phone Penetration Rate (%), 2007–2016

Figure 62: Indian Online Sales Distribution by Online Services (US$ Million), 2007–2016

Figure 63: Chinese GDP at Constant Prices (US$ Billion), 2007–2016 (Base Year 1999–2000)

Figure 64: Chinese Per Capita Annual Disposable Income (US$), 2007–2016

Figure 65: Chinese Population Distribution by Age Group (%), 2007–2016

Figure 66: Chinese Urban and Rural Population (%), 2007–2011

Figure 67: Chinese Banking Industry Value by Loans and Deposits (US$ Billion), 2007–2011

Figure 68: Chinese Banking Industry Value by Loans and Deposits (US$ Billion), 2012–2016

Figure 69: China Insurance Industry Dynamics by Insurance Segment (US$ Billion), 2007–2016

Figure 70: Evolution of Chinese Banking Distribution Channels

Figure 71: Evolution of Chinese Insurance Distribution Channels

Figure 72: Chinese Internet Banking Transaction Value (RMB Trillion), 2007–2011

Figure 73: Bank of China – Online Banking Interface

Figure 74: China Merchant Bank – Online Banking Platform for New York Branch

Figure 75: PICC Property and Casualty Company Limited – Online Marketing Portal Interface

Figure 76: Snapshot of Chinese Social Media Strategies in Key Industries

Figure 77: PICC Social Media Platform on Weibo.com

Figure 78: Chinese Internet Penetration Rate (%), 2007–2016

Figure 79: Chinese Mobile Phone Penetration Rate (%), 2007–2016

Figure 80: Chinese 3G Subscriber Base (Million), December 2010 – July 2011

Figure 81: Chinese Internet Consumer Behavior, June 2010

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