December 29, 2005
A survey led by the Institute for Information Industry's Market Intelligence Center shows that Taiwan's Internet users are taking advantage of online financial services including money transfers, investments, insurance and financing. The survey also reveals that users 24 years old or younger, due to their higher level of Internet dependence, show the most growth potential for the use of online financial services.
Money transfers are the most commonly used online financial service in Taiwan. Of those surveyed, 30.6% report having used the Internet to transfer money, while 69.4% say they have yet to do so. Of those that have, most used online transfers for the purpose of paying bills. The main factors deterring Internet users from using this service are concerns over the theft of personal information and lack of ATM card readers. Those 24 years old or younger and women report the highest willingness to use online transfers in the future.
Forty-eight percent of those surveyed say they have purchased investment products online, with 51% of these reporting that they have used the Internet to invest. Most online investors are male. While online investors aged 30 to 34 years old and those 40 and over account for 37% and 38.2% respectively of on online investors, the 24 and under bracket reported the greatest willingness to carry out investments online.
The survey shows that only 11.1% of Internet users in Taiwan have gone online to submit applications for insurance. Most of these applications have been for motorcycle and auto insurance, which account for 55.2% and 36.2% respectively of Internet insurance applications. Travel insurance makes up 27.6% of online insurance applications.
Online financing services have attracted fewer Internet users. Only 4.2% of those surveyed say they have applied for financing over the Internet. Applications for credit cards and cash advance cards account for 72.7% and 13.6% respectively of online financing applications. Auto financing and home financing each account for 11.4%.
The educational levels of most of those that have used online financing services are at the vocational college level or higher. However, it is noteworthy that 45% of those seeking financing online have no more than a high school diploma.
(Central News Agency)
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