According to a Google India report on financial service industry, 7 out of 10 Internet users change their minds about the products and brand when buying financial products.
Internet research influences loans the highest – 75% on home loans and 73% on personal loans. The next products that are influenced the most are insurance with 70% on health insurance, 70% on motor insurance, and 69% on life insurance.
Finance related queries have gone beyond 43% year-on-year of the total search volume. Desktop banking searches reached over 73% of the overall searches and are growing over at a rate of 45% per year.
In addition, the report also emphasized the increase in mobile phones usage in searching for finance related information on the internet. In fact, it is growing 3 times faster than those coming from desktop computers.
1 out of 10 finance related queries in India come from mobile. Banking queries from mobile have grown to 85%, investment-related queries to 105%, and insurance queries to 75%.
Over 99 million Indian users are now active on the internet. In order to engage and serve the needs of the digital-savvy consumers, financial services need a new approach.
The favoured source of information when it comes to financial products is through the internet with over two-thirds of internet users are taking advantage of. Thus, the internet plays an important role of the purchasing process.
Over 42% of users say they are more aware of products and brands while 58% claim that the internet helped them on their initial research. Over 62% use it for extensive research before purchasing.
Although final purchases are done offline, internet research influenced 2 in every 3 instances with 24% applying or buying online, 70% applying online, and 38% buying offline yet are influenced online.
- Over 99 million Indians are online
- 7 out of 10 of internet users change their mind before buying a financial product
- Internet research influence on the financial service industry: 75% on home loans, 73% on personal loans, 70% on health insurance, 70% on motor insurance, and 69% on life insurance
- Finance related queries have increased to over 43% of the total search volume
- Desktop banking searches have reached more than 73% of the total search volume and growing at a rate of 45%
- Mobile searches is growing three times faster than desktop searches
- 1 in 10 finance related searches have come from mobile
- Banking queries from mobile have grown to 85%, investment-related queries to 105%, and insurance queries to 75%
- 42% of users say that the internet helped them become more aware of a product or brand
- 58% of users say that the internet has helped them with their initial research
- 62% of users use the internet for extensive research
- 24% of users use the internet in buying or applying financial products or services
- 70% of users apply offline
- 38% of users buy offline yet are influenced online
Rajan Anandan, Managing Director & VP Sales & Operations, Google India: “We believe that financial services can create significant value by innovating on the digital medium and adopting an ‘online first’ approach to serve the needs of the digitally savvy customers.”
Covered by my Visible Banking Team
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