Seven out of ten users change their mind about financial products and brands after they research about the products on the internet, says a study by Google India.
Insurance is the category only next to loans, which is affected most due to online research.
In case of motor insurance as many as 70 prospective insurance buyers change their decisions after thorough research on internet. This is 70% for health insurance and 69% for life insurance.
The report was compiled by Google India by combining the Google search trends in India and an independent research report conducted by TNS Australia on the influence of internet on the purchase decision of financial products by Indian internet users.
According to Google India, given the reach of internet to high-value customers and its influence on the decision making for financial products, it believes 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.
According to iCube-IMRB survey for July 2012, India has about 137 million internet users. Of this, 99 million urban Indian users are active on the internet. With users shifting their buying patterns based on online research, financial services need to adopt a new approach to engage and serve the needs of the digitally savvy customers.
The study pointed out that 25 million internet users bought at least one product online. Of this, 15 million do online banking.
Since 2008, banking inquiries have grown 345%, insurance by 265% and investing by 268%.
The BFSI (banking, financial services and insurance) sectors spend about Rs 1,500 crores in advertisement annually. Of this, less than 10% is for digital advertisement. 71% internet users who saw an ad on the TV opt for further research online, and 30% end up buying a product. Whereas, 87% who saw an advertisement on the internet further researched the product on the web and of this 39% end up buying product.
The other significant research of the study is the increasing use of mobile for finding about financial products. One in every ten query comes from mobile phone.
In terms of percentage growth for search queries coming from mobile phones (banking queries grew 85% year-on year, investment queries grew 105% on year-on-year basis and insurance queries grew 75% on year-on-year basis).
akanskhya
No comments:
Post a Comment