Consumers looking for financial services used the internet to research the most for loans (housing and personal), followed by insurance, a report compiled by internet search engine giant Google India has said. Internet in India has evolved from merely surfing social networking sites & communicating over emails.
Indians today use the internet to do extensive research for product or / service purchase.
The report was done by combining Google search trends in India & an independent research report conducted by market research firm TNS Australia on the influence of internet on the purchase decision of financial products by Indian Internet users.
Mr. Rajan Anandan, MD. Google India said, “Internet has begun to impact purchases significantly. Its usage has moved to utility based search than earlier mere social communication or / networking. Today, there are over 13.7 crore Indians on the internet & they spend on an average about 72 minutes a day on it."
There are over 9.9 crore urban Indian users now active on the internet.
According to the Google report, online medium is the most preferred source of information for internet users, with over Two third (2 / 3rd) of all internet users using online sources when researching for financial products. Over 66 per cent of the internet users who were in the market to buy financial products changed their mind about the product & brand.
The report also revealed that during the research process, internet plays an important role at various stages of the buying process with over 42 per cent users saying they became aware of new products and brands, 58 per cent said that internet helped in their initial research and over 62 per cent used internet for intense research before deciding on their final purchase.
While the final purchase of the product or / service is still done offline - internet research influenced 2 out of 3 applications - with 24 per cent users buying / or applying online, 70 per cent applying offline and 38 per cent buying offline influenced by online.
Mr.Rajan Anandan also said, '' Given the reach of Internet to high value customers & its influence on the decision making for financial products - 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”
The total search volume for finance related queries are annually growing at over 43 per cent on Google. On searches coming from desktop - banking related queries account for over 73 per cent of the total queries. The report also highlighted the increase in usage of mobile phones to surf the Internet for finance related information, with mobile queries on Google search growing three times faster than the searches coming from desktop.
Src: FE
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House Loan and personal Loan are really important factors for a individual.
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