74% consumers move towards comparison websites before buying financial products..!

74% consumers move towards comparison websites before buying financial products: BankBazaar identifies key trends in the online financial product purchase

BankBazaar.com, the online marketplace for financial products, recently revealed its Online Financial Product Purchase -The Customer Insight Report, highlighting key trends that will have a significant impact on the industry in coming years.

The report emphasizes on the shift in consumer mind-sets from traditional buying habits to faster and easily accessible online portals for everything under the sun including ‘Financial Products’ which particularly saw a phenomenal rise in the past year.

Adhil Shetty,
Founder & CEO,
BankBazaar.com

The report analysis show that younger consumers (below the age of 40), from top 10 cites of India, have started searching for loans online before choosing a product. Almost 74% of consumers who took a loan less than 3 months back, researched for it online, as compared to only 46% who did so a year back. The report reiterates the change in potential consumer purchase behaviour as 75% of respondents stated that they would research online before applying for a loan.

These survey results show that a consumer wants to be more informed and armed with relevant information than what he had before. 31% of the online consumers searched for offers from a bank apart from the one in which they have their accounts. On the other side only 15% of the offline consumer actually did the same.

Social Media and other online portals played a very important part with peer reviews and opinions of friends and family being the norm in most purchases. Younger customers would like to get real feedbacks/reviews from friends and families (62%) for respective banks. Therefore, the role of financial advisors/ relationship managers has eroded (11%).

At Banbazaar.com, anyone can instantly search for tailor-made offers, compare, customize it as per his need and apply for loans, credit cards and insurance products and get end to end service. BankBazaar.com is designed with smart technology capabilities and India’s 22+ leading financial institutions and insurance firms have chosen to integrate themselves with the platform. 

For the customer now, Banking is as easy as shopping for anything online. It is enjoyable, empowering and transparent. Just like shopping. BankBazaar.com brings transparency in pricing and is beneficial to consumers in markets with many retailers but none established as clearly the cheapest.

 

BankBazaar.com Team

Mr. Adhil Shetty, Founder & CEO, BankBazaar.com said “In the last three months, BankBazaar.com, has grown by 3x. This has made us the single largest digital platform for financial services in India. Today we are laying the foundation to building a household brand that hopefully is changing the way banking happens in India. At Bankbazaar.com, the #Onliner gets all the advantages of choice, customization, instant application and end to end service delivery and hence today banking moves from applying to shopping.”

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Catalyst Public Relations Pvt Ltd

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