Report: Over half of Internet users changed their minds about buying financial products after researching online

During the online research phase, over 66 % of the Internet users who were in the market to buy financial products changed their mind about the product and brand, according to a new report. The influence of the internet research was the highest for Loans (75% home loans, 73% personal loans) followed by Insurance (motor insurance 70%, health insurance 70% and life insurance 69%), the report compiled by Google India and TNS Australia said.

According to the report, online medium is the most preferred source of information for Internet users with over 2/3rd of all Internet users using online sources when researching for financial products. The report also revealed:

Internet plays an important role at various stages of the buying process with over 42% users saying they became aware of new products and brands, 58% said that Internet helped in their initial research and over 62% 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% users buying/applying online, 70% applying offline and 38% buying offline influenced by online.

Other findings

  • The total search volume for finance related queries are growing at over 43% yoy on Google.
  • On searches coming from desktop – banking related queries account for over 73% of the total queries and is seeing growth of over 45% yoy.
  • Search queries coming from mobile phones (banking queries grew at 85% yoy, investment related queries grew 105% yoy and insurance queries grew 75% yoy).

The report was compiled by using insights from Google search internal query analysis tool and an research conducted by TNS Australia which surveyed 1006 respondents.