68% of consumers conduct an online research before buying any financial product. While the research is primarily aimed at comparing costs and details of financial products. 18% of financial products are sold online in India!(as per a study by Google and Media Screen, a market research firm)
Few stats from the study:
- Comparing costs have become more important than evaluating product details (48% Vs 42%).
- Search engines play a major role in accessing other websites and nearly 67% of respondents use them for financial product research.
- 30% of consumers also use search engines to become aware of special rates/promotions and to access expert advice.
- Around 55% people see an online advertisement and click on them to learn more. [ET]
While the numbers are based on a survey (and open to questions, as the study is positioned more as a search ad success story), its a sure sign that Indians are opening up to online transactions which are more utility based. For instance, online tax filing went up by 504% this year.
As far as the market size of financial products are concerned, over 20 million households fall into the target market for personal financial services and metros drive the growth/adoption for online buying.
Do you buy financial product online?