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.”
For media contact
K.P. Amarnath
Senior Manager – Client Service
Catalyst Public Relations Pvt Ltd
3, ‘D’ Block, II Floor, Gemini Parsn Apts.,
599, Anna Salai, Chennai – 600 006
Ph.: +91 44 2822 0008; Mobile: +91 98418 25081;
Web Site www.catalystpr.in
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