Financial Services / studies
Explore the latest research from the financial services industry. Find out how consumers search and shop online for financial products. From health and travel insurance to online banking and credit cards, Google can help you understand how best to develop your financial digital strategy and achieve your marketing objectives. Access research, case studies and thoughts from financial leaders in the format of your choice.
Google and Compete partnered to understand how shoppers and applicants arrive at an auto insurance policy. Further, we look to quantify the relationship between types of searching activity and subsequent online conversion rates. Here are some topline findings:
- Search is opportunity for connection with consumers - new or old.
- Auto insurance searchers are more profitable than non-searchers.
- Online research leads to online and offline conversions.
- Mobile is an increasingly important point of contact with a variety of customers.
Trying to reach investment researchers? A study with Compete measures how to do it:
- The Google Display Network custom channel has a higher concentration of investment researchers than any of the top portal homepages
- The Google Display Network custom channel exclusively reaches over 50% of investment researchers that do not visit the top performing portal homepages
Would a homepage on Forbes help a marketer achieve target and scale? Google and Compete stacked up the numbers and here's what we find:
- The Google Display Network reaches 3.8x more online bankers than the top portal homepage
- The Google Display Network exclusively reaches over one third of the online bankers that do not visit the top performing portal homepage
How is bank account activation changing in a digitally powered world? How effective are traditional ads at changing actual purchasing? Google partnered with Shopper Sciences to reveal the role of the Zero Moment of Truth for bank deposits within the finance industry and found:
- Online Search and information gathering from brand controlled websites showed higher usage compared to FMOT sources such as in-person discussions with representatives and brochures/pamphlets read at the financial services location.
- Repeat usage for search engines is the highest among all sources – at 71% of all shoppers using it at least twice to help them with their decision.
- Shoppers clearly identify human interaction as very influential – talking to a customer service representative in-person, on the phone, or online. Marketers should look for easy ways to connect shoppers to the financial services representative.
- Stimulus sources like TV ads are able to communicate reputation of the bank and features and benefits, but when it comes to fees/program details and convenience/accessibility associated with the product is best managed with ZMOT sources.
How is insurance purchase behavior changing in a digitally powered world? Google partnered with Shopper Sciences to reveal the role of the Zero Moment of Truth for the insurance industry and found:
- The path to purchase in the insurance category is quite extensive. The vast majority of shoppers take a month or more to go from decision to action.
- While shoppers are using a wide array of sources, ZMOT is the most dominant. Online search, comparison shopping and information gathering from brand controlled websites showed higher usage compared to FMOT sources such as phone and in-person discussions with representatives.
- Shoppers clearly identify experiences with insurance representatives as the most influential source – whether on the phone or in –person. Comparison shopping rates online was also very influential in this category.
- Stimulus sources seem to be the most effective at communicating reputation of the brand and features/benefit of the policy while ZMOT sources are more effective at communicating rate information and salesperson contact information.
How is investment account activation changing in a digitally powered world? What role do new media like social & mobile in driving consumers to open new investment accounts? How effective are traditional ads at changing actual purchasing? Google and Shopper Sciences partnered to reveal the Zero Moments of Truth for the financial investment category and found:
How is credit card acquisition behavior changing in a digitally powered world? How effective are traditional ads at changing actual decision making? Google partnered with Shopper Sciences to reveal the Zero Moments of Truth for the credit card industry and found:
- For most, a new credit card requires some research, yet one-quarter of shoppers make their decision within a matter of hours or less.
- ZMOT and Stimulus sources are equally dominant. Online search and information gathering from brand controlled websites were on par with mail received from credit card companies.
- Comparison shopping online was equally as influential as speaking with family and friends. Speaking with customer service representatives and mail received at home from credit card companies also had high influence in this category.
- TV ads and talking to friends/family can influence brand reputation of the credit card company/program. When it comes to researching the benefits and awards further, as well as rate information and costs, shoppers have come to rely on ZMOT sources.
Google and Compete wanted to understand how applicants utilize search and media during their research and purchase process to apply for an investment product. Further, we wanted to link the the relationship between types of searching activity and subsequent online conversion rates. Our topline findings yielded:
- Internet & search are key resources in investment account research.
- Mobile is a growing research medium, especially among youth.
- Investment account searchers are more valuable than non-searchers.
- Online ads are an important tool to attract investment account shoppers.
This white paper looks at the impact of online research on offline sales. Four out of ten people prefer to research online before purchasing offline (ROPO). This seven page paper will help you understand what impact ROPO is having on your business, and how understanding the relationship between online research and offline sales will help you get under the skin of these valuable customers.
We invite you to join us in exploring this new digital frontier.
This study will help you understand more about how consumers in Switzerland use various information sources, including the internet, when making finance purchases.
- Offline contracting is the prevailing purchase method in the finance vertical. However, online contracting is established as well and particularly strong for shares, health and travel insurances
- The internet is a popular channel for processing banking transactions with 8 out of 10 Swiss onliners using online banking
- Online research prior to purchase is relevant for all analysed products
This study will help you understand more about how consumers in Hungary research and shop online for financial products. We looked at a variety of financial products, including: insurance, current and savings accounts, credit cards and loans.
- Online research prior to (offline) purchase is relevant for all analyzed finance products and impacts offline sales.
- Every second online researcher starts on search in order to navigate to relevant research sources.
This paper summarises the key findings and insights from Google’s research into the important area of clickstream attribution. It will give you the facts to answer key questions such as: how long is the typical path to purchase and how does search contribute to consumer decision-making?
Key findings include:
- Research journeys are long, for example: one in three conversions occur 30 days after the online research began
- 70% of purchasers use search at some point in their research journey
- Search paths to purchase often include both brand and generic terms and 48% of purchasers switch between terms at some point in their journey