This study will help you understand more about the role the internet plays in the financial sector
- The internet is a relevant channel for creating awareness, supporting research and purchasing financial products – however, there is still some scope for growth
- Online is among the top application methods with 17% of the past 12 month purchasers having applied online. Credit cards and personal loans are the products most likely to have been acquired online. However, overall offline is still the predominantly chosen application method with face-to-face and phone applications in the lead.
- Researching online is perceived as a convenient method for collecting pre-purchase product information and 38% of the purchasers researched online prior to their purchase. 3 out of 4 purchase intenders in the next 12 months are going to prepare their next purchase on the internet. Most online researchers are ROPO customers: 78% agree that they usually purchase offline after having researched online.
- Among the online information sources search engines are the top source for research on financial products with Google being the most commonly used and best rated one. Accordingly presence on Google enhances presence in the online research process and relevance for the (offline) purchase.
- Both online and mobile banking are very popular and used by the majority of the South African onliners. The most popular activities are related to administration rather than to transactions, e. g. checking account balances or receiving SMS alerts.
- Mobile internet usage already established: 30% of the South African onliners use a mobile device for accessing the internet - the vast majority (26%) of these use a smartphone
This study will help you understand more about how consumers in South Africa use various information sources, including the internet, when making retail purchases.
- Online research drives offline sales: online research prior to offline purchase is very popular across all categories (ROPO effect)
- Accordingly presence in the online research process is crucial for relevance in the offline purchase process
- In the online research process search is the dominant tool for initial and intensive research: search creates awareness and navigates to relevant sources