Online Financial Product Seekers Deserve Attention, Says Report

Apr 28, 2006


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iCrossing has officially announced the latest installment in an ongoing series that examines online search behavior, attitudes, and preferences. This was done in conjunction with Harris Interactive and is entitled "How America Searches: Financial Products and Services."

The initial findings reveal that searchers for financial products and services merit serious attention from retail financial services marketers and that a consumers' sophistication increases when searching for financial products and services online. They tend to be well educated, report having above-average credit and are interested in applying for financial products and services online. Moreover, the vast majority (70%) of these online adults live in homes with high-speed internet access, widening the messaging opportunities available to marketers trying to reach them.

Additional highlights from "How America Searches: Financial Products and Services" include: Among online financial searchers, 46% have a college education or better, 64% have annual household incomes of $50,000 or more, nearly half (48%) follow through on their searches by applying either on- or offline for a financial product or service and 74% report having excellent or good credit; Substantial cross-selling opportunities exist among the very population of financial searchers itself. Overall, 72% of online adults said they are interested in learning more about financial products; General category-related terms are by far the most important factor in searches for mortgages and home equity loans; Online adults who searched for brokerage accounts also expressed interest in online trading accounts (60%), retirement accounts (39%), and insurance (39%); Time and convenience were the primary reasons financial searchers cited for choosing to convert their interest to action online as opposed to in person or on the phone.

(www.icrossing.com)