Bangkok--1 Nov--Inspire Communications
Mobile has changed the way people bank with 9 out of 10 (90%) of Thais reporting carrying out online research into financial products.
Today, Google shared new research into how consumers find and choose financial products. New "Path to Purchase" research from Google and TNS outlines the complex journeys that consumers make before making their final purchase. The survey comprised 1,000 interviews with purchasers of specific products and services, men and women aged 18-60 years old who bought [financial products] in the past month.
Key findings of the research:
Thais increasingly turn to online to help them find financial products. Nine out of ten (90%) Thais research online during a recent financial purchase. And the amount of research is only set to increase: over six out of ten (63%) conduct more research online today than 3 years ago. And the reason would appear to be that mobile has changed the way Thais bank — with half of Thais reporting smartphones as the most convenient device when searching for information about financial products.
An online presence is key. The top three sources of information for Thais are: providers website (42%), Google Search (38%), comparison sites (35%). It's clear that Thai financial companies need to have an online presence. And three out of five Thais report finding new products online.
Thais consider carefully before choosing ... Eight out of ten (81%) Thais compare brands before purchasing and Thais also conduct multiple searches while researching financial products - between 5.8 (insurance / loans) to 6.5 times (credit cards), depending on the product.
... But only have a limited amount of patience. Most Thais - seven out of ten (73%) — in fact, only consider two or three brands during their research.
Most sign ups happen offline, but online is increasing. With over one-in-three Thais (34%) sign up for investments online and over one-out-of-four Thais (28%) signing up for credit cards online, it's clear online matters right the way through the process. With half saying that online "saved them time" and almost four out of ten (39%) citing convenience as the main reason.
What this means for marketers:
The research shows that marketers must be present from the start of the consumer journey in all the moments that are shaping consumer decisions. Banks need to go that extra mile and not only show up but offer helpful, relevant content from the first moment a consumer turns to their phone for information.