Thursday 25 June 2015

Financial Services The Path to Purchase - UK - June 2015

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Online channels now dominate all stages of the research and purchase process in most financial markets. There is still a group who prefer to use branch-based services, but most consumers now expect to be able to find, research and arrange any product online. A provider that has a sub-standard offering is now at a major disadvantage.

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Table of Content
Introduction
Abbreviations
Executive Summary
Product arrangement
Insurance policies are the most commonly-arranged financial services products
Figure 1: Products arranged (including new or switched products) in the last three years, April 2015
Most new products are the result of opportunism, but active engagement is key
Figure 2: Reasons given for arranging a new current account, credit card, savings account and/or mortgage, April 2015
The research process
Online research is key for all products
Figure 3: Information sources used to research financial products before purchase, April 2015
Issues and Insights
The internet is now key at all stages of arranging a product
The facts
The implications
Price can get people to switch, but other considerations make them stay
The facts
The implications
The changing role of brand image
The facts
The implications
The Consumer – What You Need to Know
Consumers engage most regularly with insurance
Most new products are the result of opportunism, but active engagement is key
Online research is key for all products
The first point of call is heavily product-dependent
Consumers prefer to buy online, direct from their provider
Taking personal responsibility is a valued quality

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