[Think Insights with Google MY Newsletter] The role of the internet in the consumer’s purchase journey for finance products in Malaysia (March 10, 2015)

[Think-Insights-Google-MY]

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March 10, 2015

by Jia Wen Chuah, Industry Analyst

The role of the internet in the consumer’s purchase journey for finance products in Malaysia

Google in partnership with TNS Australia recently concluded a study to understand the role of the internet in the consumer’s purchase journey for finance products (credit card, saving accounts & travel insurance) in Malaysia. The research was conducted via an online survey with 4,889 participants logged over 27 days.  Today’s insights will highlight some of the key findings from the study. What online & offline sources do internet users rely on for researching finance products? Consumers who are looking for credit cards are influenced by rewards and loyalty programs. Convenient branch locations is a key driver for signing up savings accounts, while travel insurance providers are chosen based on recommendations by friends/ family/ colleagues. What information sources do internet users use for researching finance products? The internet is seen as an influential medium when researching for finance products. Financial institution websites and search engines are referenced regularly. How many times do internet users search while researching for finance products? Typically 7 online searches are done when researching for finance products. Mobile is used by 1 in 2 internet users. What is the recall rate for both online and offline advertising for finance products? Online ads for finance products are recalled as often as offline ads. 47% of online users could recall online ads, while less than 45% could recall offline ads (TV, Newspapers or Magazines). What is the response to online advertising for finance products? Online ads about finance products motivate many to take direct action and engage in further research. 59% of internet users took direct action, while 65% researched further after seeing an online ad.

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