[Think Insights with Google MY Newsletter] The Purchase Journey of Savings Account & Travel Insurance Consumers (March 24, 2015)

[Think-Insights-Google-MY]

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March 24, 2015

by Jia Wen Chuah, Industry Analyst

The Purchase Journey of Savings Account & Travel Insurance Consumers

This week, we will be rounding up our findings on the role of the internet in consumers’ purchase journeys for financial products in Malaysia. All good things come in pairs - this week we will be sharing insights on 1) Savings Account and 2) Travel Insurance. Savings Account Insights Insight #1: For potential savings account customers, the research process generally takes place over the course of just one week, and 77% of those did their research using the internet.   Insight #2: While most research for savings account is done on a PC (90%), a significant amount is also done on smartphone (45%) and tablet (21%). Insight #3: In Malaysia, traditional methods of opening savings accounts are still favored among customers. However, many are also receptive to opening their future savings accounts online. Based on our research, 1 in 2 would consider opening their future savings accounts online. Insight #4: For those who are reluctant to open their savings accounts online, security concerns and the need for personal interaction are key barriers. Addressing the need for personal service and safety concerns will facilitate more online sign ups. Travel Insurance Insights Insight #1: For potential travel insurance customers, the research process generally takes place over the course of just one week, and 81% researched using the internet. Insight #2: While most research for savings accounts are done on a PC (80%), a significant amount of research is also done on smartphone (51%) and tablet (30%). Insight #3: 1 in 2 customers have bought their travel insurance online. In fact, 70% would consider buying travel insurance online in the future. Insight #4: For those who are reluctant to buy travel insurance online, desire for personal interaction is a key barrier.

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