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How UK Consumers Use The Net To Research And Buy Financial Products

The Internet Is A Core Distribution Channel For Most Retail Financial Products

February 18, 2010

Authors

  • By Benjamin Ensor,
  • Lauriane Camus
  • with Alexander Hesse,
  • Brendan McGowan

Why Read This Report

The use of the Internet to both research and buy financial products has grown enormously in the UK over the past decade. As a result, the Internet is now a core distribution channel for most retail financial products and the dominant sales channel for some products, such as car insurance. Forty-three percent of UK adults have researched at least one financial product online during the past year, compared with 38% in 2007, and 28% have bought a financial product online, compared with 22% in 2007. Some senior executives have been slow to recognize this shift in customer behavior and slow to reorient their firms around online sales. They need to give eBusiness executives more clout within their organizations and the resources to make the most of this increasingly important channel. eBusiness executives must continue to optimize their sites for sales by designing with customers' goals in mind, offering interactive help, and following up with customers who abandon online applications.

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  • The Number Of Online Researchers And Buyers Has Increased
  • Sociodemographics, Attitudes, And Experience Drive Use Of The Internet
  • The Net Is An Important Channel For Researching Financial Products
  • More And More UK Net Users Apply For Financial Products Online

Also in Collection: How UK Consumers Use Financial Channels

Table of Contents

  • The Internet Is Fundamental To Retail Financial Services Distribution In The UK
  • RECOMMENDATIONS

  • Optimize Your Site For Sales
  • Supplemental Material
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