Why Europeans Choose Financial Firms

May 5th, 2010

Vanessa Niemeyer, Ph.D.

With contributors:

Benjamin Ensor , Courtney Tincher , Lauriane Camus

Summary

To create online offers and messages that are appealing to customers and prospects alike, eBusiness managers at financial companies need to understand what actually drives consumers' decisions when choosing a financial provider. What matters to financial buyers depends on who they are and the product they are buying. Personal loan buyers, for example, are more likely to be influenced by existing customer relationships and trust in the company than by a good price. Customers in older age groups care about customer service. eBusiness executives should turn insights into customers' decision criteria into action. They should, for example, actively cross-sell to existing customers, build trust by being transparent about prices, and offer easy application processes for consumer loans and savings accounts.

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