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For eBusiness & Channel Strategy Professionals

eBusiness Leaders: It's Time To Take Financial Service Comparison Web Sites Seriously

Usage Is Rising Driven By First-Time Users And Younger Generations

June 29, 2010

Authors

  • By Brad Strothkamp,
  • Peter Wannemacher
  • with Chad Mitchell,
  • Brendan McGowan,
  • Serena Goldberg

Why Read This Report

In 2009, 21% of financial product online applicants — more than 50 million Americans — used a third-party online comparison Web site, and 36% of these applicants did so for the first time. We found that 38% of first-time comparison site users say they chose to compare online in order to find the lowest price. Online comparisons are affecting consumer's purchasing decisions: 51% of third-party comparison site users say their online comparison influenced the provider they chose. Forrester believes the rising adoption of financial product comparison Web sites will only increase in coming years because they offer consumers — especially the self-directed — a trusted and convenient source of information. Financial services firms would be wise to accept the growing role of comparison sites and take steps to partner with these sites.

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  • One In Five US Financial Applicants Compared A Product Online Last Year
  • Auto Insurance And Credit Cards Are The Most Commonly Compared Products
  • Price Is The No. 1 Factor Driving First-Time Users
  • Online Comparisons Are Influencing Financial Consumers

Also in Collection: Financial Comparison Sites

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