UX Labs, the usability consulting & design division of Indigo Consulting, has published a report titled ‘Money Clicks 2011 - A study of the online financial services consumer in India.’
With the answers to some of the biggest questions on marketing financial services online, Money Clicks 2011 report serves as a handy tool for financial services marketers as they look to bring digital strategy to the heart of their advertising and marketing programs.
Some of the report’s key findings show that the financial products that users are exposed to the most online are bank savings accounts and life insurance. Life insurance tops the list followed by mutual funds, with a quarter of them having ever searched it online.
Further to this, almost 50 per cent of users searching for health and travel insurance online are doing it for the first time. Reliability of information was cited as a key benefit among users who preferred gathering information on financial services offline. This included both, first time and repeat searchers.
It was also noted that the conversion rate from those who fill online application forms for financial products to those who actually pay online for the product is fairly low. One of the reason indicated is that users did not know where they could purchase online initially, which is why websites need to promote online application as a key call to action, wherever relevant, so users start understanding that it is possible.
But the number one reason could be, as indicated, difficulty faced by users for most products, in filling up the application form, noting the importance of testing and refining online application forms with users until they are obstacle-free and make for a smooth, user-friendly experience.
It is also significant to note that for a sizeable number of users, an average of 67 per cent, one of the most frequently performed activities was leaving their contact details like number and email address.
For the record, the research follows quantitative face to face interviews with 1265 respondents conducted by Beehive Edison Research. The respondents included both males and females, who are internet savvy, belonging to the age group of 25-54 years and who have purchased and applied for / intended to purchase and apply for any financial product in the last three months. The respondents hail from major cities across India, such as Mumbai, Delhi, Bangalore, Ahmedabad, Lucknow and Coimbatore.