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June 29, 2010 eBusiness Leaders: It's Time To Take Financial Service Comparison Web Sites SeriouslyUsage Is Rising Driven By First-Time Users And Younger Generationsby Brad Strothkamp, Peter Wannemacher with Chad Mitchell, Brendan McGowan, Serena Goldberg |
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Executive Summary
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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