The influence of digital marketing on consumers purchasing financial services products has seen a sharp rise over the past 12 months, according to new figures.
According to the annual ‘Engagement and Influence Index’ from financial services marketing agency Teamspirit, a fifth (21%) of consumers research individual savings accounts (ISAs) online before making a decision – a rise of 11% on last year’s figures.
Web searches (18%) have also become the third most popular way of selecting a mortgage product – behind more traditional routes of independent financial advisers (26%) and advice from banks or building societies (20%).
Even if purchasing offline, over one in ten people (13%) says that the internet is now their chief source of information for researching mortgages.
“We expect these figures to increase even further as consumers become more confident in using the web to research complex financial products, and more product providers embrace the multiple digital channels available to them,” said Teamspirit’s director of ecommerce, Peter Wilson.
“The challenge for the product providers is to ensure they are mapping user behaviour trends when they plan digital direct sales channels, and to into account initiatives such as Treating Customers Fairly* as they develop content and systems.”
Teamspirit has digital campaigns currently running for Scottish Widows, Prudential and Independent Financial Adviser Promotion (IFAP).
For more information on Teamspirit and the services the agency offers, visit www.teamspirit.uk.com
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For further enquiries, please contact Peter Wilson on 020 7438 9400 or on pwilson@teamspirit.uk.com
Notes to editors:
*Treating Customers Fairly (TCF) is an initiative set out by the Financial Services Authority (FSA). Its principles are focused on improving customer services for organisations in the Financial Services sector, ensuring that all regulated firms treat their customers fairly.
