Customers are researching early and often

Today, people look to their phones for almost everything—from booking a restaurant to browsing for a new jacket, to learning about their digital banking options. They are looking for ideas and advice, researching every decision they make—no matter how small.

For example, Google have found that mobile searches with the qualifier “should I …” have grown over 65% in the past two years, including searches such as “what should I invest in” and “should I invest in …”.1

When Google dug into the research they were surprised to see that people are turning to digital very early in the research process. Many people are using it as a tool for learning which products and services are available. In fact, over half of online investors don’t even have a brand in mind when they start looking.2 That drives a rigorous online search process, with 86% of potential investors spending more than an hour researching online.3

Meeting customer expectations will define growth

As technology advances and shopping behaviors continue to evolve, a brand’s ability to meet consumer needs and expectations will define its capacity for growth. For financial services brands, this means embracing the fluidity between online and offline shopping behaviors and developing marketing strategies accordingly.

There are big opportunities for brands that act. Google is already seeing financial services brands shift their strategies to account for these new consumer behaviors.

Accounting for these shifting consumer behaviors will require some big changes. But with big changes come big opportunities.


Sources

1 Google Data, U.S., Jan.-June 2015 vs Jan.-June 2017.

2-3 The Boston Consulting Group/Google, “Online to Offline Investor Journey,” U.S., n=431, Sept. 2017.

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