Google APAC financial dashboard reveals growing interest in wealth management products
Results from Google’s Asia Pacific financial dashboard have shown an increase in mobile searches for financial products among consumers in Singapore, with a 28% year-on-year growth rate.
The dashboard shares how consumers across 10 countries across the Asia pacific searched for financial products over the last year.
Key findings for Singapore include the fact that two in three Singaporeans conduct their searched with a brand in mind when searching for financial products. Searches peaked in May to June 2016 with key interest in the Euro following the Brexit announcement; the Digibank launch by DBS; and the launch of new retail bonds by Oxley and Hyflux.
This surge in searches was followed by a slump caused by a large drop in the Dow Jones Index in August.
Insurance tops searches
Eight of the top 10 queries were about insurance policies ranging from health, to business, housing and cars; while Singaporeans also showed interest in home equity loans and how to start investing.
The top ten search terms for Singapore were:
How to avoid pitfalls in getting home equity loans
What is short term health insurance
How much does house insurance cost per month
How much does insurance cost for a business
How much does renters insurance cost
How to sell insurance
How to make car insurance cheaper
How much is public liability insurance
Why life insurance is important for future success
How to start investing in Singapore
This interest in insurance was also evident in the rise in the number of finance-related searches in November following the launch of insurance company Sompo, the launch of FWD’s online life insurance policy, and SingSaver - a financial comparison site in Singapore.
Consumer insights by sector
Based on 2016 searches, key trends in various financial sectors were revealed.
Local banks command top-of-mind recall: General banking searches are mostly related to online banking, showing Singaporeans’ preference for more e-services. Search results show a preference for local banks with DBS commanding the most search volume, followed by OCBC, POSB and UOB.
Searches for 2016 showed that miles-based benefits are the most sought after feature for credit cards with 42% of same-session searches related to Travel.
Business and individual loans: General, Home and Personal Loans lead the category while the interest for Business Loans is growing the fastest.
More than 60% of insurance searches in 2016 focused on travel .
Across the top five financials hubs globally (London, New York, Tokyo, Singapore and Hong Kong), Singapore is responsible for 13% of the investment-related searches driven by mobile activity and key categories - surpassing searches generated from Hong Kong.
Searches for 2016 show that mobile searches for wealth management is growing at 41% year-on-year.
Top five investment categories in Singapore include Forex and Currencies; Securities; Retirement investments; Commodities and Brokerages.
Michael Yue, Industry Head for Banking and Financial Services, Google Singapore shared, “Financial literacy in Singapore is one of the highest in Asia and consumers like to be well-informed before making any decisions. Singaporeans care about financial planning and often turn to Search to help them understand financial products and investments.”