The Global Reviews Q3 2020 Credit Cards study shows that 57% of in-market credit card prospects, who have a provider in mind prior to conducting research online, go on to change their mind and switch to a different provider once they have completed online research and been exposed to further online offerings.
In fact, 33% of in-market credit card prospects have no brand in mind prior to completing online research.
This is a huge opportunity in this market.
Global Reviews reveals the impact on online search behaviour of having too many credit card offerings available in the market.
From Q3 2019 to Q3 2020 our data shows a 35% increase in the number of in-market credit card prospects using an aggregator when looking for a provider. The challenge this presents is that those who visit an aggregator are 24% more likely to choose a card provider based on low fees than those who do not visit an aggregator at all. Brand fate in this hugely competitive marketplace is being decided on by the aggregator.
This change in behaviour brings new opportunity.
This webinar highlights:
- Who is currently winning and losing in the credit card digital acquisition journey, and why
In-market prospective credit card customer behaviour and attitudes towards current credit card offeringsHow credit card providers can provide match to needs and comparison options earlier in the online research journey
- Insight on how providers can gain a competitive advantage through SEM (search engine marketing) and online comparison solutions
- Case study examples of those that are driving higher conversions through the implementation of smart acquisition and comparison offerings
Some of brands we shared results on include: NAB, ANZ, Westpac, Coles, ING Direct, Suncorp, Qantas Money & Budget Direct (Motor Insurance).
In this webinar we detailed key results from recent studies where we tasked in-market prospective credit card customers to search for a provider and card offering that meets their needs. During this task Global Reviews passively measures prospects online experience as they move through the acquisition journey from initial preference to final preference. Coupled with this task completion, Global Reviews also completed a detailed audit of the best practice features provided by each brand to support prospective customers on their journey to find a credit card provider that meets their needs.
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