PRN: Grocery Retailers Having Impact on Traditional High Street Providers for Loans, Online
Grocery Retailers Having Impact on Traditional High Street Providers for Loans, Online
LONDON, March 22, 2012 /PRNewswire/ --
Research from leading independent digital marketing agency Greenlight, reveals that the majority of UK online consumer searches for retail banking-related products in January pertained to loans, with grocery retailers taking two of the top three spots in terms of visibility for loan-related products.
The report, 'Retail Banking ReportÂ -Â Issue 11', profiles online consumer search behaviour in the financial sector. It reveals the number of searches conducted for retail banking products (bank accounts, credit and debit cards, mortgages and loans), the most popular search terms used, and the most visible brands and review sites to those searches. This it bases on analysis of online search-related data sourced from Hydra's One Platform, a leading provider of SaaS tools for digital marketers.
Search terms pertaining to loans and mortgages most queried
Greenlight'sÂ report reveals that in January, UK consumers made a total of 2.5 million online searches for retail banking-related products.
Loans accounted for the majority (37%) of searches (934,234) with the keywords 'Loans', 'Payday loans' and 'Student loans' being the top three terms consumers used to conduct their searches.
Mortgages, accounting for 30% of overall retail banking-related queries, followed. Â Interestingly, the term 'Mortgage calculator' was the most popular search term across the board.
Bank accounts and credit and debit cards-related queries accounted for a 21% and 12% share of overall search, respectively.
Table 1: Loans - Top 10 keywords
Keyword Number of searches % share Loans 201,000 22% Payday loans 165,000 18% Student loans 49,500 5% Loan calculator 40,500 4% Loans for people with bad credit 40,500 4% Personal loans 40,500 4% Loan 22,000 2% Payday loan 22,000 2% Student loan 22,200 2% Cheap loans 18,100 2%
Source: Google AdWords
Leading grocery retailers make up two of the top three most visible sites for loans
Whilst MoneySupermarket, MoneySavingExpert and Halifax were the most visible websites for retail banking related-searches overall in natural search, for loans specifically, the sites that dominated were MoneySupermarket followed by Tesco Bank then Sainsbury's Bank.
Table 2: Top 10 - Most visible websites for loans keywords
Reached No. domain Volume Missed Volume % reached 1 moneysupermarket.com 580,721 353,513 62% 2 tescobank.com 293,316 640,918 31% 3 sainsburysbank.co.uk 285,038 649,196 31% 4 comparethemarket.com 278,582 655,652 30% 5 moneysavingexpert.com 277,506 656,728 30% 6 barclays.co.uk 216,187 718,047 23% 7 quickquid.co.uk 214,113 720,121 23% 8 paydayloans.org.uk 188,640 745,594 20% 9 santander.co.uk 169,423 764,811 18% 10 dcloans.co.uk 168,480 765,754 18%
Source: Greenlight (Powered by Hydra)
In a recently published report, '2012: Trends to Watch inÂ UKÂ Retail Banking', market analysis firm Datamonitor says providers will have to work hard to attract deposits in a low interest rate environment. Â With consumer borrowing staying subdued, Datamonitor expects lending to come under further pressure. In addition, the analyst house predicts non-traditional providers will make greater inroads into lending in 2012.
Against this backdrop, players should look to implement strategies that help to maximise their presence online and make them immediately visible to consumers researching or looking for financial services and offers via the internet, as opposed to competitors stealing share of gaze!
Greenlight is a leading independent digital marketing agency, the largest of its kind in Europe and the fastest growing. With over 100 blue-chip clients including Santander, New Look, Sky and ghd, Greenlight is a leader in the digital marketing space, and is recognized worldwide for its commitment to delivering record ROI for its clients and investing in the future of search.
Greenlight is considered the premier thought leader in the sector, publishing widely read industry reports, original research, speaking at trade events, and delivering a highly respected digital marketing training programme via the Greenlight Academy. Founded in 2001, Greenlight is headquartered in London, with offices in New York. http://www.greenlightdigital.com