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Finance-related online searches in India growing at 43% year-on-year: Google India

According to a Google India report on the
financial services industry, the total search volume for finance-related
queries in India is growing at more than 43% year-on-year. The report, which
combined Google search trends in India and an independent research report
conducted by TNS Australia, also pointed out that with more than 99 million
urban Indian users now active on the Internet, financial services need to adopt

According to a Google India report on the
financial services industry, the total search volume for finance-related
queries in India is growing at more than 43% year-on-year. The report, which
combined Google search trends in India and an independent research report
conducted by TNS Australia, also pointed out that with more than 99 million
urban Indian users now active on the Internet, financial services need to adopt
a new approach to engage and serve the needs of digitally savvy customers.

It also highlighted the increase in the use
of mobile phones to surf the Internet for finance-related information, with
mobile queries on Google search growing three times faster than searches from
desktop computers. Every one out of 10 finance-related queries in India comes
from mobile phones, it said.

Banking queries grew at 85% from the year
earlier, investment related queries grew 105% and insurance queries grew 75% on
mobiles. The influence of Internet research was the highest for loans (75% home
loans, 73% personal loans), followed by insurance (motor insurance 70%, health
insurance 70% and life insurance 69%).

The report further stated that during the
online research phase, more than 66% of Internet users in the market for
financial products changed their purchase decisions. The Internet played an
important role at various stages of the buying process, with more than 42% of
the users surveyed saying they had become aware of new products and brands.
About 58% said the Internet helped in their initial research and over 62% used
the Internet for intense research before deciding on the final purchase.

While the final purchase of the product or
service is still an offline transaction, Internet research influenced two out
of three applications.

“India today has over 137 million Internet
users, and a very high percentage of those users are urban users (99 million),
with high disposable income. Given the reach of Internet to high-value customers
and its influence on the decision-making for financial products, we believe
that financial services can create significant value by innovating on the
digital medium and adopting an ‘online first’ approach to serve the needs of
digitally savvy customers,” said Rajan Anandan, Managing Director and
Vice-President (Sales And Operations) at Google India.

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