Ignore comparison sites at own peril, banks warned

Ignore comparison sites at own peril, banks warned
SHARE
THIS



Banks are being warned off ignoring online comparison sites, with a study finding the lucrative 18-34 year old market are the most likely to search for better banking deals.

The study by online comparison site RateCity also found that Gen Y is more likely to switch financial institutions than other age groups.

Alex Parsons, chief executive of RateCity, said: “Financial institutions can't ignore the online comparison industry or they will face losing market share and miss out on an important source of banking customers.”

The age group is also more actively shops for and compares insurance offers, with 38% shopping around before they decide on an insurance company.

The insights are based on users of RateCity.com which also found that women are more likely to compare and apply for financial products on the site than men, 63% compared to 37%.

“In the US and UK, the financial services industry has been revolutionised by comparison sites and Australia won’t be far behind. MoneySupermarket in the UK for instance, is valued at almost £1 billion ($1.46 billion) and Bankrate in the US has announced an IPO with a likely value of over US$1.5 billion ($1.42 billion).”

Please login with linkedin to comment

Latest News

THIS
  • Advertising
  • Marketing
  • Media

Meet Your Judges For The 2018 B&T Awards!

B&T is calling this year's awards judges probably the finest ever assembled. As a chamber choir, arguably less so.

by B&T Magazine

B&T Magazine
Are You Dragging The Wrong People Into Pointless Meetings?
  • Opinion

Are You Dragging The Wrong People Into Pointless Meetings?

Donna McGeorge (pictured below) is a speaker and  mentor who helps people make their work work. McGeorge is also author of The 25-Minute Meeting: Half the Time, Double the Impact. In her latest guest post for B&T, McGeorge offers her tips on avoiding every workers’ hell- the pointless meeting… We all complain about having to attend too […]

Opinion

by B&T Magazine

B&T Magazine
Francis Leach Joins The New Daily As Sports Editor
  • Media

Francis Leach Joins The New Daily As Sports Editor

Famed sports reporter Francis Leach has joined online publisher The New Daily as sports editor. A prolific broadcaster, journalist and program host, Leach brings his encyclopedic knowledge of sport and no-holds-barred critical analysis to the role. “Let’s face it, sport these days is big business. I’m interested in connecting and contextualising sport with the big […]

AIME Appoints Eleven To Champion 2019 Vision
  • Advertising
  • Media

AIME Appoints Eleven To Champion 2019 Vision

Eleven has been appointed to manage all PR for the Asia Pacific Incentives Meetings & Event (AIME) 2019, the leading show for the business events industry. Selected by Talk2 Media & Events, Eleven will drive a global PR campaign, working with sister agency FleishmanHillard, to leverage international media networks across Asia Pacific, Europe, Middle East […]

Fox Sports Alexa Skill Launches In Alexa Skills Store
  • Media
  • Technology

Fox Sports Alexa Skill Launches In Alexa Skills Store

Australian sports fans can now tune into Fox Sports News live on their Amazon Echo device. From today, Alexa users will be able to add the new Fox Sports Alexa skill to their daily routine by asking “Alexa, play the Fox Sports live stream.” The Fox Sports Skill will deliver sports fans a live stream […]