![How do global consumers research insurance and banking products?](https://ygo-assets-websites-editorial-emea.yougov.net/images/pexels-mikhail-nilov-6963043.original.jpg)
How do global consumers research insurance and banking products?
Buying insurance and banking products can be an important but slightly complicated purchase decision. But there’s a wealth of information available to aid in the purchase journey. So which mediums do consumers rely on the most? A recent YouGov Surveys (Serviced), spanning across 18 international markets, found that two in five global consumers consult friends and family (44%) while nearly the same proportion take into account the views of an expert (41%). One-third read written consumer reviews (35%), check a brand’s website (34%), or speak to a sales executive (31%). Only one-fifth see video reviews (for e.g., on YouTube) before buying financial products (19%).
Consumers across different markets exhibit varying preferences. In Britain, nearly half of consumers consider the views of professional experts (48%). Written consumer reviews (46%), speaking to family and friends (44%), and consulting a brand’s website (40%) appeals to two in five consumers. In comparison, fewer people rely on speaking to sales executives (19%) or video reviews by members of the public (10%) before purchasing financial products.
US consumers are more likely to speak to family or friends (52%) compared to watching video reviews (14%). Nearly a third of Americans read consumer views (37%), take into account professional expert’s views (34%), or consult a brand’s website (33%). A quarter of consumers in the US speak to a sales executive before buying an insurance or banking product.
In India taking in the views of professional experts (51%) and speaking to friends and family (47%) are favored by about half of the consumers. Watching video reviews by members of the public (38%), speaking to sales executives (36%), and written consumer reviews (35%) are also popular with more than a third relying on them. Consulting the brand's website (30%) appeals to three in 10 consumers.
In the UAE, taking in the views of professional experts (44%) and speaking to friends and family (41%) are preferred by roughly two in five consumers. Written consumer reviews (36%), video reviews (34%), speaking to a sales executive (34%), and consulting a brand’s website (29%) are also fairly popular methods of research.
In Denmark, speaking to friends and family is the most popular pre-purchase research method (43%) but in Sweden consumers prefer consulting a brand’s website (42%). Consumers from both markets are least likely to watch video reviews uploaded by members of the public before buying insurance and banking products (7% and 10% respectively).
Explore our living data - for free
Want to run your own research? Start building a survey now
To receive monthly insights about the financial services industry register here.
To read YouGov’s latest intelligence on the finance industry explore here.
Make smarter business decisions with better intelligence. Understand exactly what your audience is thinking by leveraging our panel of 20 million+ members. Speak with us today.
Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 17 markets with gamers’ sample sizes varying between 512 and 2034 for each market. All surveys were conducted online in February 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.