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How online sources of information are influencing financial buys

Do you search online for product information and reviews before making up your mind about buying it? Online sources of information are changing the way consumers buy financial products. 

More than two-third Internet users check online sources for making an informed decision, according to a report by Google India.

While researching online, at least 66% Internet users change their mind about the product and brand of financial products such as loans, insurance policies and mutual funds.

Consumers were influenced the most on loans and insurance policies. Around 75% Internet users looking to take home loans went for another product after the online search. For personal loans, the figure was 73%; it was around 70% for various insurance (life, health and motor) policies.

While the purchase of the product or service is still done primarily through offline channels, 24% users initiated the purchase online after their Web research.