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Mobile searches for wealth management is growing at 41% year-on-year in Singapore. Eight of the top ten searches in Singapore were about insurance policies.
Today, Google launched its Asia-Pacific financial dashboard sharing how consumers in 10 countries across Asia-Pacific have searched for financial products over the last year, and the implications for financial companies.
Michael Yue, Industry Head for Banking and Financial Services, Google Singapore shared, “Financial literacy in Singapore is one of the highest in Asia and consumers like to be well-informed before making any decisions. Singaporeans care about financial planning and often turn to Search to help them understand financial products and investments. We hope the Asia-Pacific financial dashboard can serve as a useful tool for financial institutions to better serve their consumers based on their interests.”
Singaporeans know what they want: Two in three conduct their searches with a brand in mind
Singaporeans are savvy about their finances and keenly aware of movements in the financial sectors. Mobile search growth for financial products is increasing by 28% year-on-year. Notably, two in three Singaporeans conduct their searches with a brand in mind when searching for financial products. Searches peaked in May to June 2016 with key interest in the Euro following the Brexit announcement; the Digibank launch by DBS; and the launch of new retail bonds by Oxley and Hyflux.
This surge in searches was followed by a slump caused by a large drop in the Dow Jones Index in August.
Top financial searches revealed that Singaporeans are always planning for the future and on the lookout for various insurance plans to protect themselves. Eight of the top 10 queries were about insurance policies ranging from health, to business, housing and cars; while Singaporeans also showed interest in home equity loans and how to start investing.
The top ten search terms are:
This interest in insurance was also evident in the rise in the number of finance-related searches in November following the launch of insurance company Sompo, the launch of FWD’s online life insurance policy, and SingSaver – a financial comparison site in Singapore.
Based on 2016 searches, here are the key trends in various financial sectors:
With smartphone penetration rate at 91%, Singaporeans have easy access to the Internet and have made it a one-stop platform to gather information and plan their finances.
Michael added, “70% of Singaporeans turn to their smartphones when they need information about a local business compared to 43% in the U.S. Using insights from Google’s APAC Financial Dashboard, financial brands can respond better to their consumers and engage them in more relevant ways, both online and offline.”