Search giant Google recently launched its Asia Pacific financial dashboard. The tool shares how consumers across 10 countries in Asia Pacific searched for financial products over the last year.
The user friendly and slightly addictive dashboard segments the search volume into mobile searches as well, giving a picture of what financial questions countries are asking via the ubiquitous smartphone.
Results from Google’s Asia Pacific financial dashboard have shown an increase in mobile searches for financial products among consumers in Singapore, with a 28 percent year-on-year growth rate.
Local Dominance
Despite all the bluster and advertising overkill from global banks the results for Singapore and for Hong Kong, show that local banks command top positions. The biggest local bank in singapore, DBS, drew the most search volume, followed by OCBC, POSB and UOB.
Key findings for Singapore include the fact that two in three Singaporeans conduct their searched 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.
Insurance Hot
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.
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.
Survive Against the Masters of Universe?
The copious amounts of data collected by Google will undoubtedly prove valuable for the banks and financial services firms helping them to calibrate and tweek their offerings.
But what if the tech giant itself was to apply for a financial services licence, followed by Facebook and Apple – would banks even survive against the new masters of the universe?
