Brokers and Brokerage

Financial Companies Increasingly Relying On Online Marketing To Gain New Customers

July 26, 2005 -- NEW YORK, NY US consumers are becoming more interested in finding, researching and transacting financial services online. Financial marketers are taking note, aggressively spending on Internet advertising and search marketing.
eMarketer's new report, Financial Services: Online Marketing & Advertising, takes an in-depth look at financial services and the online advertising and marketing practices that are helping to drive growth.

Business Brokerage Finance is one of the largest categories of online ad spending, and search advertising is playing a key role in gaining new consumers. eMarketer estimates that financial services firms could put 40% or more of their online advertising budgets toward search this year.

Online only mortgages is a relatively new sector of the mortgage market, and one that is set to surge in popularity, according to new findings by the insurance broker turned lender Direct Line . Direct Line mortgages have today announced the launch of their first online mortgage product . They researched the market thoroughly, and have found that personal contact remains an important part of the mortgage process . However, once customers have visited a mortgage broker or local bank for advice, the lender found that more than half of them seek out the best deals online .

Forex Broker "Some segments, such as mutual funds and insurance, are still ramping up online marketing budgets. But established online marketers, such as those in the brokerage segment, will increasingly shift spending toward search," says Williamson.

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Online Brokerage But security concerns threaten to derail the train.

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Real Estate Broker "Right now, 'You're in good hands with Allstate' seems like an even more brilliant ad slogan than it was when it was coined more than 50 years ago," says Debra Aho Williamson, eMarketer Senior Analyst and author of the report. "Online finance is finally achieving broad consumer acceptance, and security can and should be a marketing tool for online financial services."

An insurance broker in Herefordshire may have let down its clients badly. Clients of the insurance broking company, now in administration, may no longer have valid insurance cover . The Financial Services Authority warned customers of Powell Price and Company Ltd. that the company no longer has permission to carry out general insurance business or other financial activities. It is apparently not known how many customers have been affected.

Agency Brokerage Spark Financial firms clearly face six challenges as they look to pick up online business:

1. Address security concerns. As consumer awareness of security issues grows, marketers will have to tackle the issue head-on.
2. Use search. Customers are doing more financial research online. Search is a great way to capture them.
3. Think young. Older consumers may have more money, but it's the younger ones who have more interest in online finance.
4. Look to build loyalty. The easier it is for consumers to buy a financial product or sign up for an account, the easier it is for them to switch.
5. Maintain balance. Consumers will continue to move fluidly between online and offline in acquiring and using financial products.
6. Don't write off e-mail. Phishing is a big challenge to e-mail's effectiveness, but e-mail still can be a valuable marketing tool.

" the online business is a huge growing market. The leading market research institute EITO expects an average growth of ca. 38% p.a. for online business with private consumers for the next three years. Networking of online users in communities is thereby increasingly gaining importance. In Europe alone industry experts expect 45.5 million users to be interacting online by 2010.

Business Broker For more information on purchasing a copy of Financial Services: Online Marketing & Advertising, visit eMarketer.

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