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FINANCIAL SERVICES | Staff Reporter, Singapore
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Ask Google: Check out what Singapore consumers search for when looking for financial products

Eight of the top 10 searched terms were about insurance.

The Asia-Pacific financial dashboard by Google revealed that two in three Singaporeans already have a brand in mind when searching for financial products.

This comes as mobile search growth for financial products registered a 28% year-on-year increase. 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.

The study revealed that Singaporeans are on the lookout for various insurance plans. Eight of the top 10 search terms recorded last year were about insurance policies ranging from health to business, housing, and cars. They also showed interest in home equity loans and how to start investing.

Here are the top search items:

  1. How to avoid pitfalls in getting home equity loans
  2. What is short term health insurance
  3. How much does house insurance cost per month
  4. How much does insurance cost for a business
  5. How much does renters insurance cost
  6. How to sell insurance
  7. How to make car insurance cheaper
  8. How much is public liability insurance
  9. Why life insurance is important for future success
  10. How to start investing in Singapore

Here’s more from Google:

Banking services

  • Local banks command top-of-mind recall: General banking searches are mostly related to online banking, showing Singaporeans’ preference for more e-services. Search results show a preference for local banks with DBS commanding the most search volume, followed by OCBC, POSB and UOB.
  • Fueling the love for travel: With the average Singaporean owning six credit cards, consumers are always on the look out for the best credit card that meets their need. Searches for 2016 showed that miles-based benefits are the most sought after feature for credit cards with 42% of same-session searches related to Travel.
  • Business and individual loans: General, Home and Personal Loans lead the category while the interest for Business Loans is growing the fastest.

Insurance

  • Consumers want assurance while abroad: Singaporeans turn to search not only to find the best credit card they can travel with but also to seek out the best travel insurance with more than 60% of insurance searches in 2016 focused on travel .
  • Convenience of online purchase: With 72% of online Singaporeans buying their travel insurance online, brands need to ensure consumers can discover and purchase their offerings easily.

Investments

  • Singaporeans seek opportunities to grow their money - Across the top five financials hubs globally (London, New York, Tokyo, Singapore and Hong Kong), Singapore is responsible for 13% of the investment-related searches driven by mobile activity and key categories - surpassing searches generated from Hong Kong.
  • Growing interest in wealth management - Singaporeans are always thinking about how to invest and manage their wealth, even when on the go. Searches for 2016 show that mobile searches for wealth management is growing at 41% year-on-year.
  • Contribution to Investments Searches - What are they looking to invest? Top five investment categories in Singapore include Forex and Currencies; Securities; Retirement investments; Commodities and Brokerages. 

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