UK Price Comparison Sites in Financial Services Market Report
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Providing the most comprehensive and up-to-date information and analysis of the Price Comparison Sites in Financial Services market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
This report looks at consumers’ use of price comparison websites when looking to research or arrange financial services products, specifically:
- Car insurance
- Home buildings and/or contents insurance
- Travel insurance
- Pet insurance
- Life insurance
- Current accounts
- Savings accounts/Cash ISAs
- Credit cards
- Personal loans
- Travel money
Mintel’s consumer research explores the frustrations consumers experience when using price comparison websites. The report also looks at how likely consumers are to share their data with a comparison site, and what factors are important when deciding whether to share. It also analyses consumer attitudes towards price comparison websites, and specifically consumer attitudes towards different brands.
What you need to know
Consumers have mostly positive experiences of using price comparison websites, with the majority recognising that this is often the only way to find the best deal for a product. However, they still experience frustrations, namely having to use multiple sites to check for the best deal and receiving irrelevant product suggestions.
Price comparison websites are well suited to searching for insurance, where consumers prioritise the overall cost of the product. However, for other products, more factors come into play, and this is when people are more likely to encounter issues, resulting in lower purchase rates.
The launch of Open Banking in early 2018 has brought with it a number of opportunities for price comparison websites to develop their propositions. However, it also poses a major challenge, by making it easier for other types of firms to offer digital comparison tools. With the regulators still very much focused on increasing competition, price comparison websites will face a major challenge to keep up with new innovations and retain their market share.
Expert analysis from a specialist in the field
Written by Jessica Galletley, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Price comparison websites dominate the insurance market, but are less prevalent in other areas of financial services. More needs to be done to improve the search journey for products like current accounts and credit cards, such as by offering better filtering tools and capturing consumer preferences.
Senior Financial Services Analyst
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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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