Finance and money
The online sector for finance has seen a boom over the past few years, as consumers have been given wider access to a wider range of financial products. Key areas of growth have been mainline financial services - insurance, mortgages, and loans.
Niche finance products and providers have also benefited from the growth in online marketing of finance packages, but it’s the big financial providers who have mostly benefited.
For example, Direct Line Car Insurance used to be available through only a select group of brokers with high street offices. Now consumers can log onto the internet and find it provided at a whole range of online providers.
Basic insurance services have also seen a rising take up for online sales - home insurance, and other house insurance services, have seen especially strong take up due to the required nature in protecting house and home - not simply against theft, but also loss and damage.
What especially empowers home consumers is the ability to make product decisions on their own, without the need for a broker. For instance, when searching for a mortgage, a consumer armed with basic information on mortgage rates can determine monthly repayments using a mortgage calculator. This helps the consumer in allowing themselves to make an informed choice, and the broker can focus simply on closing the sale, rather than investing time in offering it.
The same principle applies for loan applications - consumers can simply look at whether they need an unsecured or a secured loan - and make a purchasing decision based on the loan information they can collect online.