This is according to a survey on financial habits of Singaporeans, conducted by market research firm Media-Screen and commissioned by Google.
Among the online resources used for financial research, the two most popular ones are financial company websites (64 percent) and search engines (63 percent).
The report shows that a large percentage of the 601 Singaporeans surveyed are using the Internet to learn about consumer-oriented financial products such as personal loans and insurance policies.
"In an economic slowdown when more and more consumers are counting every cent, they'll spend more time researching online, comparison shopping and hunting for bargains before making any purchase, creating a phenomenon known in the United States as the 'Wal-Mart effect'," said Lori Sobel, head of sales, Google Southeast Asia.
"We are seeing the same phenomenon as more and more Singaporeans use the Internet to find the best deals on financial products, our very own 'NTUC-effect'." NTUC is Singapore's National Trades Union Congress.
Three-phased approach
According to the survey results, Singaporeans go through three behavioral stages before obtaining a financial product. First they gather information, next they evaluate their options, and finally, they decide on whether to purchase the product.
Across all three stages, Singaporeans appear to be most concerned with value-for-money as they research to compare costs and seek out special rates or promotions.
In the first phase of information gathering, search engines are the top avenue of choice (55 percent of respondents use them)--more than any other method. A financial company's home page is the second most-used source of information (51 percent).
In the second phase of evaluation, the financial company website is the most favored resource for comparing products online. It is used by 51 percent of the survey participants. Search engines tie with brochures, catalogues, and financial representatives as the next most popular resource for evaluating products (37 percent).
During the final phase of decisions, the financial institution's website is the top resource with 36 percent of consumers choosing to look it up.