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).