Online Financial Services Comparison Platforms: Are They Useful?

Online Financial Services Comparison Platforms: Are They Useful?

by May 26, 2017
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Online comparison platforms allow consumers to find, compare or review all sorts of products and services. These platforms, which typically aggregate product listing from many different providers and vendors, facilitate greater transparency and improved matching, helping consumers save time and money. Access to more information, including ratings and reviews, improves the consumers’ ability to find what they are looking for.

Image credit: Ollyy via Shutterstock.com

In the case of a comparison marketplace for financial and insurance products, customers no longer have to struggle with information gathering from various sources, and no longer have to make a decision based on a gut feel or a one-sided recommendation of a representative. They now have access to important information – all in the comfort of their home.

Online comparison portals have been around for a while. But newcomers and cutting-edge technologies are disrupting the industry.

On these platforms, comparison tools are often free of charge. Companies would typically earn revenues and compensate the comparison portal on a per-click basis (a fee paid for every click), per lead (a commission for contact requests), per closed sale (a signed contract or a successful online application), as well as web advertising.

UK-based Moneysupermarket.com was one of the first online financial services comparison portals. Since the business was established in 1993, Moneysupermarket.com has grown into one of the most profitable comparison-based businesses in the world.

Alongside the UK, Germany as well hosts several successful businesses. These include Check24, Verivox, and Biallo. Verivox launched its comparison services in Switzerland in 2015.

Switzerland, which is home to no less than 200 banks, 100 insurance firms and thousands of financial products, has its own homegrown online comparison portals. Notable ones are comparis.ch, an award-winning platform, and bonus.ch, which primarily focuses on insurance, banking and finance, telecommunications and consumer products.

Another platform is moneyland.ch, one of the leading financial comparison portals in Switzerland.

Founded in 2013, moneyland.ch specializes in providing comparisons of financial and insurance products, and uses intelligent algorithms that can compare more than 100 cost and rate variables per product.

The platform lets users find the health insurance policies, insurance coverages, mortgages, credit cards, personal loans, online stock brokers, private banks or bank accounts (including private, business, savings, retirement or vested benefits accounts) that best matches a customer’s financial situation and expectations.

Moneyland.ch also provides Moneyguru, an independent financial assistant.

 

Featured image: Man holding digital tablet, closeup, by Peshkova, via Shutterstock.com.

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