20 June 2007
Research from Equifax, a financial risk and ID verification solutions provider, has revealed that 45% of internet users check the net for the best loan deals.
In fact, 82% of respondents were found to use the internet to search for a wide number of financial services, with 85% of them being aged between18-25.
When it came to 26 to 45-year-olds, 82% used the net to find the best loan, credit and current account options for them, compared to just 75% for 46 to 60-year-olds.
Despite these high figures, just 42% of internet users followed on from their searches to actually taking out a financial service, with the majority of those who chose not to purchase online citing the fact that there was "technical problems with the site".
Neil Lewis, Head of Equifax ID & Fraud Products, commented: "Our survey shows that consumers want more from their online banking and financial services."
He added that while "consumer appetite appears high" some members of the finance sector had yet to convert this into actual transactions.
According to Equifax's figures, 90% of consumers wanted to be able to buy products like loans online and online comparison sites can provide one of the most objective ways of finding the best deal for them.