Not so long ago, searching the web for information was once described as, ‘A bit like checking every bin in the street and eventually you’ll find something interesting and useful’. The web has come a long way but it can still seem overwhelming when seeking specific information.
Financial comparison websites have now become very popular. In very simple terms, they go checking the financial ‘bins’ on your behalf. They work through all the jargon and deliver reports that make it easy for you to compare one product at a time. Not just the price but also the benefits.
We asked Mozo, one of Australia’s leading financial comparison websites, a series of questions to find out more about who typically uses their website and why.
Q: What are the main reasons for people visiting your site?
A: People come to Mozo to get a better deal on their finances. Finance is complex and at times quite daunting. Mozo helps bust through bank jargon and complex terms and conditions to get better products in the hands of everyday Australians. Some people are looking for a better rate; others are simply after information to help them make more informed financial decisions.
Q: Do you find visitors using your information to negotiate better rates with their current financial services provider?
A: Yes, and they are successfully doing so. Before sites like Mozo came along, it was virtually impossible for most Australians to do the level of product comparison that our site does in seconds, for free. This research has created a level of transparency which didn’t exist before and allows our visitors to have more meaningful discussions with their existing financial services provider.
Just as important, the finance product provider also knows that if they don’t want to play ball and negotiate, there are sites out there like ours, to help their current customers to switch to a better deal.
Q: Is there such a thing as a ‘typical’ visitor to the site?
A. Mozo has a very broad range of visitors because we offer a large variety of product comparisons. However, the visitors have one thing in common – They want to find a better deal.
For some a better deal may be driven by price, for others it may be driven by benefits. The site helps our visitors to make a more informed decision about their finances.
Q: How have comparison websites like yours impacted the way product providers now market their products?
Financial comparison websites like ours not only allow consumers to find a best deal, we reward banks and lenders for competing on top product features. This means that glitzy marketing doesn’t cut it like it used to. They know they need good competitive products or they will be found out very quickly.
So far, we’ve seen bank wars on savings accounts and term deposits. The home loan and credit card markets are now firing up. Banks can afford a little competition and when consumers have all the info, the best products win.
Q: Do companies freely offer their products and services to be reviewed?
Mozo is one of the only a few financial comparison sites that does not charge financial providers a fee for being represented in our product database, nor do we allow banks or insurers to influence search results.
And while some financial providers have embraced the concept of financial comparison more strongly than others, banks still see our site as a chance to be part of an exciting new marketplace and an opportunity to reach new customers.
Q: How does Mozo stand out in the crowd from other online financial comparison sites?
We have always taken the view that finance should be fun (or as fun as it can be!). We offer users a fresh perspective to the dull and jargon-filled world of financial services. From our bright welcoming graphic design through to our user friendly search tables and award-winning comparison tools that deliver personalised results to each user.
We’re independent and one of the few sites that delivers objective, whole market comparisons. We are also Australia’s largest source of banking and insurance customer reviews and home to the only customer-voted banking awards, the Mozo People’s Choice awards.
A big thanks to the team at Mozo for helping us with this article.