banking search 2017 insights (en-au) · “the big 4” dominance for credit card applications is...

BANKING

SEARCH INSIGHTSAustralia 2017

In this report, we explore the top search trends and

takeaways for the banking industry in Australia.

We detail ways in which financial service providers

can create richer value propositions for specific

financial products and segments, through the better

use of customer data.

Overview

1. Key takeaways

2. Industry overview

3. The banking audience on Bing

4. Seasonality

Key product insights

5. Credit card

6. Home loan

7. Personal loan

8. Superannuation

Next steps

9. To-do list

10. Tools and tactics to achieve more

OVERVIEW

1. Significant year on year growth among a diverse set of

financial players, including “The Big 4”, super funds, non-

bank lenders and aggregators.

2. Seasonal trends for product types are growing rapidly in

Bing searches in 2017 -like low interest credit card, fixed

rate home loan and car loan.

3. Consumers have banking matters on their minds all year

around. 10.4% of Bing users are likely to switch their main

financial institution in the next 6 months1.

Source: (1) Nielsen Consumer & Media View National Online Database, Jul. 2016 – Jun. 2017 with

Fused Digital Ratings Monthly data for Jun. 2017.

Source: PWC, Escaping the commodity trap & The future of banking in Australia, 2016. Web.

https://www.pwc.com.au/pdf/pwc-report-future-of-banking-in-australia.pdf

It’s never been easier to

compare and switch

financial products.

0

50

100

150

2015 2016

Click volume Search Volume

The banks continue to introduce new products to meet customer needs

Source: Microsoft internal data, Jan. 2015 – Dec. 2016, Australia, all devices. Note: Queries containing brand plus financial product name (e.g. “nab credit card”).

+55% +34%

+31% +27%

SEARCH VOLUME GROWTH

+40% 34%

Consumers have more choice than just “The Big 4” banks

+16%

Source: Microsoft internal data, search volume, Jan. 2015 – Dec. 2016, Australia, all devices.

“The Big 4” dominance for credit card applications is being challenged

Source: Hitwise, Retail Banking 2017. “Apply” search term downstream traffic, 12 weeks ending Apr. 29th, 2017.

Those who have searched for “best credit card”, “transfer credit card”, “credit card rewards”, “compare credit cards, “low fee/rat credit cards” and apply for a credit card”.

0% 5% 10% 15% 20% 25%

Coles Insurance

Westpac

Credit Card Compare

ANZ

NAB

Finder.com.au

Commonwealth Bank of Australia

Industry is projected to grow

rising interest rate Revenue is

forecast to rise at an annualised

3.3%

to $174.5 billion.

Government is promoting

competition

Competition also come from non-

traditional lenders

Tech-savvy millennials

high expectations.

innovative

ways

provide better

customer experience

customers loyal

Source: IBISWorld, IBISWorld Industry Report: National and Regional Commercial Banks in Australia, Sep. 2017.

Intensifying competition has the potential to weigh on industry profitability

10%

11%

12%

29%

54%

Car loan

Personal loan

Home loan investment

Home loan own

Credit card

. . . and Bing users are almost 2.4X more likely to have an

owner occupied home loan than an investment home loan

Source: Nielsen Consumer & Media View National Online Database, Jul. 2016 – Jun. 2017 with Fused Digital Ratings Monthly data for Jun. 2017.

28%

24%

12%

9%

CBA

ANZ

Westpac

NAB

PROPORTION OF “THE BIG 4” SWITCHERS*

Source: Nielsen Consumer & Media View National Online Database, Jul. 2016 – Jun. 2017 with Fused Digital Ratings Monthly data for Jun. 2017.

* % of Bing audience who are likely to switch main financial institution in the next 6 months.

573,000 Bing users

There is a strong seasonality pattern with peaks in January, March and May

0

25

50

75

100

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

Search volume Click volume

Source: Microsoft internal data, Jan. 2015 – Jul. 2017, Australia, all devices.

+29%search volume

growth in FY17

compared to FY16

+31%click volume

growth in FY17

compared to FY16

Jan.

Mar. May.

Jan.

Mar.

May.Jan. Mar. May.

Australian focus on different areas of personal finance at different times of the year

50

100

Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Get super in order for EOFY Buying on credit cardsEnd of year car salesSpring auction market

Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices.

50

100


20% 24% 14% 14% 13%24% 19% 25%

4%24% 23%

2.

home loan

Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices. Search volume indexed to average monthly volume.

1.

super

4.

credit cards

3.

car loan

Leverage search seasonality to connect with your audience at the right time

KEY PRODUCT

INSIGHTS

0

50

100

150



Source: Microsoft internal data, Jan. 2015 – Jul. 2017, Australia, all devices. Search volume indexed to monthly average.

FY2016 FY2017

Invest during seasonal periods to take advantage of spikes in March and May

Mar. May

Mar.

MayMar. May

-9%

0%

-10%

-6%-3%

-13%

-1%

6%

13%

-1%

18%

6%


Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices. Search volume indexed to monthly average.

There is also an opportunity to capitalise on the strong seasonal uplifts in search

volume during February-June

0

10

20

0

50

100


Search volume (brand) Search volume (non-brand)

Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.

H2 2016 H1 2017

Investing in generic terms during H1 can increase awareness for your brand

0

20

40

0

50

100


Click volume (brand) Click volume (non-brand)


H2 2016 H1 2017

Enable Structured Snippets extensions to highlight specific aspects of products

during seasonal peaks

Jan.Mar. May

ANZ, 38% NAB, 27% CBA, 18% Westpac, 17%

SHARE OF “THE BIG 4” SEARCHES

The market is fragmented when it comes to top searched brands. Leverage

broad match targeting to capture searches associated with your queries

AMEX, 27% Coles, 32% Qantas, 17%

Woolworths, 7%

ANZ, 6%

NAB, 4%

Velocity, 3%

CBA, 3%

Westpac, 3%

SHARE OF BRAND SEARCHES


6%

18%

28%

39%

9%

18-24 25-34 35-49 50-64 65+

42%

58%

Male

Female

Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices. Audiences aged 18+.

Apply bid adjustments to increase ad exposure for the age group 35-64

Balance transfer

credit cards

(+balance +transfer)Consumers are increasingly

searching for credit cards which

offer competitive interest rates

and ways to consolidate their

debt

+60%Low interest credit

cards (+low +interest,

+low +rate)

+136%

Supermarket

credit cards

(+Coles, +Woolworths)

+17%Rewards credit cards

(+frequent +flyer,

+Qantas, +velocity)

+2%


65+

50-64

35-49

25-34

18-24

18%

22%

-7%

-14%

-12%

Rewards credit cards


35%

51%

25%

16%

-1%

Supermarket credit cards

Create remarketing lists to serve customised ads for cross-selling or up-selling

products to a specific audience

0.0%

2.0%

4.0%

6.0%

8.0%

$0.00

$1.00

$2.00

$3.00

$4.00


CPC CTR


Higher CTR results in a lower CPC around these key seasonal periods

H2 2016 H1 2017

0

50

100

150



Sep. – Mar.

Source: (1) Microsoft internal data, Jan. 2015 – Jul. 2017, Australia, all devices.

(2) The Sydney Morning Herald, The ideal time of year to buy or sell property, Jan. 2017. Web.

Invest during seasonal periods to take advantage of search growth during

September-March

Sep. – Mar.

http://www.smh.com.au/money/planning/the-ideal-time-of-year-to-buy-or-sell-property-20161218-gtdnvz.html

6%

17%

5% 4%0%

-12%

15%

1%

0%

-23%

-2%

-12%



Capitalise on the strong seasonal uplifts in search volume during September-March.

There is also a strong interest in July-August leading up to the selling season

0

50

100




H2 2016 H1 2017

When researching home loan options, Bing users rely heavily on non-brand

terms to evaluate their options

Jan.

Feb.Mar.

Jan. Feb.Mar.

0

50

100




H2 2016 H1 2017

Enable Sitelink Extensions to take customers directly to distinct products during

seasonal uplifts in January-March and May

Jan. Feb.Mar.

May

CBA, 32% ANZ, 28% NAB, 23% Westpac, 16%


Top brand searches for home loan exhibit a high level of share concentration.

Leverage broad match targeting to capture searches associated with your queries

CBA, 23% ANZ, 20% Aussie Home Loans, 20% NAB, 17% Westpac, 12%

Rams, 5%

ING, 3%SHARE OF BRAND SEARCHES


9%

22%

35%

31%

3%

18-24 25-34 35-49 50-64 65+

41%

59%

Male

Female



+how much can I

borrow

Keep an eye on fixed rate home

loans and first-home buyers trends

for the coming seasonal selling

period

+43%Fixed rate home loan

(+fixed rate)

+61%

+first home buyer

+24%Mortgage and

loan calculator

+8%

Source: Microsoft internal data, search volume, Sep. 2015- Mar. 2016 and Sep. 2016 - Mar. 2017, Australia, all devices.

65+

50-64

35-49

25-34

18-24

27%

97%

34%

5%

4%

How much I can borrow

111%

101%

22%

16%

95%

Fixed rate home loan



Source: Microsoft internal data, search volume, Sep. 2015- Mar. 2016 and Sep. 2016 - Mar. 2017, Australia, all devices.

0.0%

2.0%

4.0%

6.0%

8.0%

$0.00

$1.00

$2.00

$3.00


CPC CTR


Higher CTR results in a lower CPC around these seasonal period. Allocate

enough budget in November-December when CPC rises

H2 2016 H1 2017

0

50

100

150

200




FY2016 FY2017

Search interest for personal loan soar during the period November-January.

Allocate budgets accordingly

Jan.Dec.

Nov.

Jan.

Dec.

Nov.

-17%

-8% -9% -7%

2%

25%

45%

11%4%

-24%

-8%-16%




volume during November to March

0

50

100




H2 2016 H1 2017

Investing in generic terms during January-February can increase awareness for

your brand

Jan.

Feb.

0

50

100




H2 2016 H1 2017

Jan.

Dec.

Feb.

Enable Structured Snippets extensions to highlight specific aspects of products

during December-February

ANZ, 40% CBA, 23% NAB, 21% Westpac, 17%


The market is fragmented when it comes to top searched brands. Leverage broad

match targeting to capture searches associated with your queries

Wallet Wizard, 31% Nimble, 26% Cash Train, 15% ANZ, 11% CBA, 6%

NAB, 6%

Westpac, 5%SHARE OF BRAND SEARCHES


15%

26%

32%

24%

2%

18-24 25-34 35-49 50-64 65+

39%

61%

Male

Female



Car loan

Keep an eye on consumers

looking to consolidate their

debts and securing a car loan

+35%Loan and debt

consolidation

+51%

Pay day loan

+22%Personal loan calculator

+8%


65+

50-64

35-49

25-34

18-24

73%

132%

46%

7%

30%

Loan and deb consolidation

81%

103%

20%

6%

1%

Car loan





Desktop, 88.0%

Mobile, 10.5% Tablet, 1.5%

Continue to optimise and budget primarily for desktop traffic

Desktop, 89.9%

Mobile, 8.8% Tablet, 1.3%

0.0%

4.0%

8.0%

12.0%

$0.00

$1.00

$2.00

$3.00


CPC CTR


Higher CTR results in a lower CPC around these seasonal period. Plan budget

for July-November when auction is heated

H2 2016 H1 2017

0

50

100

150




FY2016 FY2017

Invest during seasonal periods to take advantage of spikes in January, May and June

Jan.

May

Jun.

Jan.

MayJun.

13%10%

0%

0%

-5%

-23%

-3%-5%

1%

-9%

7%

15%




volume around the end of financial year (EOFY)

0

25

50

0

50

100




H2 2016 H1 2017

Invest in brand terms during May-August to control the experience with your brand

MayAug.Jul. Jun.

0

25

50

0

50

100




H2 2016 H1 2017

Feb.

Mar.

Jun.

Apr.May

Enable Sitelink Extensions to take customers directly to distinct products during

seasonal uplifts in February-June

Top brand searches for super funds exhibit a high level of share concentration.

Leverage broad match targeting to capture searches associated with your queries

AustralianSuper, 30% Qsuper, 13% Cbus, 12%

First State Super, 11%

Sunsuper, 11% MLC, 10%

Rest Super, 8% AMP, 4%

Colonial First State, 1%

SHARE OF BRAND SEARCHES


7%

17%

24%

43%

9%

18-24 25-34 35-49 50-64 65+

44%

56%

Male

Female



Self managed

super fund (SMSF)

+39%Compare super funds

(+best, +compare,

+comparison)

+46%

Superannuation

returns

+17%Superannuation

withdrawals

-40%


Keep an eye on consumers

looking to compare options and

performance of their super

65+

50-64

35-49

25-34

18-24

51%

60%

11%

11%

-22%

Self managed super fund

37%

106%

40%

30%

-1%

Compare super funds




0.0%

2.0%

4.0%

6.0%

$0.00

$0.50

$1.00

$1.50


CPC CTR


Higher CTR results in a lower CPC around these seasonal period. Set up Automated

Rules to help you respond to bidding and CTR changes automatically

H2 2016 H1 2017

NEXT

STEPS

1. The market is fragmented when it comes to

top searched brands for banking products

on Bing.

2. Share of searches for brand terms is high

across most financial products, Bing users

rely on brands to evaluate their options.

3. Strong seasonal uplifts of non-brand terms.

1. Expand your keyword coverage via search

query reports and keyword suggestions to

capture wide variety of searches.

2. Own your brand terms and messaging. Use

remarketing lists to enhance in-search

experience (e.g. returning visitors).

3. Review campaign budget caps and allow

for increases during hot seasonal periods.

Invest in broad match targeting and non-brand terms to increase share of voice


1. The most valuable demographic with the

highest search volume differs substantially

across financial products.

2. Search volume for product type and

features is increasing YoY for both young

and mature audiences.

3. Device split remained similar YoY with little

change expected in FY18.

1. Apply bid adjustments according to

financial product to increase ad exposure

to primary age group.

2. Create remarketing lists to serve

customised ads for cross-selling or up-

selling products to a specific audience.

3. Continue to optimise and budget

primarily for desktop traffic.

Create a personalised experience based on the consumer’s intent


1. In the vertical Finance Services &

Insurance, CTR performance increases

with incremental ad extensions adoption

up to Text Ad+3 ad extensions.

2. Text Ad+Location Extensions+3 or Text

Ad+Image+2 ad extensions yielded the

best CTR performance.

1. Increase engagement by adopting

multiple ad extensions.

2. Utilise Enhanced Sitelinks to create a

tailored connection with your potential

customers.

3. Leverage the value of reviews using the

Review Extension to increase consumer

confidence.

Build your brand trust and drive conversion with ad extensions

Source: Microsoft internal data, Finance Services & Insurance, US only, PC only, Jan.– Mar. 2017.

Drive foot traffic to your business.Location Extensions

Location targeting

Target unique audiences.Device targeting

Demographic targeting

Acquire new customers.Remarketing in Paid Search

Universal Event Tracking

Increase ad clicks.Structured Snippet Extensions

Sitelink Extensions and

Enhanced Sitelinks

Sell your

products online.Bing Shopping Campaigns

Elite Merchant Badge

Increase app installs

and usage.App Extensions

Mobile device targeting

Build your brand trust.Security Badge Annotation

Merchant Rating Annotation

Review Extensions

Get more phone calls to your business.Call Extensions

Day and time targeting

Streamline your campaign management.Google Import

APIs for UET tags, conversion goals and

Remarketing in Paid Search

Automated Rules

Choose the right Bing Ads feature to pursue banking customers

https://advertise.bingads.microsoft.com/en-au/solutions/ad-extensions/location-extensions

https://advertise.bingads.microsoft.com/en-au/solutions/features/location-targeting

https://advertise.bingads.microsoft.com/en-au/solutions/features/device-targeting

https://advertise.bingads.microsoft.com/en-au/resources/training/bing-ads-targeting

https://advertise.bingads.microsoft.com/en-au/solutions/ad-products/remarketing

https://advertise.bingads.microsoft.com/en-au/solutions/features/universal-event-tracking

https://advertise.bingads.microsoft.com/en-au/blog/post/september-2016/new!-easily-highlight-your-products-and-services-with-structured-snippets

https://advertise.bingads.microsoft.com/en-au/solutions/ad-extensions/sitelink-extensions

https://advertise.bingads.microsoft.com/en-au/solutions/ad-products/bing-shopping-campaigns

https://help.bingads.microsoft.com/#apex/3/en/51127/1

https://advertise.bingads.microsoft.com/en-au/solutions/ad-extensions/app-extensions

https://advertise.bingads.microsoft.com/en-au/solutions/features/device-targeting



https://advertise.bingads.microsoft.com/en-au/solutions/ad-extensions/review-extensions

https://advertise.bingads.microsoft.com/en-au/solutions/ad-extensions/call-extensions

https://advertise.bingads.microsoft.com/en-au/resources/training/bing-ads-targeting

https://help.bingads.microsoft.com/apex/index/3/en-au/51050

https://advertise.bingads.microsoft.com/en-au/solutions/features/universal-event-tracking

https://advertise.bingads.microsoft.com/en-au/resources/training/bing-ads-automated-rules

@bingads

linkedIn.com/company/bing-ads

facebook.com/bingads

blog.bingads.com.au

instagram.com/bingads

slideshare.net/bingads

youtube.com/bingadsGetting started

https://twitter.com/BingAds

http://www.linkedin.com/company/bing-ads

http://www.linkedin.com/company/bing-ads

https://www.facebook.com/BingAds

http://advertise.bingads.microsoft.com/en-au/blog

http://instagram.com/bingads

http://www.slideshare.net/bingads

http://www.youtube.com/bingads

http://advertise.bingads.microsoft.com/en-us/get-started

banking search 2017 insights (en-au) · “the big 4” dominance for credit card applications is...

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