Searches For Financial Related Terms Increase
The number of online credit card applications submitted by subprime applicants (those with credit scores of 660 or less) increased by 30 in the first quarter of 2008 compared to the same period last year according to a new study from comScore.
The number of online credit card applications submitted by prime applicants (those with credit scores above 660) fell by 16 in the first quarter.
"During challenging economic times, it’s not surprising to see dramatic shifts in consumer behavior in the online banking and credit card industries," said Kevin Levitt, comScore vice president. "With subprime candidates comprising an increasingly large share of the market for new credit card applications, it’s essential that marketers are equipped with the insights needed to optimize their tactics in the midst of changing market dynamics."
Searchers for a number of terms relating to online banking and the credit industry increased in the first quarter of 2008 versus a year ago. The number of searches for the term "cash advance" more than doubled, while the number of searches for the term "foreclosure" jumped 68 percent.
Other terms that have increased in search volume include "credit card" (up 20%), "mortgage" (up 13%), and "bad credit" (up 9%).
"Online behavior offers insight into the minds of consumers and how they’re affected by current economic conditions," said Levitt. "In order for financial industry marketers to meet the needs of their customers, it’s important to have a firm understanding of their customers’ most pressing concerns."