“We have seen penetration rates of about 7.5 percent [for financial related queries] in more developed countries of South East Asia, which leads to the conclusion that the internet search volume will increase in the Philippines over time,” Ching Wei Lee, iMoney chief executive officer, said in an e-mail interview Thursday.
“It is time to put focus on finances and what better time to introduce it other than when the economy is on an upswing,” he added.
Financial related queries in the Philippines vary depending on the product, Ching noted.
“A good example would be the search per month for credit cards which totaled 487,500 searches equivalent to 1.43 percent of the Filipino Internet population,” he said.
Providing unbiased comparisons among financial institutions products would help consumers choose the best goods and prompt corporations to improve service, Ching said.
“Banks are understandably partial to their own products. The consumer of today needs information that does not side and affiliate with any bank,” he noted, saying iMoney uses earnings from onsite advertising and referral fees to bankroll its free service.
“Traditionally, consumers have often been at the losing end in a typical bank-consumer relationship,” Ching explained.
iMoney Philippines, www.imoney.ph, is a consumer financial portal offering comparison services for credit cards, personal loans, mortgage loans, savings accounts, time deposits and travel insurance offered by major banks and insurance entities of the Philippines.
Intelligent Money runs Malaysia's largest comparison website for financial services and oversees $40 million worth of banking products transacted over its website monthly.
iMoney recently launched a portal for Singapore and Indonesia. — VS, GMA News
source: gmanetwork.com
