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.
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
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
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. 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%
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Click volume (brand) Click volume (non-brand)
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices.
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%
Source: Microsoft internal data, search volume, Jul. 2015 – Jun. 2017, Australia, all devices.
65+
50-64
35-49
25-34
18-24
18%
22%
-7%
-14%
-12%
Rewards credit cards
Source: Microsoft internal data, search volume, Jul. 2015 – Jun. 2017, Australia, all devices.
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
CPC CTR
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
Higher CTR results in a lower CPC around these key seasonal periods
H2 2016 H1 2017
0
50
100
150
Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17
Search volume Click volume
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.
6%
17%
5% 4%0%
-12%
15%
1%
0%
-23%
-2%
-12%
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices. Search volume indexed to monthly average.
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Search volume (brand) Search volume (non-brand)
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Click volume (brand) Click volume (non-brand)
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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%
SHARE OF “THE BIG 4” SEARCHES
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
Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices.
9%
22%
35%
31%
3%
18-24 25-34 35-49 50-64 65+
41%
59%
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
+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
Create remarketing lists to serve customised ads for cross-selling or up-selling
products to a specific audience
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
CPC CTR
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
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. Search volume indexed to monthly average.
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%
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
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 November to March
0
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
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 January-February can increase awareness for
your brand
Jan.
Feb.
0
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
Click volume (brand) Click volume (non-brand)
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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%
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
Wallet Wizard, 31% Nimble, 26% Cash Train, 15% ANZ, 11% CBA, 6%
NAB, 6%
Westpac, 5%SHARE OF BRAND SEARCHES
Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices.
15%
26%
32%
24%
2%
18-24 25-34 35-49 50-64 65+
39%
61%
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 25-49
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%
Source: Microsoft internal data, search volume, Jul. 2015 – Jun. 2017, Australia, all devices.
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
Source: Microsoft internal data, search volume, Jul. 2015 – Jun. 2017, Australia, all devices.
Create remarketing lists to serve customised ads for cross-selling or up-selling
products to a specific audience
Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices.
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
CPC CTR
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
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. Search volume indexed to monthly average.
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%
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
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 around the end of financial year (EOFY)
0
25
50
0
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
Search volume (brand) Search volume (non-brand)
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
Click volume (brand) Click volume (non-brand)
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
Source: Microsoft internal data, search volume, Jul. 2016 – Jun. 2017, Australia, all devices.
7%
17%
24%
43%
9%
18-24 25-34 35-49 50-64 65+
44%
56%
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 50-64
Self managed
super fund (SMSF)
+39%Compare super funds
(+best, +compare,
+comparison)
+46%
Superannuation
returns
+17%Superannuation
withdrawals
-40%
Source: Microsoft internal data, search volume, Jul. 2015 – Jun. 2017, Australia, all devices.
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
Source: Microsoft internal data, search volume, Jul. 2015 – Jun. 2017, Australia, all devices.
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%
$0.00
$0.50
$1.00
$1.50
Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
CPC CTR
Source: Microsoft internal data, Jul. 2016 – Jun. 2017, Australia, all devices.
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
Source: Microsoft internal data, Jan. 2015 – Jul. 2017, Australia, all devices.
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
Source: Microsoft internal data, Jan. 2015 – Jul. 2017, Australia, all devices.
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
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