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Comparing the comparers

08 September 2014 4:01PM
The online financial comparison sector is revealing itself to be a dynamic, if idiosyncratic, niche business.One newer voice, UK powerhouse Comparethemarket.com.au, fails to even compare products in the market for consumers, if its recently refreshed home loan portal is any guide.A staple of the financial comparison website sector in Australia, to date, has been the capacity to access some independently collated and ranked data on financial products.Comparethemarket.com.au erects a barrier to this research, putting the collection of a name and a valid email address at the outset of its offer.The UK firm must contend with nimble locals.Finder.com.au attracts by far the most visitors of any online financial product comparison service in Australia according to website ranking service Alexa. It also boasts an impressive 17 page views per visitor with the average web surfer staying on the site for more than 15 minutes.Finder says Veda Advantage data reports that ten per cent of all applications for new credit card applications in Australia originate from Finder. The company started life as creditcardfinder.com.au in 2006 and now has thirteen product segments.According to industry gossip, Finder.com.au's family of sites is generating up to one million dollars per week in revenue. Finder poached RateCity's high profile, pro-active spokesperson Michelle Hutchison in 2013. British import Comparethemarket.com.au is said to not be doing so strongly, despite plenty of advertising. Unlike other major comparison services, Compare The Market does not yet have an extensive range of product sets and has so far focused mainly on insurance markets.However Comparethemarket.com.au still attracts more visitors than either Infochoice.com.au or Canstar.com.au, according to Alexa.Brisbane based Canstar is the oldest of all the comparison services with well recognised gold star ratings. Canstar and Infochoice (which began life in 1993) both claim to attract two million site visitors per year.Nine Entertainment owns RateCity, drawing data from Canstar. It is the second most visited banking product comparison website in Australia. However, Alexa reports that visitors to RateCity only stay an average of three minutes and visit just three pages on the site.Mozo claims to be the leading banking product comparison service in Australia, largely on the back of its partnership with Fairfax. Many Mozo click-throughs to financial institutions come from a Fairfax site and mozo.com.au attracts the lowest number of site visits of any of the major comparison sites.

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