Which New Zealand Home Loan providers are maximising their market share online?
Find out which home loan providers are taking the lead in organic search and how they’re doing it.
FIRST has investigated the organic search engine rankings for NZ consumer searches focused on home loans, utilising FIRST’s Ranking Based Reach (RBR) analysis framework. In addition, a consumer survey was carried out to discover what is most important for Kiwis wishing to apply for a home loan.
Analysed home loans online websites include:
In this Home Loans Industry Report we discovered:
- The RBR leader, Westpac, is ahead of its competitors with a score of 48%. ANZ and Kiwibank are catching up while ASB , BNZ and TSB are lagging behind. The majority of non-bank lenders have a very low RBR score of less than 3%.
- There is still a lot of room for growth for both bank and non-bank lenders as all of them have an RBR score of less than 50%. Without improving their RBR reach presence, they are missing opportunities for potential home loan sales.
- Given relatively low RBR scores, search results are broadly dispersed among a wide range of competitors. In this competitive industry, retailers are missing out optimising on the most cost effective marketing channel – search.
- There was a significant uplift for the search term ‘loan repayment calculator’ among New Zealand customers over the last 12 months. Companies not ranking for this term in the Google search engine are limiting their possibilities for visitors from search.
- Popular search phrases are missing from most sites and in most cases very little is being done with organic search.
- To remain competitive in the home loan market, banks and non-banks must focus on providing quality and positive online customer experience.
- A considered digital strategy that integrates both organic and paid search should be a key customer acquisition and revenue driver for home loan providers.
FIRST uses its bespoke metric called RBR (Ranking Based Reach) to estimate how well each company is ranking in search engines. RBR provides a simple way to compare a website’s search engine rankings with its competitors. RBR is an estimate of the percentage of available search traffic a website will receive for a set of phrases – this gives the sites share of search or reach. It is weighted based on the popularity of each search phrase and the relative click through rate (CTR) of each ranking position.