42% of online users applied for loans online, 83% applied for credit cards online

Yahoo! and Compete studied the behavior of 76,000 financial services searchers from September 2004 to February 2005.

Yahoo! and Compete studied the behavior of 76,000 financial services searchers from September 2004 to February 2005. 28% of the financial services searchers went on to open deposit accounts within four weeks, while 26% applied for a credit card within four weeks, and 8% applied for a loan within six weeks. 56% of the consumers who opened checking accounts after conducting a search did so at a branch office, while 38% of those who opened savings accounts did so in person. 42% applied for loans online. An additional 36% went to a branch office to apply, while 22% did so by telephone. When it came to applying for credit cards, 83% did so online. Only 5% went in person to a branch office, while 12% completed the deal on the telephone.

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