Speculation over Google’s purchase of BeatThatQuote has now been settled, with the search giant using it as the basis of its newly launched Financial comparison service, Google Advisor.
Google Advisor is where consumers can now see side-by-side comparisons for financial products like mortgages, credit cards, checking and savings accounts, and certificates of deposit. For financial vendors, Google Advisor provides a great opportunity to gather consumer information and leads.
Users can search and filter by parameters like credit rating, location, fees, initial deposit requirement, etc. to find the appropriate product. Results aggregate advertiser-provided information via a feed from a pricing engine like Mortech, Optimal Blue, OpenClose, and PriceMyLoan. That information, for advertisers, is augmented by offers they manage via AdWords.
Marketers pay on a per-lead basis, whether it be a call, a callback request, or an e-mail contact request. Ranking is based on bid price, as well as quality score. Currently, Google is only offering Comparison Ads to “a limited number of advertisers,” but says it hopes to open them up to more.
With Google Advisor users can make quick financial decisions owing to features like
- Speed: The results will update instantly as users change their search criteria with a full list of all options in one place, for quick comparison on different offers.
- Trust: Users can filter their search results based on their requirements so that they see and compare only those offers and rates that are of interest to them without having to contact a provider directly.
- Control: To get effective results users need to provide a minimum amount of information so that Google Advisor can churn out the correct offers and deals. And users have full control over what they want to share, and which providers they choose to contact. For security reasons Google also has the provision where users do not have to submit any personal information until they’ve decided to deal with a particular provider.
Google’s aggressive marketing of Advisor over its search engine (by placing an ad linking to the tool for potential users who are searching for financial products) indicates that the search giant is ready to compete with the establ players like Zillow, LendingTree, Mint.com and LowerMyBills.com