By Paul Seabrook, director of online research company fast.MAP.

The European financial outlook is stormy, so it is not surprising that new research has discovered people are anxious and cautious about which financial products and brands to buy.

Consumers want to be certain the insurance company they choose is efficient and  fair and the pension fund’s charges are reasonable. 

Which is why, although comparison sites and other promotional vehicles might help them to find the cheapest deal, more people are now seeking the kind of unbiased financial advice which only friends and family can supply. 

Similarly, they are relying more heavily on  personal experience instead of trying something new and, before they buy, seeking re-assurance from the way their short-listed brands present themselves and their products.

The Fourth, six-monthly fast.MAP/ DMA Financial Services Tracking Study was carried out in June among fast.MAP’s panel of 1,067 adults whose demographics echo that of the UK. It reveals that three quarters of those seeking a financial product expect the brand to have a clear and easy-to-use website, six out of ten act on personal recommendation and the status and convenience of a high-street presence is a factor for almost half.

The good news is that branding, reputation and a good previous customer experience are all deal clinchers – and these are things which every company has within its control.

Since the first questionnaire was broadcast in December 2008, “recommendations from friends and relatives” have taken over from comparison websites as the most favoured financial services information source. 

With four exceptions (email marketing, direct marketing , personal recommendations and “use of the websites of trusted brands” - which has increased by four per cent to 34per cent) use of all information sources declined in the last six months, e.g. only a quarter now refer to financial articles when selecting products.

People have prerequisites of brands they are considering adding to their buying shortlist. The most important is a clear and easy-to-use website,  cited by three quarters of buyers. Six out of ten rely on personal recommendation, but less than half expect a high street presence. Regular TV or press ads continue to be viewed as the least important prerequisite.

Unfortunately, the financial services industry is perceived as less trustworthy than all other sectors. Only five per cent think it’s “totally trustworthy”, while 21per cent “totally distrust” it – a one per cent improvement on December 2009.

Nine per cent feel media (the traditional whipping boy) is “totally trustworthy”, while charities remain most trusted.

The overall message is that the fretful customer is looking for substance, not glitz.  DMI readers can obtain more detailed data from Paul Seabrook at  paul.seabrook@fastmap.com, 0207 242 0702.