Tracking Complex Buying Journeys: Finance

Financial products are rarely impulse buys. Whether it’s a loan, credit card or savings account, the decision is shaped by life events, personal financial pain points, and the external prompts that push people to act. This creates a buying journey that is mostly online, but far from straightforward when it comes to tracking and attribution.

The buying trigger

The process usually starts with a need. For some customers it’s consolidating high-interest debt, for others it might be financing a major purchase or finding a savings product with a stronger return. Triggers tend to fall into three categories: major life changes, existing financial pressures, or external shifts like rising interest rates.

Unlike consumer goods, these aren’t purchases people make lightly. They’re often prompted by a careful weighing of options and a drive to reduce costs or increase financial security.

Customer research

Once the need is established, research starts in earnest. Friends, family and social media influencers may play a role, but comparison sites dominate in this space. They offer an instant view of what’s available and have become a standard part of the process. Customers will also check search engines, visit provider websites, and consult familiar sources of authority like financial advisors or consumer advocates.

Existing banking relationships matter too. Many people will first see what their current provider can offer before looking elsewhere, making retention as important as acquisition.

The customer journey

Although most of the research is online, it doesn’t take place in one sitting. A customer might move between comparison sites, review platforms and bank websites over several weeks before making a decision. When they reach the point of applying, there’s often a fork in the road: go directly to the provider or complete the process through a broker or comparison site.

The application stage itself has its own steps. Customers submit forms online, sometimes moving between devices if they need to upload documents or complete identity checks. Providers may call or email during the process, adding offline elements that can break attribution. Only once documents are verified and approval granted is the customer able to accept the final offer.

Reconciling revenue back to ads

Compared to life sciences, the finance sector has a far stronger link between digital marketing and revenue. Because applications usually involve personal data capture early in the process, it’s possible to reconcile a high proportion of conversions back to the original source, often upwards of 75%.

However, the picture isn’t perfect. Device switching, long research cycles, and the heavy involvement of comparison sites all introduce gaps. More importantly, ad platforms typically track submitted applications, not approved ones. Without closing this loop, campaigns risk being optimised towards volume rather than value.