Money Expert

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MoneyExpert.com is a financial services price comparison website, comparing products such as credit cards, mortgages, insurance and loans. It was formed in May 2003 after a management buyout of Blays, the longest established provider of comparison data to the financial services industry. The organisation provides an up-to-the minute financial comparison service allowing customers to select from all suitable products from all relevant providers. It is partnered with the financial research company Defaqto whose customers include many banks and insurance companies as well as the Financial Services Authority. MoneyExpert.com was rated one of the top 50 businesses to watch for in 2005 by Real Business magazine [1]. MoneyExpert scored the highest in the industry in the Customer Experience Benchmark of Financial Comparison Websites in May 2007[2].

Contents

History

MoneyExpert Limited ("MoneyExpert") was developed from the acquisition of Blays Guides Limited in May 2003. Blays Guides Limited was an aggregator and provider of financial product information for benchmarking purposes, to the financial services industry.

Following a review of the prospects for Blays Guide, management determined that the current business to business model was neither sufficiently profitable nor scalable to develop meaningful value and the decision was taken to re orientate the business model to become consumer facing through the provision of an in depth money aggregation web site called ‘MoneyExpert’.

Continuous Business and Product Development

MoneyExpert’s management recognised that its late entry into the Money Aggregation market (major competitors like Money Supermarket entered the market 4 years earlier than MoneyExpert) required a differentiated approach to the market and a significant investment in commercial and product development to establish a leading position.

Unlike other financial comparison sites, MoneyExpert provides consumers with the ability to select products based on a range of parameters including the customers individual risk profile, quality of customer service and product features as well as price. MoneyExpert uses Experian to provide the risk profiles, and commissions Mori to poll consumers to rate organizations for customer service, the results of which are used to enable consumers to make the most effective choices.

The full range of financial service products are supported including loans, mortgages, current accounts, credit cards, investments, and insurance as well as utilities including gas and electricity.

Business Model

MoneyExpert makes its money from introductory commissions paid by Financial Services businesses for new business which has been referred to them by the MoneyExpert web site or directly by the MoneyExpert 'offline' process..

Although there are a significant number of websites providing details of personal financial products, MoneyExpert is one of a limited number of 'Money Aggregators'

In contrast with 'Affiliate' sites which provide a limited 'directory' service for consumers and refer traffic to Money Aggregators, Money Aggregators have direct commercial relationships with Financial Service Providers and have comprehensive and up to date information across the range of personal financial products and services.

The MoneyExpert web site allows consumers to compare various financial products across a range of pertinent factors, including price, service and product features together with the consumer’s individual credit risk and then apply directly to their chosen financial provider online.

The Company also operates another stand alone benchmarking price comparison site, 'QuickCompare'. This site does not have the sophisticated functionality of the MoneyExpert site but is a useful tool for benchmarking purposes.

More recently, Moneyexpert acquired Simply Switch[3] following a £25m private equity investment.[4].

References

  1. Real Business Online : 50 to watch 2005. ([1])
  2. Guardian Online, how good are price comparison sites. ([2])
  3. Price sites war hotting up as Moneyexpert buys remnants of SimplySwitch with help from TCV ([3])
  4. Moneyexpert declares Warr on rivals ([4])

External links

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