Google to shut down Google Compare, its financial comparison service. The service will be closed in both the UK and US.
The company said in an email to its partners on Monday that Google Compare’s U.S. and U.K. services would start winding down this month and terminate on March 23. The email cited that the service didn’t meet its expectations and that the company will now focus on AdWords and future innovations.
On the face of it, the news will have competitor comparison sites jumping for joy, as Google Compare constituted a major threat to their own business models.
When Google introduced the service, there was plenty of concern from existing players in the market that it was a conflict of interest. This was understandable, given the prominence Google affords it in some very high value searches.
The email to Compare partners:
From: Google Compare Team
Subject: An Update on Google Compare
Beginning on February 23, 2016, we will start ramping down the Google Compare product, which is currently live in both the US and UK. We plan to terminate the service as of March 23, 2016. As you know, Google Compare (formerly Google Advisor in the U.S.) has been a specialized, standalone service that enables consumers to get quotes from a number of providers for financial products such as car and travel insurance, credit cards and mortgages.
Despite people turning to Google for financial services information, the Google Compare service itself hasn’t driven the success we hoped for. We greatly appreciate your partnership and understand that this decision will be disappointing to some. But after a lot of careful consideration, we’ve decided that focusing more intently on AdWords and future innovations will enable us to provide fresh, comprehensive answers to Google users, and to provide our financial services partners with the best return on investment.
We’re grateful for all the feedback that you have provided over the course of this product’s development, and we are looking forward to partnering with you to achieve greater success in the future.
We will work with you during this transition and beyond. Please reach out to your Google representative if you have any questions and to discuss the next steps.
The Google Compare Team