Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

Download Now

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

IBS Journal: The iconic monthly FinTech magazine

May 2020 issue out now! Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

A third of UK consumers are shy of applying for digital loans

Sarah Jackson, Sales Director of Equiniti Credit Services

Nearly a third of UK consumers (30%) are not comfortable applying for a loan digitally, a figure that increases to 43% for millennials, despite their digital literacy, new research has revealed.
The latest annual research report from consumer credit technology player Equiniti Credit Services, explores the key trends impacting consumer attitudes to unsecured lending, including open banking, customer centricity and flexibility.
“Despite a challenging economic outlook for lenders, there are big opportunities through differentiation – so understanding what consumers value most is crucial,” said Sarah Jackson, Sales Director of Equiniti Credit Services. “As the lending industry enters a new era of digital customer-centricity, credit providers will need to adapt to the changing market to make the most of new opportunities. The report shows that lenders stand to gain significantly through the provision of value-added services and reveals how they can best leverage smart, automated origination and management processes to differentiate themselves through customer retention and user experience.”
She said the report also explores the broad spectrum of attitudes towards both lenders themselves and credit application and management processes. It additionally evaluates consumer attitudes to their increasingly transactional relationship with data and the impact that the Second Payments Services Directive (PSD2) will have on the consumer credit market – noting that consumer reluctance to share financial data is decreasing. It also considers customer experience (CX) and borrowers’ expectations, highlighting the important of easy-to-use digital origination processes and clear documentation.
The report draws on data collected from a survey of 2001 UK consumers conducted by Research Bods in Q4 2018.

Related IBS Intelligence Research

Related Posts