Equiniti Credit Services, the UK’s leading consumer credit technology and outsourced service provider, today announces publication of its latest annual research report.
A three part harmony: how regulation, data and CX are evolving consumer attitudes to credit explores the key trends impacting consumer attitudes to unsecured lending, including open banking, customer centricity, and flexibility.
The sixth annual report identifies clear differences between age groups, revealing some surprising results. For example, less than a third (30%) of UK consumers are not comfortable applying for a loan digitally, and this figure increases to 43% for millennials, despite their digital literacy.
Sarah Jackson, Sales Director of Equiniti Credit Services, comments: “Despite a challenging economic outlook for lenders, there are big opportunities through differentiation – so understanding what consumers value most is crucial.
The sixth annual report identifies clear differences between age groups, revealing some surprising results.
“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.”
Section one of A three part harmony: how regulation, data and CX are evolving consumer attitudes to credit explores the broad spectrum of attitudes towards both lenders themselves and credit application and management processes. Sections two and three evaluate 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.
Section four draws on data focusing on customer experience (CX) and borrowers’ expectations, highlighting the important of easy-to-use digital origination processes and clear documentation. Section five explores consumer attitudes towards flexible loan products and declines, both of which offer an opportunity to increase revenues, enhance user experience and maintain customer exclusivity.