Abstract
Introduction
Consumer attitudes toward using the online channel for borrowing are
constantly evolving. Ongoing technological advancement as well as demographic
and lifestage complexities are driving these shifts in attitude. Lenders must
understand what consumers want from the online channel in order to maximize
the advantages that it can bring to their business.
Scope of this research
- Using global data from our FSCI survey this report analyzes how consumer
attitudes towards borrowing online are changing.
- The report analyzes the causes of these shifts and identifies strategies
that can be employed by lenders to attract & retain online customers.
- The report discusses the opportunities and threats faced by lenders
wanting to develop their online strategy.
- A number of key trends have been identified that describe the impact of
new technologies upon the market for loans.
Research and analysis highlights
The online channel is becoming increasingly important for borrowing-related
activity, such as searching for suitable deals. Across nearly all markets,
consumers are more likely to take out loans online direct from a provider
rather than use an aggregator site.
Continuing concerns over online security are a worry for consumers, which may
become more of an issue as dependence on this channel rises. Among those who
have never bought financial products online, there is considerable doubt as to
the safety of borrowing online.
Web 2.0 technologies and the emergence of social networking give banks greater
scope to engage with their borrowing customers, and enable them to target
their loan offerings more effectively. Blogs, video content and personalized
recommendations can all help to strengthen relationships and build loyalty.
Key reasons to purchase this research
- Access the results of Datamonitor' s Global FS Consumer Insight survey,
enabling you to understand shifting online attitudes and behaviors.
- Identify why these changes are occurring, and understand the future
implications for online borrowing.
- Identify actionable strategies that can help encourage consumers to engage
with the online channel.
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