Abstract
Overview
Introduction
This report uses Datamonitor' s Financial Services Consumer Megatrend Framework
to identify the key consumer trends and attitudes that are targeted by UK
lenders in their online materials.
Scope
- An understanding of how the consumer Megatrends framework applies to the
online personal lending market
- A framework for analysing how the top UK lenders are covering the
overarching consumer trends
- Ideas on how UK lenders can improve their targeting of the ten Megatrends
Report Highlights
A Megatrend framework is not only a tool for developing strategies to acquire
new clients; it can also be used to help retain existing clients. A Megatrend
framework, as a tool for retention, has the advantage that companies already
hold large amounts of information regarding their existing client base.
Due to the nature of an unsecured personal loan, most applicants will place a
lot of importance on a quick and hassle-free application process. As a key
issue among consumers in the market, Datamonitor has ranked Convenience as the
most important Megatrend for the loans market.
Lenders wishing to target the Convenience Megatrend could develop the
repayment holiday incentive further. For example, borrowers who are prompt and
regular with their repayments could be offered the reward of having the final
month' s interest waived, which is an incentive offered by GE Money in
Singapore.
Reasons to Purchase
- Gain an introduction to the Financial Services Consumer Megatrends
Framework
- Learn how the Megatrends framework can be applied to online personal
lending and can be used to acquire and retain clients
- Understand how practices from other markets can be applied to your
personal lending proposition through the Megatrends framework
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