Table of Contents
DATAMONITOR VIEW
ANALYSIS
- Understanding the Megatrends framework is vital for any mortgage provider
- A Megatrend framework is vital for lenders during the current climate
- Greater customer understanding can help to overcome the obstacles
encountered when targeting and communicating with customers
- Consumers are no longer focusing solely on price when taking out a mortgage
- Datamonitor has identified 10 Megatrends in consumer behavior that are
shaping and driving attitudes
- There are four consumer Megatrends that have become apparent throughout
the downturn
- Consumers are increasingly seeking out advice as they no longer feel
confident in making their own financial decisions
- Consumers tend to follow the masses when selecting financial services
providers
- But borrowers also want mortgage products that can suit their individual
circumstances
- Gearing lending towards FTBs will establish significant kudos from many
new homebuyers
- Customers need mortgage lenders to be authentic and honest throughout the
recession
- Mortgage promotions need to be realistic
- Most mortgage lenders fail to fully appeal to this trend
- Mortgage lenders need to be more innovative in their product offering to
appeal to these consumer trends
- Offset mortgages represent an original solution for homebuyers
- Lloyds TSB' s 2012 mortgage product may appeal to ethical borrowers
- Green mortgages also attract borrowers with ethical considerations
- Examples from abroad have highlighted how UK lenders can improve their
messages
APPENDIX
- Data Tables
- Definitions
- Flexible mortgage
- Offset mortgage
- Variable rate mortgage
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Average UK house prices, 2000 - 12f
FIGURES
- Figure: A financial services company can pitch its level of customer
understanding at various stages depending on the company' s sophistication
- Figure: The steep fall in house prices is worrying existing homeowners,
2000 - 12f
- Figure: Consumers are most likely to consider major mortgage players such
as HBOS and Abbey when taking out a new mortgage, 2008
- Figure: The average LTV across all products has fallen from 85.2% to
78.5%, 2007 - 08
- Figure: Lloyds TSB' s 2012 mortgage appeals to a borrower who supports the
Great Britain Olympic team, 2009
|
Related Report
|
View Cart
