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What can lenders learn from the motor finance sector?
Despite a dip in consumer confidence and the introduction of new FCA regulations, the motor finance industry has continued to show strong growth, outperforming other sectors. Graham Donald, managing director, Equiniti Pancredit, explores how lenders in other industries might learn from the sector’s delivery of a seamless customer experience.
In April, the Bank of England reported that growth in unsecured borrowing, including personal loans, had returned to rates not seen since the financial crisis. With market confidence renewed, lenders are now looking for best practices that can help them make the most of the rising market. Enhancing the customer experience is a good starting point; removing ‘points of friction’ can significantly reduce application drop outs. It’s also something that the motor finance industry is really starting to nail.