Great Expectations: The Demanding Market for Credit
This week at The Future of Lending conference in London, Richard Carter, Managing Director of Equiniti Credit Services, unveiled a report outlining the future of consumer lending.
In this report, Equiniti Credit Services reveal the changing relationship between UK consumers and their financial providers.
In a market that is no longer dominated by the mainstream banks and with alternative lenders eating into their market share, we see a new era of finance and lending. Choice, speed and flexibility form part of today’s consumers’ expectations. With the majority of customers, never requiring direct contact with their financial provider, a digital first approach is now key in order to survive in a consumer lead environment.
- Employment is on the up, and so too is consumer credit seeing a 10.3% rise in the past year but low interest rates remains the key attraction for borrowers.
- As 1 in 10 now have a personal loan, UK consumers are still not willing to let the market uncertainty of Brexit, dwindle their desire to live more aspirational lives.
- Credit is now used more freely to purchase holidays and home improvements, resulting a more socially acceptable attitude to debt.
The right kind of financial product is vital in a market dominated by choice and understanding consumers’ attitudes to finance is the key to success.