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
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.
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.
Reasons to Purchase
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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