CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow 50% of consumers won’t spend more than 20 minutes applying for financial products online
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
50% of consumers won’t spend more than 20 minutes applying for financial products online PDF Print E-mail
Monday, 13 February 2017
Online research from Equifax, the consumer and business insights expert, reveals that 50% of consumers don’t want to spend more than 20 minutes completing the process.  

The survey, conducted by YouGov, also found that after submitting an application for a financial product online, many consumers expect an immediate decision on whether they have been approved for short term loans (34%), credit cards (26%) and bank loans (18%). Even for longer term commitments such as mortgage applications, 37% of people in Britain expect to hear back within a day.

The desire for speedy processes to meet financial needs has seen a growing number of the population manage their finances remotely, with 81% of people actively managing their bank account online or through banking phone apps.

Consumers also want to make the most of technology when it comes to providing financial services companies with the documents needed to support their applications. The survey found that 35% would prefer to submit copies of documents electronically, while 13% said they would prefer companies to have direct access to this additional information, for example through their bank. 31% are happy to take hard copies to a store or branch.

Jake Ranson, Banking & Financial Institutions Director at Equifax UK, said: “As the need for financial service providers to increase the level of checks, questions and information required to ensure online applications are genuine and suitable, consumer patience is being tested. The reluctance for half of the population to spend more than 20 minutes filling in an online form, combined with the growing demand for a prompt response, shows companies need to invest in their application processes to improve the customer experience.

“Companies who fall behind with their online solutions could lose potential customers for good and it’s important that they make the most of new data sharing initiatives such as Open Banking to deliver better services for today’s busy consumers. Equifax is committed to working with its clients, fintech companies and other industry participants to improve consumer access to financial services.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197