An Analysis of Consumer Trends in UK Online Personal Lending

STANDARD DESCRIPTION:

Introduction

This report uses Datamonitor's Financial Services Consumer Megatrend Framework to identify the key consumer trends and attitudes that are targeted by UK lenders in their online materials.

Scope

*An understanding of how the consumer Megatrends framework applies to the online personal lending market

*A framework for analysing how the top UK lenders are covering the overarching consumer trends

*Ideas on how UK lenders can improve their targeting of the ten Megatrends

Highlights

A Megatrend framework is not only a tool for developing strategies to acquire new clients; it can also be used to help retain existing clients. A Megatrend framework, as a tool for retention, has the advantage that companies already hold large amounts of information regarding their existing client base.

Due to the nature of an unsecured personal loan, most applicants will place a lot of importance on a quick and hassle-free application process. As a key issue among consumers in the market, Datamonitor has ranked Convenience as the most important Megatrend for the loans market.

Lenders wishing to target the Convenience Megatrend could develop the repayment holiday incentive further. For example, borrowers who are prompt and regular with their repayments could be offered the reward of having the final month’s interest waived, which is an incentive offered by GE Money in Singapore.

Reasons to Purchase

*Gain an introduction to the Financial Services Consumer Megatrends Framework

*Learn how the Megatrends framework can be applied to online personal lending and can be used to acquire and retain clients

*Understand how practices from other markets can be applied to your personal lending proposition through the Megatrends framework
 

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