Summary
There has been an upturn in the personal loans market as a result of increased consumer confidence and rock-bottom borrowing rates. Although the overall market has seen growth, the market share of the biggest current account providers has been on a downward trend, shrinking from 56% in 2011 to 44% in 2013.
Synopsis
- What attributes do consumers demand from their personal loan and their lender?
- Why have the biggest lenders in the UK lost market share and why have challenger brands gained ground?
- In what way are lenders innovating to acquire customers?
- What can lenders do to win new business in a price war?
Reasons To Buy
- Understand the changes occurring in the competitive landscape.
- Discover what consumers want from their personal loan and personal loan provider.
- Take inspiration from the case studies of the most innovative providers in the marketplace today.
- Learn what strategies lenders can implement to acquire new customers and reduce churn.
Key Highlights
Challenger brands have reduced the dominance of the Big Five by pricing their loans aggressively and undercutting the large established providers.
The growing usage of price comparison sites has added pressure on lenders to be near the top of the best buy tables, while the growth of peer-to-peer lending and payday lending has brought greater innovation and competition into the market.
Customers are inclined to choose the provider that offers the best product. The product is therefore more important to customers than the provider. Focus on what is important to customers: a low cost loan, quick access to money, and repayment flexibility.
