Great Expectations: The Demanding Market for Credit

19 September 2017

Equiniti Credit Services are transforming the future of credit.

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% 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 for is vital in a market dominated by choice and understanding consumers’ attitudes to finance is the key to success.

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