Pinch + Purpose
‘Big-squeeze’ finance vs purposeful aspiration. EQ's 2022 Consumer Borrowing Report
Download the ninth edition of EQ Credit Services' annual research, exploring consumer attitudes to unsecured credit. - April 2022
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By Paul Lynam
Group Chief Executive Officer, Equiniti
Welcome to the ninth edition of EQ Credit Services' annual research report investigating consumer attitudes to unsecured credit. This report draws on data collected from a survey of over 2000 UK consumers conducted in Q4 2021. It identifies attitudinal trends and analyses the evolution of data to determine critical takeaways for lenders.
The report focuses on the continuing impact of the Covid-19 pandemic on consumer borrowing habits – particularly on the increased polarisation of attitudes toward lending practices and the need for lenders to pay attention to the widening gap between the ‘haves’ and ‘have nots’ when creating offerings.
The report reveals that some trends identified last year continue: namely, that borrowers seek stability and will select reputable lenders during turbulent times. It also reveals new insights, including that lenders must address a growing multiplicity of borrower needs if they want to remain viable and achieve a truly sustainable future.
To this end, the findings suggest that the way forward through the current uncertainty will require lenders to gain an intuitive understanding of each individual customer’s needs and goals. Recognizing the multiple factors shaping customer attitudes together with understanding their objectives and making decisions with these in mind, will be key to unlocking great opportunity.
In the age of polarised customer financial circumstance, the purpose of lenders is to provide customized, relevant, and sustainable offerings.
How can lenders achieve this? By using deep insights and intuitive, robust technology to create relevant and thoughtful offerings. These offerings must provide the best customer experience, prevent customers from becoming boxed in, and create opportunities for the potential of future returns.
Download our report to discover unique insights on the current lending landscape and consumer trends identified through EQ Credit Service’s latest consumer borrowing survey.