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Personal Lending in Australia
Datamonitor, Dec 2009, Pages: 86
The consumer credit market in Australia has been challenged by the global economic downturn, with some competitors exiting the market. The major banks have benefited from this development by capturing a higher market share. With competition set to return to the market, institutions must explore new ways to target and reach customers.
Scope
- The report uses consumer survey data as well as interviews with bank executives.
- Covers fixed personal loans, overdrafts and motor finance in Australia with the main focus on traditional fixed personal loans.
- Includes market share data for major personal loan providers and examines the latest competitor developments shaping the market.
- Provides discussion and analysis of several key issues facing Australian consumer credit lenders.
Highlights of this title
The increase in bank market share at the expense of non-banks has occurred despite the competitive offerings of credit unions and building societies. However, many non-banks have cut back on loan approvals because of increased funding costs making new lending unprofitable. This can make direct comparisons between provider offerings misleading.
There are advantages for financial institutions to cross-sell personal loans rather than trying to reach entirely new customers groups. Not only is it cheaper to cross-sell to existing customers, but financial institutions have more data available for these consumers, and they thus pose a lower risk.
Industry insiders indicate having had success with segmenting personal loan customers based on the length of the loan. Personal loan customers that take out a loan for shorter terms have different purposes for their loans, look for different features, and have a distinct profile from borrowers who are looking for longer-term loans.
Key reasons to purchase this title
- Confirm what consumers look for when choosing a personal loan, and understand your target group better.
- Improve your profitability by tailoring your products to consumer needs.
- Receive updated market share data to tell you how your company compares to your closest rivals.
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