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Insight from the 2011 UK Retail Banking Survey - Unsecured Loans
Datamonitor, June 2011, Pages: 50
Introduction
UK consumers are more disengaged than ever from established financial services providers and new entrants are breaking into the market. These factors will combine with the ongoing pressures on household finances and growing consumer sophistication to change consumer attitudes and behavior towards financial products and providers.
Features and benefits
- Presents key findings on the unsecured loans market from the 2011 UK Retail Banking Survey.
- Provides an overview of the UK unsecured loans market.
- Covers market share, loan size and extent of multiple loan holding, channel preferences for research and arrangement, and recent repayment history.
Highlights
Average loan sizes are falling. Loans taken out more than four years ago exceeded £9,000 in value, while those arranged in the last 12 months were worth around £5,600 on average.
Within the last year, the proportion of newly-arranged loans taken out via providers’ websites has exceeded the proportion arranged in-branch (36% and 29% respectively).
Overall, more than eight in 10 borrowers are up-to-date with all their repayments. However, this falls to seven in 10 among those with more than one outstanding loan, and a similar proportion of those with loans worth less than £2,500.
Your key questions answered
- How have consumers’ appetite for borrowing changed in recent years?
- What channels do consumers most prefer to research and purchase loans?
- What kind of customer profiles pose the greatest risk in terms of missed payments and arrears?
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