This document provides a summary of key consumer credit insights from a survey of over 2,500 UK consumers in the first half of 2016. Some of the main findings include:
- Overall consumer satisfaction with consumer credit providers was high, with 87% of consumers rating their provider positively. However, 9% felt they had been lent too much debt.
- Credit reports and credit brokers received the highest marks for treating customers fairly and providing value for money, while short-term credit providers saw the most variability in customer advocacy scores.
- Mobile apps and easy application processes are important to consumers in choosing providers, and understanding product details is an area that could be improved, particularly for credit reports.
Eyes wide shut: Global insights and actions for banks in the digital ageIgnasi Martín Morales
We know what banks want to achieve.
We know how they can achieve it. What we
want to explore further is how close banks
are to achieving their digital goals, both
now and over the next few years. So we
asked 157 senior IT executives, CIOs, CTOs
and other heads of technology spanning
14 primary markets for their thoughts on
digital banking’s potential for today – and
tomorrow. This paper presents the findings
of our study and examines the implications
of our findings for banking technology
executives.
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Our 2012 World Retail Banking Report offers a mechanism for better understanding customers,
as well as a prescription for navigating the current terrain. Our Customer Experience Index
proved to be an effective indicator of customer loyalty, which is an essential element of retaining and
attracting customers.
Understanding financial consumersretail banking, digital banking, omni-channe...CGI
More than 70% of consumers would consider switching banks for better reward services and 81% of consumers cite it as their top want. How can banks meet this demand? Read CGI’s recommendations in our bank consumer survey report http://bit.ly/1nvlQ6N
Eyes wide shut: Global insights and actions for banks in the digital ageIgnasi Martín Morales
We know what banks want to achieve.
We know how they can achieve it. What we
want to explore further is how close banks
are to achieving their digital goals, both
now and over the next few years. So we
asked 157 senior IT executives, CIOs, CTOs
and other heads of technology spanning
14 primary markets for their thoughts on
digital banking’s potential for today – and
tomorrow. This paper presents the findings
of our study and examines the implications
of our findings for banking technology
executives.
All product and company names mentioned herein are for identification and educational purposes only and are the property of, and may be trademarks of, their respective owners.
Our 2012 World Retail Banking Report offers a mechanism for better understanding customers,
as well as a prescription for navigating the current terrain. Our Customer Experience Index
proved to be an effective indicator of customer loyalty, which is an essential element of retaining and
attracting customers.
Understanding financial consumersretail banking, digital banking, omni-channe...CGI
More than 70% of consumers would consider switching banks for better reward services and 81% of consumers cite it as their top want. How can banks meet this demand? Read CGI’s recommendations in our bank consumer survey report http://bit.ly/1nvlQ6N
World Retail Banking Report 2015 from Capgemini and EfmaCapgemini
The 12th annual World Retail Banking Report by Capgemini and Efma finds the bank-customer relationship is weakening. Stagnating global customer experience levels combined with an alarming increase in customers willing to leave their banks has increased the chance of customers using non-bank competitors such as brand-name retailers, FinTech firms, crowd-funding websites, peer-to-peer lenders, Internet/mobile service providers, and Apple NFC-based payment systems. The report findings underscore the need for retail banks to make investments to improve customer experience, especially in middle and back offices which have historically been ignored and are essential to providing engaging digital services through faster processing times and reduction in errors.
Investments in Customer Centricity Are Seeing Dividends for Financial Service...1to1 Media
A look at how Retail Banks and Insurance Companies are evolving their product-focused missions into customer-centric strategies for financial gains. www.1to1media.com
Top-10 Technology Trends in Retail Banking: 2018Capgemini
The proliferation of technology and entry of new players such as FinTechs continues to disrupt the retail banking industry. Augmenting customer experience has been the need of the hour as customers increasingly adopt digital products and services. In pursuit of more nimble processes and innovative approaches, traditional retail banks are enthusiastically investing in digital transformation and FinTech collaboration. With banks under pressure to boost revenues and reduce costs, while delivering better customer experience, they have been investing in emerging technologies such as blockchain, Artificial Intelligence, and Digital IDs. Moreover, banks are automating their processes and increasingly migrating their infrastructure and applications to the cloud to create a seamless customer journey. Many regulations and open-banking initiatives are emerging across the globe aimed at fostering innovation. To stay competitive, banks must remain cognizant of numerous implications from within and from outside the financial services industry. This report explores and analyzes the most high-impact tech trends expected to drive future retail banking ecosystem dynamics.
Real-Time Customer Interactions via SMS (Juntos and Mynt)CGAP
Myntpartnered with Juntos to impact customers’ financial behavior. Phase I was focused on driving GCash transactions and the purpose of Phase II was to engage customers on topics of credit and the Instaloan product.
Despite a sluggish economic recovery, Americans continue to shell out ever-growing amounts during high-spending times of the year. Take, for example, the record $4.7 billion consumers spent on movie tickets during the summer of 2013 and their total holiday purchases, which have been climbing steadily since 2010 after a two-year drop. During the run-up to these free-spending periods, companies put in many long hours devising sales strategies to maximize consumer engagement and ROI. Consumers plan ahead, too, relying on friends, family, social media and mobile devices to research products, land the best deals and discover the ultimate customer experience.
During these times, loyalty programs take center stage – not just in the retail sector but also in financial services. And some exciting recent developments have helped financial services loyalty programs turn the image of the faceless, unresponsive bank into one that is driving genuine customer engagement year-round, including:
• The evolving importance of Big Data and its accumulation and analysis beyond traditional loyalty metrics. Financial services, like other verticals, are learning to cater holistically to customers. What can a brand learn about program members outside of how they shop, what they buy and how they interact with their financial institution? How does their lifestyle impact their loyalty experience?
• The growing need for FIs to get moving on mobile while attracting, engaging and retaining Millennials – a generation poised for significant spending power, but whose loyalty remains up for grabs. Banks need to be where their customers are and increasingly that means offering them an on-the-go experience that is seamless, intuitive and fun.
• The fundamental rethinking of how a customer’s predicted long-term economic value – commonly known as customer lifetime value (CLV) – is determined. FIs must embrace CLV as the total amount customers could spend over time if properly engaged, with transactional barriers removed.
These trends – and additional insights – are at the heart of the Kobie Quarterly Review: Financial Services edition. Its goal is simple: to educate readers about the evolving loyalty landscape in specific industries and where it’s heading. Our Quarterly Review also offers suggestions and analyses on how brands can improve their loyalty efforts, discussions on mobile technology and today’s two-way brand-consumer dialogue.
We hope the Kobie Quarterly Review: Financial Services edition broadens your appreciation for what loyalty programs are all about - a way for brands and customers to truly develop genuine relationships – relationships that can grow as robust as the most revered financial institutions.
Tell us what you think and keep the conversation going.
Michael Hemsey, President
Kobie Marketing
Building customer loyalty in retail bankingSeymourSloan
Building loyalty within your customer base is essential as a platform for growth and in the face of the challenges from disruptors banks have no choice.
This slide deck examines new product releases from credit card carriers in our Credit Card Monitor coverage group.
Inside, we provide a rundown of the new credit cards introduced on the firms’ websites during the first six months of 2015, and highlight their key features.
World Retail Banking Report 2015 from Capgemini and EfmaCapgemini
The 12th annual World Retail Banking Report by Capgemini and Efma finds the bank-customer relationship is weakening. Stagnating global customer experience levels combined with an alarming increase in customers willing to leave their banks has increased the chance of customers using non-bank competitors such as brand-name retailers, FinTech firms, crowd-funding websites, peer-to-peer lenders, Internet/mobile service providers, and Apple NFC-based payment systems. The report findings underscore the need for retail banks to make investments to improve customer experience, especially in middle and back offices which have historically been ignored and are essential to providing engaging digital services through faster processing times and reduction in errors.
Investments in Customer Centricity Are Seeing Dividends for Financial Service...1to1 Media
A look at how Retail Banks and Insurance Companies are evolving their product-focused missions into customer-centric strategies for financial gains. www.1to1media.com
Top-10 Technology Trends in Retail Banking: 2018Capgemini
The proliferation of technology and entry of new players such as FinTechs continues to disrupt the retail banking industry. Augmenting customer experience has been the need of the hour as customers increasingly adopt digital products and services. In pursuit of more nimble processes and innovative approaches, traditional retail banks are enthusiastically investing in digital transformation and FinTech collaboration. With banks under pressure to boost revenues and reduce costs, while delivering better customer experience, they have been investing in emerging technologies such as blockchain, Artificial Intelligence, and Digital IDs. Moreover, banks are automating their processes and increasingly migrating their infrastructure and applications to the cloud to create a seamless customer journey. Many regulations and open-banking initiatives are emerging across the globe aimed at fostering innovation. To stay competitive, banks must remain cognizant of numerous implications from within and from outside the financial services industry. This report explores and analyzes the most high-impact tech trends expected to drive future retail banking ecosystem dynamics.
Real-Time Customer Interactions via SMS (Juntos and Mynt)CGAP
Myntpartnered with Juntos to impact customers’ financial behavior. Phase I was focused on driving GCash transactions and the purpose of Phase II was to engage customers on topics of credit and the Instaloan product.
Despite a sluggish economic recovery, Americans continue to shell out ever-growing amounts during high-spending times of the year. Take, for example, the record $4.7 billion consumers spent on movie tickets during the summer of 2013 and their total holiday purchases, which have been climbing steadily since 2010 after a two-year drop. During the run-up to these free-spending periods, companies put in many long hours devising sales strategies to maximize consumer engagement and ROI. Consumers plan ahead, too, relying on friends, family, social media and mobile devices to research products, land the best deals and discover the ultimate customer experience.
During these times, loyalty programs take center stage – not just in the retail sector but also in financial services. And some exciting recent developments have helped financial services loyalty programs turn the image of the faceless, unresponsive bank into one that is driving genuine customer engagement year-round, including:
• The evolving importance of Big Data and its accumulation and analysis beyond traditional loyalty metrics. Financial services, like other verticals, are learning to cater holistically to customers. What can a brand learn about program members outside of how they shop, what they buy and how they interact with their financial institution? How does their lifestyle impact their loyalty experience?
• The growing need for FIs to get moving on mobile while attracting, engaging and retaining Millennials – a generation poised for significant spending power, but whose loyalty remains up for grabs. Banks need to be where their customers are and increasingly that means offering them an on-the-go experience that is seamless, intuitive and fun.
• The fundamental rethinking of how a customer’s predicted long-term economic value – commonly known as customer lifetime value (CLV) – is determined. FIs must embrace CLV as the total amount customers could spend over time if properly engaged, with transactional barriers removed.
These trends – and additional insights – are at the heart of the Kobie Quarterly Review: Financial Services edition. Its goal is simple: to educate readers about the evolving loyalty landscape in specific industries and where it’s heading. Our Quarterly Review also offers suggestions and analyses on how brands can improve their loyalty efforts, discussions on mobile technology and today’s two-way brand-consumer dialogue.
We hope the Kobie Quarterly Review: Financial Services edition broadens your appreciation for what loyalty programs are all about - a way for brands and customers to truly develop genuine relationships – relationships that can grow as robust as the most revered financial institutions.
Tell us what you think and keep the conversation going.
Michael Hemsey, President
Kobie Marketing
Building customer loyalty in retail bankingSeymourSloan
Building loyalty within your customer base is essential as a platform for growth and in the face of the challenges from disruptors banks have no choice.
This slide deck examines new product releases from credit card carriers in our Credit Card Monitor coverage group.
Inside, we provide a rundown of the new credit cards introduced on the firms’ websites during the first six months of 2015, and highlight their key features.
World Retail Banking Report 2014 from Capgemini and EfmaCapgemini
The bank of the future is shaping up to be a balanced network of distribution channels serving the diverse and changing needs of global retail banking customers. The Capgemini and Efma 2014 World Retail Banking Report, based on the proprietary Voice of the Customer survey and Customer Experience Index measurement system, reveals detailed analysis into the behaviors and preferences of retail banking customers, assesses retail banks’ performance in meeting customer expectations and provides an in-depth look at how banks are incorporating social media into their retail delivery strategies.
After a tumultuous period for global retail banking, consumers are demanding more than ever before from their banks, and have never been more willing to switch to rivals if the service they receive fails to meet their expectations. Our comprehensive data and in-depth insight into consumer needs, attitudes and behaviors will help you target your investment budgets more profitably, prepare you for the future, and provide inspiration for innovative product development.
Etude PwC : "Digital Banking Survey" (2014)PwC France
http://pwc.to/1jQNy0n
Le secteur bancaire ne doit cesser d'innover pour continuer de satisfaire les besoins de leurs clients au temps de la digitalisation. Retrouvez toutes les conclusions PwC sur ce sujet.
Our global data enables markets to be precisely sized and opportunities to be accurately gauged. We help our clients understand the consumer’s perspective, which we believe is critical to developing a successful product strategy in payments. Our team of consumer payments experts produces insight that provides answers to the questions you don’t know to ask yet.
Patient Loyalty: What it Takes to Earn Their Loyalty Sallie Burnett
Patient Loyalty Is Up for Grabs
Recent research showed consumers are just as likely to switch healthcare providers as hotels if they don’t get responsiveness and convenience. In fact, 61% would switch providers to get an appointment quickly. 52% would switch to get an appointment at a convenient location.
Those healthcare providers that develop strategies, capabilities and analytics to enable the key elements of a superior patient experience—speed to access, convenience, information transparency and personalized service— will be best positioned to outperform their peers.
This presentation gives you insight into the current healthcare marketplace and seven best practices for building patient loyalty.
Customer Analytics in Banking: Understand Your CustomersKavika Roy
Customer analytics is the process of understanding customers to streamline banking products and services. It is also an integral part of banks’ strategies to achieve their goals and increase revenue.
Read on to understand the role and effectiveness of customer data analytics in the banking industry.
This slide deck examines new product releases from credit card carriers in our Credit Card Monitor coverage group. Inside, we provide an overview of the new credit cards introduced on the firms’ websites over the course of 2015 and highlight their key features.
Ryan Murphy and I share an introductory analysis of the CLV of a national credit union. It includes an exploratory analysis of the data set of over 60,000 accounts and how demographic and other factors play into the profitability of our calculated customer clusters.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
3. Contents
3
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
1
IntroducAon
4
2
The
State
of
Play:
5
Key
Stats
5
3
Customer
Advocacy
6
4
Customer
Profiles
8
5
Channel
Preferences
9
6
Customer
Experiences
10
7
Company
Preferences
12
8
Summary
13
9
Your
Business
Insight
14
Our
consumer
credit
insight
is
essenEal
reading
for
every
consumer
credit
business,
industry
body
and
regulator
in
2016
Launched
in
October
2014,
Smart
Money
People
is
the
UK’s
leading
customer
review
and
insight
community
focused
on
financial
services
This
dashboard
provides
fresh
and
compelling
insight
into
the
consumer
credit
market
in
H1
2016,
based
on
2,511
UK
consumer
experiences
10
About
Smart
Money
People
15
We
are
the
place
for
customers
to
review
their
financial
services
providers
and
for
firms
to
obtain
performance
and
regulatory
insight
4. This
dashboard,
Consumer
Credit:
The
State
of
Play,
delivers
an
overview
of
the
state
of
the
consumer
credit
industry
in
H1
2016.
This
dashboard
will
help
to
answer
a
number
of
key
quesAons,
including:
• How
do
consumer
credit
customers
feel
about
their
providers?
Are
UK
consumers
being
ripped-‐off?
• Which
providers
generate
the
strongest
passion
from
their
customers
and
why?
• How
do
consumers
choose
the
consumer
credit
providers
they
do
business
with?
• How
important
are
mobile
apps?
With
a
broad
spectrum
of
providers
engaged
in
consumer
credit,
this
dashboard
focuses
on
providers
of
Short
Term
Credit
(e.g.
Wonga,
Mr
Lender),
Personal
Loans
(e.g.
Barclays,
Ikano
Bank),
Credit
Cards
(e.g.
Halifax,
Tesco
Bank),
P2P
Loans
(e.g.
Zopa,
RateSeAer),
Credit
Brokers
(e.g.
MoneySupermarket,
Cash
Lady)
as
well
as
Credit
Reports
(e.g.
Experian,
ClearScore).
The
data
presented
is
from
the
Smart
Money
People
dataset
of
customer
experiences
collected
in
H1
2016.
Smart
Money
People
has
provided
hybrid
insight
to
the
financial
services
industry
since
2014.
1. Introduction
4
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
Upgrade
your
summary
dashboard
today.
A
tailored
dashboard
from
Smart
Money
People
will
provide
you
with
acEonable
insight
about
your
customers,
compeEtors
and
the
wider
market.
Our
insight
comes
from
our
proprietary
panel,
and
is
designed
to
deliver
a
compeEEve
edge.
Access
your
customer
insight
today,
see
page
14.
5. 2. The State of Play: 5 Key Stats
Overall
RaEng
Value
for
Money
Overall
weighted
average
across
all
business
types
What
percentage
of
consumers
felt
fairly
treated?
Lent
too
much
Do
consumers
feel
that
they
have
been
offered
an
unmanageable
amount
of
debt?
How
consumers
rated
the
value
for
money
offered
by
consumer
credit
products
Fairly
Treated
Understood
Product
Details
What
percentage
of
consumers
felt
that
they
understood
the
product
details?
Do
UK
consumers
feel
like
they’re
being
ripped-‐off?
Key:
Business
Type
Credit
Check
Provider
Short
Term
Credit
Provider
Personal
Loan
Provider
Credit
Card
Provider
P2P
Loan
Provider
Credit
Broker
Credit
Report
Provider
87%
80%
88%
91%
9%
Short
Term
Credit
Credit
Reports
L:
H:
Personal
Loans
Credit
Reports
L:
H:
Credit
Reports
Credit
Brokers
L:
H:
Note:
A
weighted
average
has
been
calculated
to
ensure
equal
representaAon
across
all
the
business
types
listed
Despite
leading
the
way
in
the
fields
of
value
for
money
and
treated
fairly,
24%
told
us
that
they
did
not
understand
how
a
credit
report
worked
5
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
How
does
the
consumer
percepAon
of
value
for
money
compare
with
other
retail
financial
products
in
H1
2016?
Mortgages:
82%
Current
Accounts:
84%
Motor
Insurance:
63%
6. 3. Customer Advocacy: Net Promoter Score (NPS)
0
+100
-‐100
Note:
Each
circle
represents
a
UK
focused
consumer
credit
business.
This
dashboard
includes
data
on
86
providers,
with
the
41
most
reviewed
highlighted
above
Which
parts
of
the
market
are
delivering
for
customers,
and
which
aren’t
doing
the
job
Although
demonstraAng
significant
variance,
with
NPSs
ranging
from
0
to
+92,
no
credit
card
providers
recorded
a
negaAve
NPS
Credit
Check
Provider
Short
Term
Credit
Provider
Personal
Loan
Provider
Credit
Card
Provider
P2P
Loan
Provider
Credit
Broker
Credit
Report
Provider
Key:
Business
Type
Short
term
credit
providers
delivered
the
highest
NPS
variance.
Customers
rave
about
great
service
and
quick
access
to
cash,
but
rant
about
firms
that
are
perceived
as
inflexible
and
fail
to
deliver
a
human/caring
service
6
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
7. 3. Customer Advocacy: Passion Index
1
Brand
Which
brands
and
business
types
deliver
the
strongest
emoEonal
response?
Ikano
Bank’s
posiAon
in
our
Passion
Index
can
be
adributed
to
an
influx
of
customer
demand
following
the
launch
of
their
3.2%
representaAve
APR
personal
loan.
A
slow
applicaAon
process
and
lack
of
communicaAon
saw
Ikano
Bank
make
our
must
do
beder
group
Credit
card
providers
that
delivered
clear
customer
perks
and
built
on
exisEng
brand
loyalty
topped
our
Passion
Index.
Despite
many
short
term
credit
providers
having
strong
posiAve
NPS
scores
overall,
only
short
term
credit
providers
that
provoked
a
negaAve
emoAon
had
customers
moAvated
enough
to
appear
in
our
Passion
index
2
3
4
5
Credit
Check
Provider
Short
Term
Credit
Provider
Personal
Loan
Provider
Credit
Card
Provider
P2P
Loan
Provider
Credit
Broker
Credit
Report
Provider
Key:
Business
Type
Product
Type
7
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
6
7
8
9
“Good
service
with
the
bonus
of
gehng
points
to
spend!
I
find
the
service
at
M&S
excellent
if
I
have
any
problems.
Also,
they
are
great
at
monitoring
spending
paderns
to
detect
fraud.
K.
Moyse,
London
Household
Comfort
Ones
To
Watch
Must
Do
Beaer
About
the
Consumer
Credit
Passion
Index:
To
create
our
Passion
Index,
we
analysed
the
%
of
consumers
who
landed
on
a
product
review
page
but
subsequently
abandoned
their
review.
We’ve
used
this
as
a
proxy
for
the
strength
of
emoAon
towards
a
brand
(the
lower
the
abandonment,
the
higher
the
consumer
passion
for
a
given
brand).
In
this
way,
brands
that
are
passionately
loved
or
loathed
are
equally
represented.
We’ve
also
overlaid
our
behavioural
insights
to
adjust
for
consumers
more
disposed
to
leaving
posiAve
or
negaAve
feedback.
8. 4. Customer Profiles
How
does
the
customer
profile
of
consumer
credit
firms
vary?
23%
of
our
Silver
Surfers
used
P2P
loan
providers
(adjusted
for
investors).
P2P
Loan
providers
are
also
underweight
in
the
key
Young,
Free
&
Single
customer
profile,
signaling
an
opportunity
for
further
organic
growth
The
Young,
Free
&
Single
customer
profile
has
the
highest
customer
saAsfacAon
(89%)
with
their
consumer
credit
providers
Credit
Check
Provider
Short
Term
Credit
Provider
Personal
Loan
Provider
Credit
Card
Provider
P2P
Loan
Provider
Credit
Broker
Credit
Report
Provider
Customer
Profiles
Young,
Free
&
Single
Family
Empty
Nesters
Silver
Surfers
39%
35%
16%
10%
Customer
Profiles
(By
Business
Type)
Key:
Business
Type
8
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
H:
44%
H:
39%
H:
24%
H:
23%
9. 5. Channel Preferences
The
way
consumers
buy,
and
engage
with
consumer
credit
products
is
changing
fast
Channel
Preferences
Website
Mobile
App
Telephone
Branch
38%
49%
7%
6%
H:
65%
H:
59%
H:
13%
H:
10%
Already
the
dominant
channel,
among
the
Young,
Free
&
Single
customer
profile,
mobile
app
preference
rises
to
54%
Consumers
who
prefer
branches,
had
the
lowest
customer
saAsfacAon
(82%)
Credit
Check
Provider
Short
Term
Credit
Provider
Personal
Loan
Provider
Credit
Card
Provider
P2P
Loan
Provider
Credit
Broker
Credit
Report
Provider
Key:
Business
Type
9
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
The
preferred
channels
vary
significantly
by
business
type,
with
P2P
loan
customers
and
Short
Term
Credit
Customers
showing
strong
preferences
for
Websites
and
Mobile
Apps
respecAvely
Channel
Preferences
(By
Business
Type)
10. 6. Customer Experiences: Not Fairly Treated
What
makes
consumers
feel
like
they’ve
not
been
treated
fairly?
M
Leathley,
Manchester
Credit
Cards
10
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
Short
Term
Credit
Although
44%
of
Short
Term
Credit
consumers
fall
within
the
the
Young,
Free
&
Single
profile,
they
account
for
just
29%
Short
Term
Credit
consumers
who
feel
unfairly
treated
“Staff
are
rude.
I
phoned
to
pay
off
my
loan
earlier
than
stated
and
was
told
I
was
not
allowed
to?
Don't
understand
that
at
all
so
got
through
to
a
manager
who
was
also
rude
and
told
me
the
same.
She
said
she
would
pass
it
to
the
complaints
department.
A
year
later
I
am
sAll
waiAng
for
my
call
back.
“This
credit
card
is
easy
to
apply
for
especially
if
you
have
a
current
account
with
them.
They
are
quick
to
up
credit
limits
but
if
you
struggle
one
month,
the
charges
soon
add
up
and
the
card
is
expensive.
I
wouldn't
recommend
this
card
to
anyone
as
there
are
cards
with
beder
APR
and
incenAves
to
use
than
this
one.
H
Elvin,
Hull
High
Interest
Rates
12%
Poor
Customer
Service
38%
Perceived
Lack
of
Care
50%
High
Interest
Rates
17%
Poor
Customer
Service
66%
Perceived
Lack
of
Care
17%
A
perceived
lack
of
care
reflects
a
feeling
that
brands
don’t
care,
and/or
are
unwilling
to
work
with
customers
to
deliver
a
posiAve
outcomes
11. 6. Customer Experiences: Getting to 5 Stars
Are
there
any
common
traits
shared
across
top
performing
brands?
With
such
a
broad
spectrum
of
providers
and
customer
experiences,
we’ve
looked
into
whether
there
are
any
common
traits
between
our
most
passionately
loved
consumer
credit
firms.
What
do
their
customers
say?
11
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
Our
most
passionately
loved
consumer
credit
firms
share
some
common
traits.
For
example,
their
customer
feedback
draws
heavily
on
posiAve
brand
and
posiAve
customer
lifestyle
associaAons
as
well
as
negaAve
percepAons
of
the
wider
market.
For
example,
ClearScore
helps
consumers
to
beder
understand
and
improve
their
finances…and
does
this
for
free,
unlike
its
established
compeAtors.
Tesco
Bank
&
M&S
Bank
have
successfully
linked
a
consumer
credit
product
with
saving
money.
M
McPhail,
Aberdeen
“Pain-‐free
rewards
and
more!
The
card
was
simple
to
set-‐up
and
came
with
in
store
benefits
of
20%
of
M&S
purchases.
I
receive
store
vouchers
regularly
based
on
the
points
I
build
up
and
online
customer
service
is
excellent.
Y
Chamberlain,
Bridlington
“I
love
having
this
credit
card.
I
get
all
my
purchases
on
it
just
to
get
Clubcard
points
so
I
get
loads
of
money
off
when
they
send
me
my
Clubcard
vouchers.
Added
bonus
was
the
sign-‐up
because
I
got
0%
on
purchases
for
21
months.
K
Saunders,
Liverpool
“Free
and
beder
than
the
rest.
I
love
ClearScore
and
the
new
features
they’re
adding.
I
feel
much
more
in
control
of
my
finances.
Credit
Cards
Credit
Cards
Credit
Reports
12. 7. Company Preferences
1
2
RecommendaEons
Good
service
3
4
Ease
of
use
Transparency
/
Trustworthiness
5
6
Good
interest
rates
IncenEves
7
8
Great
websites
DesperaEon
9
Product
features
Aggregate
Primary
Reasons
55%
We
asked
consumers
what
their
primary
reason
for
choosing
a
parEcular
company
was
RecommendaAons
lead
the
way.
This
includes
a
mixture
of
word
of
mouth,
posiAve
reviews/raAngs,
and
favorable
media
coverage
The
increased
scruAny
of
a
number
of
consumer
credit
providers
over
the
last
few
years
has
helped
to
make
transparency/trustworthiness
(brand)
a
top
four
factor
influencing
buying
behaviour
6%
of
all
consumers
felt
‘trapped’
into
picking
a
company
that
provided
consumer
credit,
suggesAng
that
a
strong
credit
support
network
remains
important
22%
17%
16%
10%
9%
8%
7%
6%
5%
How
does
this
picture
change
by
business
type?
What
profile
does
your
business
have?
Ask
us
12
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
13. With
an
87%
overall
saAsfacAon
raAng,
consumers
are
on
the
whole
happy
with
the
performance
of
their
consumer
credit
providers,
although
aware
that
the
value
for
money
offered
could
at
Ames
be
beder.
And
yet
with
‘good
interest
rates’
cited
by
just
9%
of
consumers
as
a
primary
factor
influencing
buying
decisions,
‘desperaAon’
compelling
6%
of
consumers
to
seek
consumer
credit,
and
9%
feeling
like
they’ve
been
lent
too
much,
there’s
sAll
scope
to
deliver
beder
customer
outcomes.
Our
dashboard
also
shows
that
55%
of
buying
decisions
revolve
around
recommendaAons,
good
service,
and
ease
of
use,
and
that
a
lenders
perceived
‘transparency/trustworthiness’
is
now
the
fourth
most
important
determinant
of
company
preference.
At
Ames
heralded
as
a
potenAal
alternaAve
to
short
term
credit
providers,
we
asked
our
customer
sample
if
they
knew
about
Credit
Unions
and
the
products
that
they
offer.
Among
the
populaAon
that
would
most
benefit
from
their
services,
awareness
of
Credit
Unions
was
79%.
With
awareness
much
higher
than
anAcipated,
our
dashboard
strongly
suggests
that
in
order
to
provide
viable
compeAAon,
Credit
Unions
must
first
beder
tackle
the
top
three
determinants
of
consumer
credit
buying.
Finally,
just
5%
of
our
respondents
viewed
‘product
features’
as
the
primary
moAvaAon
for
selecAng
a
provider,
signalling
that
opportuniAes
for
agile
innovaAon
and
market
disrupAon
may
not
be
too
far
away.
And
with
54%
of
our
‘Young,
Free
&
Single’
respondents
preferring
to
access
financial
services
through
their
mobile
apps,
our
dashboard
provides
further
evidence
that
delivering
a
great
mobile
experience
should
be
at
the
front
of
the
queue
for
every
consumer
credit
CTO,
CMO
and
CEO.
8. Summary
13
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
14. 9. Your Business Insight
Do
you
want
to
lead
the
market?
Smart
Money
People
can
provide
a
dashboard
tailored
to
your
company
that
provides
unique
insight
to
help
you
beder
understand
your
customers,
compeAtors
and
market
opportuniAes.
Access
to
market
staEsEcs
and
analysis.
We’ll
provide
you
with
access
to
our
market
staAsAcs
and
analysis
to
help
you
beder
understand
the
market
in
2016.
Your
dashboard
is
available
today
Comprehensive
benchmarking
against
your
peer
group.
We’ll
tell
you
how
your
performance
and
regulatory
metrics
compare
against
your
compeAtors,
and
highlight
potenAal
opportuniAes.
Strategic
analysis
of
your
compeEEve
posiEon.
Why
do
customers
choose
you?
Where
do
customers
perceive
you
to
be
strong?
Where
are
your
weaknesses?
How
do
your
compeAtors
win
customers?
1
2
3
The
Smart
Money
People
team
is
led
by
Mike
FoAs.
Mike
is
an
experienced
financial
services
consultant
and
thought
leader
who
has
contributed
to
think
tanks
and
spoken
at
industry
events,
such
as
the
ABI’s
Big
Data
and
Digital
conference.
He
is
a
graduate
of
the
University
of
Cambridge.
hello@smartmoneypeople.com
0191
211
1939
14
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
15. The
Smart
Money
People
plasorm
captures
a
range
of
performance
and
regulatory
data
points
(see
adjacent).
Smart
Money
People
delivers
insight
for
banks,
insurers,
building
socieAes
and
alternaAve
finance
providers.
Our
insight
is
more
Emely,
more
granular
and
more
cost
effecEve.
We
use
analyAcs
to
beder
understand
customers’
free
text.
We
blend
this
with
our
structured
data
points
to
deliver
deeper
insight
and
to
beder
understand
the
market.
All
Smart
Money
People
data
is
at
the
product
and
brand
level,
and
is
rooted
in
the
customer
journey.
We
also
understand
the
affluence,
demographics,
channel
preference
and
locaAon
of
our
community
Overall
RaEng
NPS
Free
Text
Value
For
Money
Customer
Service
Understood
Product
Details
Treated
Fairly
As
we
encourage
our
community
to
write
mulAple
reviews
(across
providers/products)
we
understand
more
about
them
behaviourally
10. About Smart Money People
15
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016
16. 10. About Smart Money People: Methodology
Sample
Size
A
total
of
2,511
consumers
shared
their
consumer
credit
experiences
with
Smart
Money
People
in
H1
2016.
Sample
Recruitment
Respondents
were
largely
self-‐selecAng
and
located
across
the
UK.
All
respondents
parAcipated
via
the
Smart
Money
People
online
plasorm.
Brand
and
Business
Coverage
This
dashboard
includes
customer
insight
on
28
short
term
credit
providers,
17
personal
loan
providers,
19
credit
card
providers,
23
P2P
loan
providers,
4
credit
brokers
and
4
credit
check
firms.
A
number
of
providers
have
mulAple
products,
e.g.
Santander
(credit
cards
and
personal
loans),
but
the
total
number
of
firms
represented
is
86.
Demographic
Profile
The
demographic
profile
of
our
sample:
-‐ Young,
Free
and
Single:
39%
-‐ Family:
35%
-‐ Empty
Nesters:
16%
-‐ Silver
Surfers:
10%
About
the
Consumer
Credit
Passion
Index
Smart
Money
People
has
created
the
Consumer
Credit
Passion
Index
to
idenAfy
the
consumer
credit
brands
which
deliver
the
strongest
emoAonal
response
from
customers.
We’ve
calculated
this
based
on
the
percentage
of
consumers
that
have
landed
on
a
review
page
but
subsequently
abandoned
their
review
(a
measure
of
the
strength
of
emoAon
towards
a
given
brand).
We’ve
overlaid
our
behavioural
insights
to
adjust
for
consumers
more
disposed
to
leaving
posiAve
or
negaAve
feedback.
16
–
Consumer
Credit
Dashboard:
The
State
of
Play
H1
2016