UK Personal Loan Distribution 2009
The intermediary channel has been hit hard by the recession as business has dried up in general. Lenders are looking to avoid taking on excessive risk by focusing on existing customers. The rise in the popularity of the internet has been tempered by a desire on the part of consumers for more face-to-face advice in a branch. Call centers also remain an important channel of arrangement.
Scope
*Sizes and forecasts the popularity of different distribution channels in terms of arrangement of secured and unsecured personal loans.
*Uses Datamonitor’s proprietary Retail Banking Survey to gain more of an insight into consumers’ behaviour regarding personal loan products.
*Analyses the results of Datamonitor’s Intermediary Distribution Survey to understand intermediaries attitudes in the market.
Highlights
Branches have seen a resurgence during the credit crunch for the arrangement of personal loans. For secured personal loans, more than one third of respondents went through the branch, whereas the intermediary channel, which has traditionally performed strongly was used by less than 10%.
The arrival of new entrants from outside the world of UK financial services could shake up the personal loans market. Entrants such as Tesco can bring their experience from running a successful retail operation to attract customers from the incumbent players.
The internet has encouraged innovation in the type of lending available. Peer-to-peer lending through websites such as lendingkarma and Zopa have become popular in the US but their success has not yet translated to the UK market. Nonetheless other websites such as Wonga are looking to differentiate themselves through the type of lending they offer.
Reasons to Purchase
*Provides lenders with an understanding of the dynamics of personal loan distribution and how it is likely to develop over the next few years.
*Uses proprietary surveys to provide insight into the behaviors and attitudes of consumers and intermediaries to the current the market conditions.
*Presents forecasts for the performance of different channels and the personal loans market as a whole, split into both secured and unsecured loans.
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