Digital Lending, Technology

Consumer lending: understanding today’s empowered borrower

consumer lending

By PwC 

Today’s consumer lending environment is highly complex, driven by ever increasing customer demands, regulatory changes, and the digital revolution that is leading to a host of new entrants. Successful lenders need to navigate each of these challenges and recognize that a “one-size-fits-all” approach to customer experience is no longer suitable. Instead, they should develop a set of principles which can be used to build a successful customer strategy.

With this in mind, PwC conducted a second extensive study and analysis in late summer 2015 of what consumers expect from their lending experience across different products, with a particular focus on the loan origination process. We took an in-depth look at customer preferences in four major asset classes—auto, home, student, and personal loans. The results highlight opportunities for lenders to tailor their products, services, and operations to stand
out in the marketplace.

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