50% OF CONSUMERS WON’T SPEND MORE THAN 20 MINUTES APPLYING FOR FINANCIAL PRODUCTS ONLINE

Online research from Equifax, the consumer and business insights expert, reveals that 50% of consumers don’t want to spend more than 20 minutes completing the process.

The survey, conducted by YouGov, also found that after submitting an application for a financial product online, many consumers expect an immediate decision on whether they have been approved for short term loans (34%), credit cards (26%) and bank loans (18%). Even for longer term commitments such as mortgage applications, 37% of people in Britain expect to hear back within a day.

The desire for speedy processes to meet financial needs has seen a growing number of the population manage their finances remotely, with 81% of people actively managing their bank account online or through banking phone apps.

Consumers also want to make the most of technology when it comes to providing financial services companies with the documents needed to support their applications. The survey found that 35% would prefer to submit copies of documents electronically, while 13% said they would prefer companies to have direct access to this additional information, for example through their bank. 31% are happy to take hard copies to a store or branch.

Jake Ranson, Banking & Financial Institutions Director at Equifax UK, said: “As the need for financial service providers to increase the level of checks, questions and information required to ensure online applications are genuine and suitable, consumer patience is being tested. The reluctance for half of the population to spend more than 20 minutes filling in an online form, combined with the growing demand for a prompt response, shows companies need to invest in their application processes to improve the customer experience.

“Companies who fall behind with their online solutions could lose potential customers for good and it’s important that they make the most of new data sharing initiatives such as Open Banking to deliver better services for today’s busy consumers. Equifax is committed to working with its clients, fintech companies and other industry participants to improve consumer access to financial services.”

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