# Equiniti Credit Services explores UK attitudes to lending in new report
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-10-14
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: New Research Report Reveals Dynamics of Consumer Credit
Meta Description: New research from Equiniti Credit Services reveals insights into consumer borrowing motivations, technology attitudes, and opportunities for lenders in a
URL: https://financedigest.com/equiniti-credit-services-explores-uk-attitudes-to-lending-in-new-reporthtml

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_Dynamics of consumer credit market split by different motivations to borrow and varying attitudes toward use of technology_

A new research report from Equiniti Credit Services, the UK’s leading consumer credit technology and outsourced service provider, depicts a rising market for credit in the UK, with consumer motivations for borrowing split between funding aspirational items such as holidays and household goods (47%), and managing or consolidating existing debt (53%).

The report has also identified a stark age group difference in attitudes to technology with 73% of millennials and generation-x happy to research a loan on their smartphone, compared with just 9% of baby boomers.

The report, entitled _Great Expectations: The Demanding Market for Credit [**\[1\]**](#_ftn1)_, highlights variations in attitudes between age-groups that are creating new opportunities for established and alternative lenders alike.

One such opportunity relates to how lenders [manage customers whose credit applications](https://www.financedigest.com/service-lifecycle-management-applications-market-to-grow-at-a-cagr-of-6-9.html "Service Lifecycle Management Applications Market to grow at a CAGR of 6.9%") have been declined.

“Rarely do lenders focus on applicants to whom they have declined credit,” comments Richard Carter, Managing Director of Equiniti [Credit Services](https://www.financedigest.com/credit-agricole-and-caceis-to-buy-rbc-investor-services-europe-unit.html "Credit Agricole and CACEIS to buy RBC Investor Services’ Europe unit"). “This is a mistake. 68% of those surveyed indicated that they would likely accept an alternative loan offer at a higher interest rate, if it was offered to them immediately. Agile technologies are the [key to unlocking these revenues](https://www.financedigest.com/publishers-and-brands-view-commerce-content-as-a-key-revenue-driver.html "Publishers and Brands View Commerce Content as a Key Revenue Driver"). We connect lenders to our whole-of-market panel and match declined customers with affordable, alternative products which they are likely to qualify for. ‘White labelling’ products in this [way is a real-world example of how Equiniti Credit](https://www.financedigest.com/4-ways-to-get-a-bad-credit-loan.html "4 Ways to Get a Bad Credit Loan") Services can deliver measurable revenue into any lender, irrespective of scale, almost immediately.”

The [report brings into focus the need for lenders to not only digitise their loan services](https://www.financedigest.com/car-rental-service-market-is-forecasted-to-grow-at-a-7-2-cagr-by-2031-comprehensive-research-report-by-fmi.html "Car Rental Service Market is forecasted to grow at a 7.2% CAGR By 2031- Comprehensive Research Report by FMI"), but to personalise them precisely to the varying characteristics of different customer groups.

“Lenders that have the foresight to invest in moulding their [products for different customer segments](https://www.financedigest.com/chondroitin-market-overview-analysis-by-top-players-product-segments-market-size-and-leading-key-players-2022-2029.html "Chondroitin Market Overview & Analysis by Top Players, Product Segments, Market Size and Leading Key Players 2022- 2029") while using agile technology to enhance their operational efficiency stand to prosper the most,” adds Carter. “The power of this combination will enable much [needed competitive differentiation in a rising market](https://www.financedigest.com/electric-scooters-market-rising-need-for-eco-friendly-vehicles.html "Electric Scooters Market – Rising Need For Eco-Friendly Vehicles "). Going digital is one thing. Going [digital in a way](https://www.financedigest.com/the-mammography-detectors-market-to-strengthen-by-the-way-of-digitized-polyphony.html "The Mammography Detectors Market to strengthen by the way of digitized polyphony") that chimes with different customer groups is something different entirely.”

In a keynote address at the Future of Lending Conference in London last month, Carter introduced the [report to mark the launch of Equiniti Credit](https://www.financedigest.com/credit-agricole-is-weighing-foray-into-german-car-sharing-media-report.html "Credit Agricole is weighing foray into German car-sharing: media report") Services, a complete outsourced end-to-end credit management solution.

The full report, which also explores consumer attitudes toward the use of biometric and e-signature technologies, social media data in credit decisioning, and loan comparison sites, is available for download without charge here.

[\[1\]](#_ftnref1) Report draws on data collected from a survey of 2000 UK consumers in August 2017


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