Last week during Money 20/20, we released our new report “Seeking out the alternatives: how consumers are engaging with the lending 3.0 landscape”, which details European consumer attitudes to and experiences of lending. We surveyed 2,000 European consumers, conducted in partnership with Propeller Insights, to learn about consumer preferences when it comes to lending.
Our report found that consumers are frustrated with the lending industry with 70% of consumers surveyed saying that the experience of getting a loan is a decade behind online banking. They also noted that they want more clarity from lenders, with 75% of respondents saying they “switch off” when prospective lenders use industry jargon and 80% believing that lenders try to obscure the final cost of a loan.