New research from CRIF, Europe’s leading provider of consumer and credit information, unveils significant trends in consumer behaviour within the UK, particularly in their expectations of financial services. The findings highlight that UK consumers lead Europe in demanding rapid decision-making from banks, insurers, and lenders.
According to the study, 14% of Brits anticipate loan applications to be approved within minutes, while an additional 16% expect such approvals within the hour. These figures contrast sharply with other European nations, where only 7% and 8% of consumers hold similar expectations, respectively. This trend is echoed across various financial products; nearly a third of UK consumers (30%) wish for savings account applications to be processed almost instantly, and approximately a quarter (26%) hope for equally swift decisions regarding insurance products.
Sara Costantini, Regional Director for the UK & Ireland at CRIF, emphasised the increasing demand for immediacy in financial services, stating, "The demand for quick decisions on major products and services such as loans or credit is growing, and many consumers now expect to access these services within hours or even minutes." She added that financial providers must innovate to deliver a broader range of tailored products and services, indicating a clear shift towards a digital-first approach in banking.
The research further reveals that customer preferences in the UK are veering away from human interaction compared to their European counterparts. While approximately 83% of European customers prefer engaging with a real person for significant financial decisions, this sentiment is shared by only 67% of UK consumers. This illustrates a notable evolution in how Brits prefer to interact with financial entities, with a stronger inclination towards digital and automated solutions.
The latest data forms part of CRIF’s ongoing "2024 Banking on Banks" series, aimed at enhancing customer experience in digital financial services. The report explores various dimensions influencing consumer choices, including credit and debt dynamics, data sharing challenges, and the impact of environmental, social, and governance (ESG) considerations on customer values. As part of the series, the first report delved into the challenging economic context facing consumers across Europe and the US, while subsequent reports have addressed the intricate interplay of trust and data sharing among financial institutions.
As financial providers adapt to these rapidly changing consumer expectations, the ability to balance automation with personalised support will be critical in maintaining competitive advantage in the evolving market landscape.
Source: Noah Wire Services