Consumers applying for financial products online want a quick application process and also a swift decision, according to recent research from consumer credit company Equifax.
The online survey commissioned by YouGov found that half of consumers asked did not want to spend more than 20 minutes to complete the application process.
Furthermore, a third (34 per cent) expected to get an immediate decision on approval for short term loans, with 26 per cent expecting the same on credit cards and 18 per cent on bank loans.
Longer term loans such as mortgages still saw as many as 37 per cent expecting a decision within a day of application.
To help speed the process through 35 per cent of consumers preferred to send support documents required electronically online, and 13 per cent even said they would like financial companies to have access to support information, possibly through their bank. 31 per cent were still happy to present hard copies at a branch.
Online management of financial affairs is now becoming ever more popular, with 81 per cent actively managing their bank account online or through banking phone apps.
Banking & Financial Institutions Director at Equifax UK, Jake Ranson, commented: ‘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.’