Consumers have need for speed when applying for financial products

Jessica Nangle

February 13, 2017

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Half of consumers want a speedier process when applying for financial products online according to research by Equifax.

The survey by YouGov also revealed that many consumers expect an immediate decision on whether they have been approved for short term loans, credit cards and bank loans.

Jake Ranson, banking & financial institutions director at Equifax, 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.”

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Even for longer term commitments such as mortgage applications 37% of people in Britain expect to hear back within a day.

The desire for quicker processes to meet financial needs has seen a growing number of the population manage their finances remotely with most actively managing their bank account online.

Ranson added: “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.

“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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