Published on : Aug 19, 2019
Albany, New York, August 19, 2019: With individuals transacting online and banking embracing digitization, bank and non-bank, new competitors are bringing a paradigm shift in the UK landscape. The heterogeneous facet of consumer debt market across the UK alludes multiple models are highly likely to flourish in the ensuing period. Customer expectations have become more uniform, thereby warranting personalization, greater immediacy and ease of access.
Sustained technological development in consumer banking is expected to lead to a deepening and broadening of the market. In addition, credit providers will potentially reap reward from the cost efficiencies which digitization brings forth. Besides, the advent of credit scoring will likely bolster the addressable market, lowering the amount of undeserved and unmet demand.
These insights are curated from the intelligence report, titled, “Consumer Attitudes towards Debt—UK—July 2019,” which has been freshly added to Market Research Hub’s (MRH) overarching armamentarium.
Even though superior data assets and customer inertia have shielded banks from competition, technology-enabled data and regulation may leverage attackers to build a relationship with customers based on ease of use and product transparency. Large merchants and big technology companies are vying to foray into financial services, replicating current developments in non-UK markets.
Success in the UK consumer credit market will likely be determined by offering credit which is both consumer-centric and efficient with respect to speed, cost and precision. As such, shift in expectations of consumers pertaining to flexibility, personalization, and the level of friction they are inclined to embrace in B2C relationship are expected to be observed in attitude of consumers.
Even though soaring levels of unsecured debt have been witnessed against a benign macroeconomic backdrop, growth in unsecured debt has stalled. Similarly, development in secured lending has been sedate and unpredictability looms over the direction and timing of interest rates.
Rising real wages and plunging inflation have propelled consumers’ confidence in their personal finances. As household borrowing has eased, consumers have become measured in their borrowing. Nonetheless, consumer spending has been spurring UK growth since 2016 for consumers increasingly dipped into their savings or borrowed more at the time when real wages showed no sign of growth. Alarmingly, this ebb in borrowing raises eyebrows pertaining to sustainability of consumer spending.
Consumer Attitudes towards Debt—UK—July 2019: Report Content
Quantitative and qualitative assessment exhort intelligence and overarching report on the Consumer attitudes towards debt—UK—July 2019 market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Consumer attitudes towards debt—UK—July 2019 market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on Consumer attitudes towards debt—UK—July 2019.
Primary sources and secondary sources propel intelligence report on Consumer attitudes towards debt—UK—July 2019 market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst. Report on Consumer attitudes towards debt—UK—July 2019 market further acknowledges secondary sources—namely—Factiva, EC filing, press release, trade journals, resourceful database and governmental websites.
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