UK Personal Loans: Product and Competitor Innovation 2012



Verdict Financial

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Despite a subdued market there are interesting developments in the competitor arena. The big players are easing back on unsecured lending as they look to repair their balance sheets, and many are focusing their personal loans on their own customers. The market is also seeing intense rate competition as smaller lenders fight on price to increase market share.

Discover what consumers want from their personal loan, and which providers and products are best meeting these demands.
Take inspiration from the case studies of the most innovative products in the marketplace today.
Understand the changes occurring in the competitive landscape in terms of market share.

What attributes do consumers demand from their personal loan and their lender?
Why have the biggest lenders in the UK lost market share and why have small lenders gained ground?
Which players are competing the most heavily for different size personal loans?
In what way are lenders innovating their products to acquire customers?

Key Highlights
With their risk-averse attitudes, big banks are increasingly targeting their personal loans at low-yielding, low-risk customers. This has allowed smaller lenders with better capitalized balance sheets to increase their market share by catering to under-served consumers.

Product attributes are much more important to consumers than provider attributes. The dominance of product over provider is encouraging for new entrants to the UPL market as it means that they can succeed with a well-priced and effective proposition over and above a strong brand.

Sainsbury's Bank, Tesco Bank, and M&S Bank feature near the top of the best buy table as they look to quickly expand their banking operations. The supermarkets have made use of cross-selling opportunities through loyalty cards and gift vouchers.