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British consumer leave bank for credit options digitally
According to Zopa, the pioneer firm in providing consumer finance solutions, British private credit seekers are moving away from conventional banking to digitised credit institutions. The research in the area of comparing prices* shows that credit transactions via comparable websites have nearly twice increased in the last two years. Zopa's highlight dataset shows that in the six month to 30 April 2017 over 113,000 credits were traded through comparative pricing websites, an increment of 139% over the same time frame in 2015, while the total uncollateralised retail credit growth over the same time frame was only around 20%.
Zopa argues that clients turn to comparative pricing websites to obtain cheaper prices and a more effective and customised shopping experience than they could obtain from conventional banking. While there has been tough pricing war between all personal loan providers, Zopa says there has been a challenge for digitally driven credit providers to challenge not only pricing by conventional credit providers, but also skill by making more smooth credit applications.
Consequently, as more and more sophisticated borrower turn to aggregate providers to find the best offers, more and more sophisticated issuers are losing ground to conventional banking. In this way, MoneySuperMarket now helps its clients make the right decisions by showing them the probability of the lender accepting an order to make them an offering without affecting the customer's loan record, the so-called so-called so-called software look.
As one of the few suppliers of retail loans, Zopa's proprietary technologies are fully embedded in MoneySuperMarket, allowing clients to see in seconds whether they are pre-approved for a loan without compromising their creditworthiness. "It is no longer enough for people to wait for their bank to provide what they need.
Instead, shoppers go on-line to find a product and consumer experiences similar to what they get from other companies in the global economy.