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OSS Loans

(Published price £2,495)

In an online search environment dominated by brokers and affiliates, some consumers find it hard to find a competitive loan from a brand they trust. While many lenders have made significant improvements around ease-of-use, there is still plenty of scope for improving conversion-to-sale. In OSS Loans we examine the products, sites and sales messages which appeal to today’s online loan shopper.

Overview

Loan Report

Shoppers in our 2007 study were more wary of debt than the confident consumers we observed in the 2005 study. UK loans shoppers are growing suspicious of quick and easy credit.

Despite this, search engines are happy to let brokers and their affiliates dominate natural and paid-for search results, pushing unwitting shoppers into the arms of high-pressure telephone salespeople. Meanwhile lenders have failed to adapt their pitch from the free-and-easy style that worked so well in previous years.

Sites offering comparison content are doing a good job; giving shoppers the anonymous, balanced information that helps them understand the market. But it’s not enough to convince most of them. To win sales, lenders need to develop products, sites and sales messages which match the mood of the market.

Our 2007 report records and explains the behaviour and frustrations of online consumers searching for loans. It provides loans marketers and product managers with ideas about how to meet consumers needs more effectively.

Key questions:

OSS Personal Loans examines the way UK consumers use the web to find, evaluate and buy loans. In particular, we wanted to understand:

  • What are consumers’ expectations and pre-conceptions about how and where they will shop for loans?
  • What sites and tools do they use to acquaint themselves with the market?
  • What makes the experience of using a loans calculator successful and compelling?
  • What steps are there between the initial online shopping session and purchase?
  • How do consumers formulate a shortlist of candidate lenders?
  • What dissuades shoppers from buying online?
  • What are shoppers’ attitudes to fees and charges associated with their product purchase?
  • What differences in behaviour can we observe between fieldwork for the 2007 report and the first study conducted in 2005?

To enquire about purchasing OSS Personal Loans contact info@foolproof.co.uk