The modern consumer has unlimited options at their fingertips. They demand convenience, immediacy and a seamless user experience.
As a result, financial institutions are embracing technological innovation in order to attract consumers who are accustomed to instant gratification.
Understanding how customers are buying, banking and borrowing is critical to delivering results in a tech-dominated world.
For this reason, we compiled the top five characteristics of the modern consumer.
1. They are busy and stretched thin
Today’s consumer requires a convenient way to shop. Gone are the days of people coming to you. And if you aren’t going to them, someone else is.
2. They expect quick decisions so they can plan for the future
Consumers need quick answers and solutions to the many curveballs life throws them. Some of these things may include:
- Unexpected medical expenses
- Weddings
- Children
- Home improvement
- Moving
- Job changes
- Funerals
3. They want to be able to access cash quickly and easily
According to the Federal Reserve, “an online loan application form can be completed in minutes, and in the majority of cases, the decision is provided within 24 to 72 hours. A qualified consumer typically has access to the funds in less than a week.”
4. They are shopping (and banking) on their phone
- As of 2020, there are 6.95 billion mobile users. That number is expected to reach 7.41 billion by 2024.
- By 2021, 3 billion consumers will use a smartphone, tablet, PC or smartwatch to access financial services, according to Juniper Research.
5. They demand a simple and easy-to-use process
According to Forrester, abandon rates for online banking applications are at an all-time high of 97.5%.
It’s no surprise that consumers will quickly leave a site that doesn’t offer a seamless customer experience. In fact, Smart Insights found that 97% of consumers abandon a purchase due to inconvenience.
Why Razorvision?
As the digital lending experts, we help our clients originate thousands of unsecured loans every day. We have the technology and expertise to get started with a digital lending solution–one of the fastest-growing markets in the world.
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