What Do Borrowers Really Want? Why Interest Rates Are No Longer Enough
Loans are a basic part of life – they help consumers pay for cars, vacations and home renovations, among other big purchases – but they’re getting more complex. Today’s consumer lending environment is evolving rapidly due to increasing consumer demands, changing regulations and the digital transformation that has led to new entrants in the industry.
With more competition, depending on rates alone is no longer enough to attract borrowers. While rates are consistently the top factor consumers consider when choosing a lender, a compelling experience can be enough to win consumers over, even when a credit union’s rates aren’t the lowest. In fact, features that make up a lender’s overall experience – such as speed, tr...