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Home > Business/Finance > Financial Services > Banking
Personal Lending Innovations from Abroad
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| Published Date:
June 2008
Published By:
Datamonitor
Page Count:
30
Order Code:
R313-33242
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Introduction
The commoditized nature of unsecured personal loans has stifled the innovation process in the UK. This brief looks at unsecured personal loan innovations from abroad and assesses their potential in the UK market.
Introduction
Examples of unsecured personal loan innovations from around the world Expert opinion on the suitability of different personal lending innovations for the UK market A look at how loan providers are adapting products to fit with changing global concerns
Highlights
Despite the launch of Shariah banking in the UK, unsecured personal loans are not yet widely available under Shariah Law. In Dubai however, banks are careful to ensure that they offer loans that are consistent with the principles of Shariah Law. Mobile banking in the UK is still a very marginal activity, with only about 25,000 using mobile banking network Monilink in 2007. Mobile technology is unlikely to be used unless it is free and if it is free then the provider will bear the cost. This explains in part why mobile banking has yet to take off in the UK. In Dubai, bundling other financial products with an unsecured personal loan is a popular strategy to attract customers. HSBC UAE is offering a current account with its usual minimum balance requirement waived and a free credit card for one year with its flexible personal unsecured loan.
Reasons to Purchase
Gain insight into how innovations in the unsecured loan market abroad might translate to the UK Develop an understanding of the use of new technologies to promote loan uptake Keep up-to-date with the latest product developments in unsecured personal lending.
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