Future of Consumer Credit, Part 1: Lenders' Views on Industry Trends, Strategies,

Future of Consumer Credit, Part 1: Lenders' Views on Industry Trends, Strategies, and IT Priorities

Product Type: Market Research Report
Published by: TowerGroup
Published: August 2007
Product Code: R301-1470

Description

This is one of a pair of TowerGroup Research Notes presenting the findings of a proprietary study on the future direction of consumer lending (including home equity, first mortgage, personal lines and loans, and automobile and student lending). The companion document is TowerGroup Research Note V52:16C, Future of Consumer Credit, Part 2: Revenue-Generating Strategies and Implementation Timing.

The survey, commissioned by CGI and conducted by TowerGroup, had three sections:

Section 1 asked respondents to rank their respective institutions' top 10 business drivers, strategies, and IT priorities in consumer lending. The items they were asked to rank were based on lists published in October 2006 in TowerGroup Research Note V49:12C, Consumer Lending's Top 10 for 2007, Business Drivers, Strategic Responses, and Technology Priorities. The present Research Note reports the findings of survey section 1.
Section 2 asked respondents to rank their institutions' major revenue-generating strategies in the categories of organic growth, new market entry, and customer retention. The companion Research Note reports the results.
Section 3 asked for an indication of timelines for implementing the various technology initiatives and programs ranked in section 2. The results are reported with those rankings in the companion Research Note.

Results of the study provide greater insight into and better understanding of the forces driving consumer lenders' business strategies. The findings should be of use to large institutions such as those that participated in the study as well as to midtier institutions seeking to remain competitive in the consumer lending markets. They also should be of use to vendors seeking to provide the best technology tools to help consumer lenders achieve their business goals.

Table of Contents

Report Coverage
Survey Overview: Background; Methodology
Survey Results: Top Business Drivers; Top Strategies; Top IT Priorities; US Consumer Lending IT Spending Estimates
Summary

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