Personal Lending Innovations from Abroad: Industry Research Report

Personal Lending Innovations from Abroad

Published Date: June 2008

Published By: Datamonitor

Page Count: 30

Order Code: R313-33242

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DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS: Product design: the rest of the world has strived to make the unsecured personal loan a more dynamic product; Banks in Dubai offer customers leveraged investment products; The Retail Banking Team view; Dubai loan products are Shariah compliant; The Retail Banking Team view; Loan providers are offering a plethora of products that profess to care for the environment; The Retail Banking Team view; Pricing structure: some French banks charge different interest rates depending on region; Crédit Agricole offers a simulation facility for loan payback that accounts for regional differences; The Retail Banking Team view; Repayment options: lenders from abroad tend to offer much more flexibility with their loan repayment options; In Singapore, GE Money's James personal loans offers flexible repayment options; The Retail Banking Team view; Loan Trimmer provides borrowers with tax savings; The Retail Banking Team view; Many banks allow customers to redraw their funds; The Retail Banking Team view; Bundling: unlike their foreign counterparts, UK banks do not tend to bundle products, instead they favor standard cross-selling techniques; Bundling products to existing customers is common in Dubai and Australia; The Retail Banking Team view; Customer segmentation: loan providers are expanding their loan offerings to take account of different consumer segments; Loan providers in the French market have a strong focus on providing loans to the young; The Retail Banking Team view; Loans for RRSP in Canada; The Retail Banking Team view; Distribution: the use of SMS messages to apply for loans is more advanced abroad than in the UK; Turkish banks are offering customers the chance to apply for a loan through their mobile phone; Swedish SMS message loan providers have proved popular among the young; The Retail Banking Team view; New technology: loan providers are gravitating towards social networking sites as the next stage for selling loans; Social lending has emerged with the popularity of social networking sites; The Retail Banking Team view; Financial institutions have started advertising financial products on social networking sites; The Retail Banking Team view
APPENDIX: Definitions; Offset mortgage; SIPPs (Self Invested Personal Pensions); Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Tables: Table 1: Comparison of repayment rates for an equivalent loan across four different French counties
List of Figures: Figure 1: Mashreq website outlining key features for loans against shares product; Figure 2: Screenshot of Facebook Lending Club application; Figure 3: Financial service providers regularly advertise on platforms such as Facebook