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Managing growth and change in the consumer finance industry

Original research and insights present a clearer picture and path forward

This actionable data from Securian Financial and Allied Solutions illustrates the market’s business opportunities and helps you refine your offerings to consumers.

Executive summary

Consumer finance companies have provided personal loans to individuals and families for over 100 years. This staying power in today’s marketplace is not only impressive — it is unique.

However, the consumer lending market is complex and it can be a challenge to:

  • Navigate the legal and regulatory environment.
  • Address customer needs, preferences and demands.
  • Monitor industry trends across familiar and emerging competitors.
  • Develop new streams of revenue and income.

More than ever, consumer finance companies need to balance what has made their traditional business model a success with emerging trends and solutions.

With this in mind, Securian Financial and Allied Solutions embarked on a research project to take a closer look behind the scenes of doing business as a consumer finance company and identify opportunities for growth and continued success.

About this study

In partnership with a third party consultant, we used the following methodology:

Interviews with consumer finance company executives to gain perspective on the current state of doing business.

Online survey of over 600 current and prospective customers from across the United States who make decisions on household financial matters and have FICO scores ranging from 500 to 689.

Key findings

  • Branch offices are the foundation of a successful business model.
  • Customers are using mobile devices to complete financial tasks; they are also interested in using them to manage personal loans.
  • The addition of new insurance products is of interest to all executives providing the products provide strong consumer value.
  • The majority of customers showed high levels of interest in bundling insurance products with loans.
  • Executives ranked regulatory guidance and insurance product training as top areas for help from industry experts.
  • There are slight differences when it comes to how current, former and prospective customers perceive consumer finance companies. Less than half (46 percent) of current or former customers describe them as trustworthy; 32 percent of prospective customers consider them trustworthy.

Read the study

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DOFU 10-2021