Exploring low take up of consumer lending products

Business objective

Our client has offered loans to it’s customer database and found that potential customers dropped out at various stages of the journey. •They wanted to find out why, and what should be changed in the product or journey to improve the take up.

Our challenge

The research needed explore reasons and motivations behind different behaviour patterns including:

  1. Didn’t open the email
  2. Opened the email, didn’t click through to the website
  3. Visited the website but didn’t apply for the loan
  4. Started an online application but didn’t complete 
  5. Were offered a loan after applying but didn’t take it up

Our solution

We carried out 250 telephone interviews with quotas for the different ‘routes’ a customer took, weighting back to the true customer mix. The survey was semi-structured, including scores and open ‘why’ questions.

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