Recent research has found that in Europe, the British applicants are the most likely to insist on near-instant decision-making regarding loans and other types of financial products and services.
The new report issued by CRIF, the leading provider in Europe for consumer and credit information, studied attitudes in countries across the continent towards applications issued by lenders, insurers and banks. It found that one in every seven Britons now expects financial services and product providers to approve their application for a loan within minutes (14%) or in one hour (16%).
It also encountered that British applicants were twice as likely than other nationalities in Europe to demand such a quick turnaround. Britons were 7% more likely to want an answer in minutes and 8% more likely to insist on one in hours compared to other Europeans.
The trend continued for many other financial products, with close to a third (30%) of UK consumers desiring applications for savings accounts to be processed in minutes, and around a quarter (26%) expecting a decision made on insurance products within the same period.
As a wide range of services in people’s lives start to become more instantaneous, CRIF’s findings underline how this is informing expectations of insurers, banks, and other providers.
At AJL Finance, we understand the peace of mind that a timely lending decision can bring for firms. If you seek SME business loans with an offer decision and available fund in 48 hours, complete our online eligibility checker today.
This article was published for informational purposes only. Any organisations, individuals and events mentioned do not involve or directly relate to AJL Finance as a company.