The J.D. Power Lending Platform is comprised solutions which provide unique, competitive insights about the consumer borrower loan shopping and customer experience across a diverse set of consumer loan types – from mortgages to personal loans. This platform is powered by the voices of over 60,000 borrowers and decision makers per year, a collection of over 25 years of unbiased feedback and an unparalleled team of industry, digital and customer journey experts.
Following are key insights from J.D. Power Lending Research
Personal Loan Decisions: 52% of consumers with a Personal Loan indicated that they spent ‘a couple hours’ or less researching before making their choice to move forward. Consumers that indicated they had a previous experience with the lender are significantly more likely to indicate they spent no time or less than 1 hour researching options compared to the average borrower. This reinforces the importance of delivering a highly satisfying experience to current customers to support retention and reduce customer acquisition costs.
What Would Make the Mortgage Originations Process Easier: Over 70% of borrowers indicated there was something their lender could have done to make the process easier. The top answer was a shorter process at 23%, but people and tools to help improve the transparency of the process were the second and third most frequent answer. This reinforces the importance for lenders to find the right balance of human and digital resources to ensure an optimal experience.
