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Consumer Lending
A new way forward
Highlights from a survey
conducted by the Deloitte Center
for Financial Services
Select Findings:
Deloitte’s Consumer Lending Survey
We have entered a new phase in the evolution of U.S.
retail banking. As banks face unprecedented Exhibit 1: Credit experience segments
pressures from a combination of tough economic
conditions and pervasive regulatory reforms, will we 11%
see the emergence of a new paradigm for consumer First-time defaulters - Those who
experienced a negative credit event in the
lending?
last two years for the first time-11%
To determine the scale of the challenge facing the 10%
banks and to find out how consumers have been Those who have experienced a negative
reacting to these developments, the Center for credit event more than two years ago and
Financial Services sponsored a survey conducted by also during the last two years-10%
Harris Interactive between August 12, 2010, to
August 30, 2010, to obtain a national sample of U.S. 12% Those who have experienced a negative
retail banking customers. According to our survey of credit event more than two years ago but
5,142 respondents, many consumers are still dealing not during the last two years-12%
with the aftermath of the financial crisis and recession 66%
of 2007 - 2009. The Center for Financial Services will
Those who have never had a negative
further investigate this consumer lending paradigm
credit event in their past-66%
among three dimensions: first-time defaulters, cross
selling, and customer satisfaction. Figures may not add due to rounding
Exhibit 2: Negative credit experience during the last two years (first-time defaulters) *
Contacted by
Contacted by collection
collection agency
agency 58%
Been
Been delinquent on medical
medical bills
bills 43%
Three or more times when you were more than 30 days late on a credit card
Three or more times when you were more than bill … 29%
Three or more times when you were
Three ormore
morethan
times30when
daysyou
latewere
on a more than… 14%
mortgage
Been
Been delinquent
delinquent on
on taxes
taxes 14%
Bankruptcy
Bankruptcy 13%
Three or more times when you were more than 30Three
days or
late on atimes
more loan when
other you
thanwere
your more than… 12%
mortgage
Legal judgments
Legal judgments 9%
Charge-offs, meaning bankmeaning
Charge-offs, has forgiven
bankallhas
or forgiven
part of a all
loanor… 8%
Foreclosure
Foreclosure 6%
Been delinquent
Been delinquent on
on child
child support
support payments
payments 2%
* Total exceeds 100% as respondents could pick more than one response.
18%
16%
14%
12%
10%
8% 16%
6% 11% 10% 9% 9%
4% 8% 7% 6% 6%
2% 4% 4% 3%
0%
Higher fees Denied a Lower rates High rates More offers More Denied a Fewer Offered a Less Lower fees Offered a
associated credit card on loans on loans from paperwork loan offers from higher loan paperwork associated lower loan
with application different involved application different amount involved with amount
loans/credit lenders when lenders than I when loans/credit than I
than I obtaining than I wanted obtaining wanted
expected credit/loan expected credit/loan
If you would like to learn more about the dozens of findings from Deloitte’s Consumer Lending Survey, please contact:
Justin Edmondson
Senior Marketing Manager, Center for Financial Services
Deloitte Services LP
+1 212 436 5571
juedmondson@deloitte.com
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