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FCA Seeks Improvement to Digital Loan Processes
Lenders’ online and in-app application processes can help prospective borrowers understand what they’re signing up for, a review by the Financial Conduct Authority (FCA) has found. However, improvements could be made to these digital processes, so consumers are able to make informed decisions about their finances.
The FCA’s review is part of its strategic focus on helping consumers navigate their financial lives. It has shared examples of good and poor practice with lenders to help them better support their customers.
The regulator found some lenders were using shorter, simplified language and providing explainer videos that helped customer understanding.
However, the design of some digital loan processes lacked ‘positive friction’, which slows decision-making, and excluded information consumers needed, for example, on costs.
Alison Walters, Director of Consumer Finance at the FCA, said: “Online and app-based applications can make it easier for people to get the credit they need to navigate their financial lives. But poorly designed applications could mean people bypass important information. We’re sharing examples of what works and what doesn’t, so lenders can better support their customers.”
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