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Increase loyalty among borrowers with instant loan payments

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Customer loyalty: the key to profitability

Given that new customers are both expensive and difficult to acquire, lenders need to look at whether they are investing enough in retaining their customers. The high acquisition costs mean that, typically, a loan customer only becomes profitable after their third loan. This means that building retention through loyalty is key – to make the initial investment worthwhile and to ensure better profitability through improved customer lifetime value.

Instant gratification is what sets you apart

The personal loans sector has grown by 269% in the last five years – representing an enormous opportunity for financial services companies*. However, a range of market factors, including increased competition, regulation, operating costs and changing consumer expectations, have made sustained profitability a huge challenge for lenders.

The growing challenge for customer acquisition

Today’s digital-savvy consumers demand fast online services from their financial service providers. But they are also increasingly confident in shopping around for the best deals. It’s now often common practice for consumers to use price comparison sites to seek out the right financial product for them. These growing trends highlight that consumers largely see loans as a commodity purchase and a choice that is largely price-driven.

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Improve customer acquisition

Trustly uses both intra-bank networks and instant schemes, creating highly reliable instant payments.

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Better customer experience leads to better retention

Optimise the repayment experience by providing an option for one-click, iframe or no user interaction.

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Improve operational efficiency

With Trustly, the risk of manual entry errors is removed as IBAN & reference codes are pre- populated. What’s more, fast payouts help decrease support calls as the money appears instantly in the borrower’s account.

Get in touch

Want to learn more about how Trustly can help grow your business? Just fill in the form and we’ll be in touch.

*source: https://www.supermoney.com/studies/personal-loans-industry-study/