The markets for mortgages and personal loans are largely dominated by a single provider (Credit Agricole for mortgages, LCL for loans). Across all main products branches remain the key channel for acquiring new customers, with many providers not offering digital onboarding. Customers choose providers mainly on the basis of reputation, existing relationships, and rate. Only a minority of consumers either use, or intend to use, fintech providers, with younger consumers proving the most receptive.
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-Although retirement remains a key objective for nearly a third of savers, it has declined by 11 percentage points since 2015. Saving to make a financial investment has also fallen substantially, and these movements suggest that consumers are now less focused on long-term objectives.
-Purchasing a car is by far the most common reason for taking out a loan, cited by 32% of borrowers. 17% of borrowers arranged their loan in order to fund home improvements. However, these proportions have fallen significantly in the last year, which may signal a decline in discretionary spending.
-Online is the channel of choice for basic tasks for around two thirds of consumers. Mobile has yet to make a significant impact in this sphere, and is favored by no more than 10% of consumers. However, this will increase over time as adoption extends into the mainstream.
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