Twenty minutes is the limit for 50% of customers when applying for finance online, according to research by credit reference agency Equifax.

The survey, conducted by polling company YouGov found that immediate decisions were expected by 34% of those applying for short term loans, 25% for credit card applications, and 18% for bank loans.

This was also true of longer term financial commitments, with 37% expecting a decision on their mortgage within a day.

Equifax said this was linked to the rise in mobile technology, allowing people to manage their finances remotely. It claimed that 81% of people managed their bank account online or through apps.

A plurality, 35%, of those surveyed preferred to submit copies of supporting documents for applications electronically.

Jake Ranson, banking and financial institutions director at Equifax UK, said: “The reluctance for half of the population to spend more than 20 minutes filling in an online form, combined with the growing demand for a prompt response, shows companies need to invest in their application processes to improve the customer experience."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData