Myths Vs Facts
Myth: Consumer Loan Applications follow the same gender distribution as broader population.
Fact: Across consumer lending product categories, this ratio has fairy remained consistent at 41% Females to 59% Males.
Myth: Compared to younger families with children. Empty nesters will have more time during the weekdays to engage in digital application submissions.
Fact: Empty nesters and older families are submitting majority of their applications on weekends.
Myth: weekday applications will be dominantly mobile as borrowers apply while commuting.
Fact: Weekends experience more mobile apps (75%) than on weekdays (66%).
Myth: Give the large mobile % share 65% majority of borrowers are engaged during their daily commute or when they are out and about.
Fact: Usage is as much on WiFi as its on LTE. This implies a lot of mobile usage is also happening at home and work where WiFi is prevalent and not just when out and about.