Ten years ago I ran a focus group of low income borrowers to understand the impact the Government’s Growth Fund initiative had on credit union members. What suprised me was how much borrowers were willing to pay for convenience of service.
I’d assumed that lower interest rates and weekly payments were enough. Removing friction in digital application processes is something often discussed, but we weren’t even meeting expectations in analogue.
Read more about balancing ease of access and risk at the NestEgg blog