The lending industry stands at a critical crossroads of digital transformation and demographic evolution, with text messaging emerging as an essential operational channel for future success. As revealed in a Datos Insights Q3 2024 survey of 1,506 U.S. consumers, a striking 80% of loan applicants consider text communication capabilities important, yet 41% receive no text communications during the application process, exposing a substantial gap between consumer expectations and industry practices.
This report, sponsored by Solutions by Text, examines how text can help lenders adjust to this dynamic industry and increase their market share capture. It is based on a Datos Insights survey of 1,506 U.S.-based consumers that have applied for a personal loan, auto loan, or credit card during the last 12 months.
Clients of Datos Insights’ Retail Banking & Payments service can download this report.
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