Digital Denial: The Hidden Cost of Lending’s Communication Gap

Business

Discover how lenders can close the communication gap, meet consumer expectations, and drive growth in a digital-first world.

The lending industry is undergoing a major transformation fueled by digital innovation and evolving consumer preferences. In 2024, 64% of consumers applied for loans or credit cards, with younger generations leading the shift toward digital channels. But lenders are falling behind—missing key opportunities to connect and convert.

Digital Denial: The Hidden Cost of Lending’s Communication Gap uncovers the disconnect between what borrowers want and what lenders deliver. Based on a Q3 2024 survey of 1,506 U.S. consumers, this report reveals how text messaging is redefining borrower engagement—and why lenders who fail to adapt risk losing market share.

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Texting is a must-have.

41% of loan applicants report receiving no text communication during the process, yet 80% of consumers want this option.

Younger borrowers expect mobile-first experiences.

Nearly half of Gen Z and Millennials would consider switching lenders over a lack of text communication.

Texting drives better outcomes.

Lenders using text see higher application completion rates, improved payment timeliness, and increased cross-sell opportunities.

Security and compliance matter.

85% of consumers prioritize lenders who protect their data and follow texting compliance laws.

Close the Gap. Capture the Opportunity.

Download the report today to gain a deeper understanding of lending’s communication challenges—and what lenders must do to meet borrower expectations and improve outcomes.

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