Myths Vs Facts

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‍Myth: Consumer Loan Applications follow the same gender distribution as broader population.

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Fact: Across consumer lending product categories, this ratio has fairy remained consistent at 41% Females to  59% Males.

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‍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.

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Myth:  weekday applications will be dominantly mobile as borrowers apply while commuting.

Fact: Weekends experience more mobile apps (75%) than on weekdays (66%).

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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.

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Deepak Polamarasetty

President & CoFounderA seasoned leader in creating market-leading products to meet the average customer's everyday needs. He has an MBA from UNC-Chapel Hill and Bachelors in Engineering from IIT Varanasi in India. He has served in a number of leadership roles in Technology, Consumer Loans, and Customer Originations at USAA and HSBC. He is now reinventing himself by combining his customer lending and finance experience, and contributing to FinTech. You can reach him at deepak.polamarasetty@creditsnap.com with any questions on this topic.