Personal Loan:

Loan application is a need-based decision where consumers look out for the best available deals in terms of interest rate, tenure,
processing fees, etc.

Almost 90 per cent of the media-led friction is observed at the awareness and consideration stages. TV, print and radio contribute the
maximum to friction at the consideration stage where prospects are overwhelmed with standard offers on loans rather than customised
offers based on their profiles. At the consideration stage, consumers leverage digital media to research and compare relevant product
offerings on aggregator websites or respective bank websites. They seek assistance when it comes to making financial decisions and, thus,
reach out to bank representatives during the application process for secured loans.

While a higher number of men than women enter the purchase funnel for personal loans, their dropout rate at the awareness stage is 2.5
times compared to women. Male consumers drop out are due to difficulty in understanding the financial language of the ad, while women
drop outs are due to excessive information bundled together. Men look for clear communication from brands with focus on pricing and
interest rates while women seek clear offer communication with features such as distant support when on international trips and forex
assistance. The dropouts at the intent stage can be avoided by streamlining the processes for application response and status monitoring for
progress made on the leads. The digital medium can provide cost-effective solutions to such friction areas and considerably improve the
turnaround time (TAT) for the requests.