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North America Consumer Home Equity Loan Survey - Highlights
- 2. Copyright © 2016 Accenture All rights reserved. 2
Accenture’s survey of 6,000 consumers points to a re-emerging market for home equity lending.
Home Equity – A Resurging Market
59%
$4.5 trillion
$7.6 trillion
In total home equity value
Untapped home
equity lending
About
$19,000
Increase in equity available
to the average borrower
since last year
$1 trillion
Latest annual increase in total
equity, at highest level since
2007
Value of Home Equity
in the United States
August 2015 estimate
- 3. Copyright © 2016 Accenture All rights reserved. 3
Educating Borrowers on Home Equity Loan Options
Home Equity – Opportunities
Only
54%of borrowers
know they can use loan for
non-home purposes
59% don’t know
they can use online or mobile
during the lending process
21% know about
accessing the loan via
credit card
41%know about
using home equity loans to
refinance debt
- 4. Copyright © 2016 Accenture All rights reserved. 4
Capturing Borrower Satisfaction
Home Equity – Opportunities
93%
Users of digital during loan origination
who were highly satisfied
92%
Borrowers who value doing
independent online product research
- 5. Copyright © 2016 Accenture All rights reserved. 5
Emergence of Digital and Alternative Lenders in the Space is Increasing Competition
Home Equity – Challenges
June 2010
55.2%
Market Share of Three Largest US Home Equity Lenders
Steady loss of market share over the past five years
Sept 2015
43.9%
decline in outstandings
on a YoY basis
fallback for the latest
quarter through 3Q15
The Big Three
continue to
see negative
momentum
-9%
-3%
- 6. Copyright © 2016 Accenture All rights reserved. 6
Digital and Non-Bank Competition Growing – Banks Must Reposition to Compete
Home Equity – Challenges
Digital Competition
81%
Borrowers who research
Leverage online lenders, aggregators or
peer-to-peer providers
41% 28%
Students 18-24 year olds
Young borrowers are most apt to
apply with non-bank lenders
Non-Bank Lenders
- 7. Copyright © 2016 Accenture All rights reserved. 7
Six Drivers to Stimulate a Provider’s Home Equity Business
Home Equity – Next Steps
Copyright © 2015 Accenture All rights reserved.
These opportunities provide lenders the ability to scale and get more high quality customers in the funnel.
1
Integrate and
optimize search
engine
marketing
2
Leverage
data as a
strategic
asset
3
Excel at
converting
leads to loan
applications
4
Introduce a
customer centric
fulfillment model
5
Automate the
fulfillment
process
6
Extend the
digital
ecosystem