UK Loans & Credit Cards Market

Part
01
of six
Part
01

Growth Rate - UK Personal Loans Market

Using official data published by the Bank of England, we have estimated the growth rate of the UK Personal Loans market within the next three years to be 3.95%. The growth rate is expected to slow down over the next three years, mostly because of Brexit uncertainty and because of hints that the central bank will continue to increase interest rates. No data exists on the split into prime customers and near-prime customers, but we were able to identify some general information on the credit rating system in the UK. Please find our calculations and helpful findings below.

Definition of personal loans in the UK

  • The Bank of England (BoE) defines consumer credit as "borrowing by UK individuals to finance current expenditure on goods and/or services excluding loans issued by the Student Loans Company."
  • The BoE splits consumer credit into two components: "credit card lending and ‘other’ lending (mainly overdrafts and other loans/advances)."
  • The UK's Money Advice Service explains that personal loans are also called "unsecured loans" in the UK. They are called unsecured because the loans are not secured against any asset.
  • From the above definitions, it can be inferred that personal loans in the UK are those loans that are not secured against an asset and that are not student loans. Since another brief is covering the growth rate of credit card lending, the focus of this response is on "other" lending, as defined by the BoE.

Growth rate data

  • The annual growth rate of consumer credit (which includes personal loans and credit card lending) peaked at 10.9% in November 2016 and it has been declining steadily ever since.
  • BoE statistics from August 2017 provide an estimated growth rate of 7% for the personal loans market.
  • In February 2019, the annual growth rate of consumer credit was at 6.3%.
  • The annual growth rate of personal loans, specifically, was at 6.2% in February 2019.

Growth rate estimation

  • The annual growth of consumer loans in the UK has been slowing steadily from November 2016, but the slowdown in 2019 has been more gradual than in 2018.
  • Demand for lending naturally decreases as interest rates in a country increase, because the cost of lending gets higher. The BoE has hinted at an increased pace of interest rate rises in November 2018. Therefore, it is reasonable to expect that the annual growth rate of consumer loans will continue to decrease over the next three to five years.

Calculations

  • The BoE dataset allows us to estimate how much the annual growth rate will change over the next three to five years, by looking at recent history. The growth rate in February 2016 was at 11.2%, in February 2017 it was at 11.1%, in February 2018 it was at 9.3% and in February 2019 it was at 6.2%.
  • The average change of the growth rate over the past four years can be calculated in the following way: first, the change over two consecutive periods needs to be calculated, then the changes need to be summed up and divided by 3 (number of changes) to get the average rate of change.
  • 11.2-11.1=0.1; 11.1-9.3=1.8; 9.3-6.2=3.1; (0.1+1.8+3.1)/3=5/3=1.67
  • Since the above calculations are performed using absolute values, it should be noted that the actual yearly change is -1.67.
  • The BoE expects the slowdown to decrease in speed, by about 18% annually.
  • So we can estimate that the yearly change of the growth rate from 2019 to 2020 will be -1.67, from 2020 to 2021 it will be -1.37 (-1.67*0.82=1.37) and from 2021 to 2022 it will be -1.23 (-1.23*0.82=-1.23).


  • By applying the calculated change to the annual growth rate of the UK Personal Loans market, we can get the growth rate for 2020. By applying the calculated change to the 2020 growth rate, we get the growth rate for 2021 and so on.
  • 6.2-1.67=4.53% (2020); 4.53-1.37=3.16% (2021); 3.16-1.23=1.93% (2022).
  • Finally, the growth rate of the UK Personal Loans market within the next three years is calculated by finding the average of the above growth rates. (6.2%+4.53%+3.16%+1.93%)/4=3.95%
  • Therefore, the growth rate of the UK Personal Loans market within the next three years is estimated to be 3.95%.

Prime and near-prime customers

  • Prime customers in the UK are considered to be those customers with an "excellent" credit score. UK citizens do not have a single, definitive credit score. Instead, three Credit Reference Agencies exist and each uses a different scale.
  • Experian classifies individuals with a credit score between 961 and 1000 in the excellent category. Equifax classifies individuals with a credit score between 466 and 700 in the excellent category. TransUnion classifies individuals with a credit score between 628 and 710 in the excellent category.

Paywalled sources

  • The research agency Mintel provided an estimate of the growth rate of the UK Personal Loans market until 2023, but the report exists behind a paywall so it is not accessible.

Research Strategy

In order to identify the growth rate split into prime and near-prime customers, we first consulted financial news outlets and the general press. We have searched through sources like the Financial Times, The Motley Fool, UK Finance, Reuters, Guardian and others. While we were able to identify some information about unsecured credit in the UK, we were unable to find what percentage of UK borrowers have a prime credit rating. We did, however, find how prime customers are defined in the UK.

Then, we proceeded to look at government resources like HM Treasury, the Financial Conduct Authority and the Bank of England. While the government resources provided a wealth of information on the growth rates for lending in general and for personal loans specifically, none of the sources mentioned prime credit ratings at all, let alone the split of growth rates into prime and near-prime customers.

Finally, we tried to calculate the split of the growth rate ourselves. To do this, we tried to find how many UK borrowers fall into the "excellent" credit rating category. However, no statistics on the number of prime customers in the UK exist in the public domain. The most likely reason for the lack of data lies in the fact that UK citizens do not have a single, definitive credit score. The three rating agencies that operate in the UK use different scales, so a certain citizen's credit score can be rated as "excellent" by one agency and just "good" by another.
Part
02
of six
Part
02

Growth Rate - UK Auto Loans Market

The auto finance market in the United Kingdom is in a period of uncertainty due to concerns over diesel vehicles and other extenuating factors. Experts predict a CAGR of -2% to 2% in the recent upcoming years. The auto finance market in the United Kingdom is extremely uncertain right now. Experts predict a CAGR of -2% to 2% in the next few years. Those who anticipate growth justify their prediction based on ameliorating measures of finance penetration and an increasing market share.(Source 7)

Findings

  • The auto finance market was estimated at 58 billion GBP, which translates to $75.81 billion USD.
  • Until 2017, the auto finance market grew rapidly with an average yearly CAGR of 15%.
  • In 2017, the finance market took a hit due to consumer concern with diesel vehicles. This was one of the largest decreases in history.
  • Consumers in the United Kingdom are buying fewer new cars using financing options.
  • The recent negative look on auto financing is partly due to the expectation that used auto prices may crash because of an influx of automobiles entering the market due to new car PCPs.

Research Strategy:

Our research team conducted an exhaustive search of market research reports such as Apex and Open PR. Here, we were able to find the specific information you requested, but unfortunately it was behind a paywall. Next, our team searched various consultancy firms and third party market research websites such as Statista, where we were able to locate the market rate and CAGR from 2017. However, additional research indicated that due to concerns over diesel and other extenuating factors, that the market has taken a substantial hit since 2017. Our research team located the 2018 Global Equipment and Auto Financing Report, where we learned that the market CAGR was estimated at -2% to 2%, however our results were fruitless in all above methods in determining a differential between prime and subprime lending. We believe this is because subprime lending is not nearly as common in the United Kingdom as it is in the United States.
Part
03
of six
Part
03

Growth Rate - UK Credit Cards Market

The growth rate for the UK credit card market in terms of value in the next 3-5 years will be 0.69%.

UK Credit Card Market Growth Rate

1. Growth Rate In Terms of Number of Credit and Charge Card Transactions

  • 2017: 3.1 billion
  • 2027: 3.9 billion
  • The growth rate of the number of credit and charge card transactions in the UK between 2017 to 2027 is 2.32%. (Triangulated)
  • There will be 3.48 billion credit and charge card transactions in 2022 in UK. (Triangulated)
  • There will be 3.64 billion credit and charge card transactions in 2024 in UK. (Triangulated)

2. Growth Rate In Terms of Credit Card and Charge Card Spending Values

  • 2017: £168 billion
  • 2027: £180 billion
  • The growth rate in terms of spending value of credit and charge card transactions in the UK between 2017 to 2027 is 0.69%. (Triangulated)
  • The total spending value of credit and charge card in 2022 will be €173.88 billion in the UK. (Triangulated)
  • The total spending value of credit and charge card in 2024 will be €176.28 billion in the UK. (Triangulated)

Research Strategy:

Why I have Included Charge Cards In My Projection?

All the sources that we came across had grouped charge cards with credit cards in the UK, among which the most notable were reports from UK Finance. We also checked sites like UK Card Association for information exclusively on credit cards or charge cards as we were planning to deduce the spending and number of charge cards from our figures if exclusive information about credit cards was not available. There was no such information and, hence, we have provided the growth of both credit and charge card markets together.

Calculations

For growth rate and future number calculations, we have used a CAGR calculator, and a reverse CAGR calculator.
1. Growth rate in terms of credit card and charge card spending values
  • Initial Value: 3.1 billion
  • Final Value: 3.9 billion
  • Duration: 10 years (as the initial data is from 2017 and the final value is for 2027)
  • Growth rate = 2.32%
As, we required data for 3 years from now (2022) and 5 years from now (2024), we used the reverse CAGR calculator.
  • Initial Value: 3.1 billion
  • CAGR: 2.32% (Triangulated, as above)
  • Duration: 5 years (2022) and 7 years (2024) as initial data is from 2017
2. Growth Rate in terms of credit card and charge card spending values
  • Initial Value: £168 billion
  • Final Value: £180 billion
  • Duration: 10 years (as the initial data is from 2017 and the final value is for 2027)
  • Growth rate = 0.69%
Data for 3 years from now (2022) and 5 years from now (2024)
  • Initial Value: £168 billion [2]
  • CAGR: 0.69% (Triangulated, as above)
  • Duration: 5 years (2022) and 7 years (2024), as initial data is from 2017

Research Strategy

We began by looking into market research reports on the UK credit card market published by reputable companies like IBIS World and Euromonitor to determine the market growth and the breakdown between prime customers (customers that have a prime credit rating) and near-prime customers (customers that DON'T have a prime credit rating). However, most of the information was available behind paywalled sources.

Our second strategy involved looking for relevant data about the breakdown of the UK population by credit scores by going through sites like The Guardian, Total Money, and Telegraph along with the number of average credit card spending by UK citizens. Our plan was to calculate the number of people who hold credit cards and then use the share of prime credit rating consumers from the overall UK population and find the number of consumers with prime credit rating in 2018-2019 and 2022 or 2024. However, information about the breakdown by credit score was not available, as the only available data was related to the credit score breakdown in terms of age.

We then tried to procure information about different types of payment cards because of the lack of specific data for credit cards. We looked for relevant data on the growth of the payment cards market by prime customers and near-prime customers. We looked into statistical and explanatory reports from Finder (UK), Global Payments Inc, the UK version of Creditcard.com, FCA, and Experian UK. Unfortunately, none of these reports and articles provided information on the growth rate of the payment card industry in terms of prime credit customers and non-prime credit customers. Most of the data dealt with general statistics on credit card usage in the UK. We were, however, able to find that the UK credit card companies categorized credit card users by credit risk and consumer preference.

As such, we tried to find any relevant reports, articles, and press releases from top credit card issuers (MasterCard, Visa) related to the UK market to see if they provided any information related to breakdown of the total number of customers holding credit cards by credit worthiness. Our aim was to look for any specific statements from the executives of these companies about the share of their credit cards or payment cards customers. However, the only available information related to the overall share of these companies in Europe and the UK.

Part
04
of six
Part
04

Projected Aggregator Share - UK Personal Loans Market

helpful FINDINGS

  • Over 113,000 loans were sold through price comparison sites (loan aggregators) in the UK within the 6 months to April 30, 2017. Thus, the yearly sales of Personal Loans through such aggregators is 226,000.
  • There has been a 139% growth in the number of loans within a span of 2 years, however, the overall unsecured personal loan market grew only by approximately 20% in the same period.
  • Reasons cited for the enormous and rapid growth of Loan aggregators in the market is attributed to the customers turning to price comparison sites for better value products. This was complemented by a more efficient and personalized experience that they could get from these aggregators when compared to the traditional banks.
  • Additional features like, providing support to the customers in their decision-making by showing them the likelihood of their application being accepted, along with which loan provider can offer them a quote without leaving a mark on the customer’s credit file, are not only challenging the traditional banks on price, but also on experience by providing more seamless loan application journeys.
  • The European peer-to-peer consumer lending market has also grown rapidly at a rate of 113% in a span of three years, however, the UK Consumer Loans dipped to the slowest growth rate in the past 3 years with households spending on average £900 more than their income in 2017.
  • The independent aggregators, apart from securing a large proportion of general insurance in the UK, have also been amassing a significant share in the unsecured personal loan and credit card market. This has been evident from the fact that these aggregators have grown from zero existence to a 10% share of deposit flows in less than three years.

RESEARCH STRATEGY

Information related to the current and projected aggregator share for personal loans in the UK market could not be determined or triangulated due to the unavailability of the information.

The first approach was to look through pre-compiled reports that provide market share data. Sites like Statista, marketsandmarkets, Statisticbrain were checked. These sites could only provide information related to the overall consumer lending data for EU which was quite vast and irrelevant to this request. Next, we looked for excerpts from compiled reports from sites like storemintel.com, IBSintelligence, tandfonline etc. were checked, however, these sites could only provide a general overview with other details locked behind paywalls.

Then, we tried triangulating the data by analyzing the market share of loans disbursed by aggregators either by value or volume and compare it against the same figures provided by the non-aggregators. By searching through sites like IBISWorld, Nielsen, Ipsos etc the data provided by the sites related to consumer lending was either too broad in geographic scope or failed to segregate by the subcategories of credit commodities or personal loans etc. The search was further expanded to look for this information through fintech information aggregator sites like finextra, Forbes, Bloomberg, the Guardian etc., however, it was observed that these sites did not provide a full overview of the information required.

Thereafter, we tried checking for strategic insights on the topic through consulting majors like EY, Deloitte, Mckinsey etc. These sites tend to provide a detailed insight into the industry along with a market share or growth perspective. Some information was cited through these sites that have been included in the research, though the actual intent could not be established. We further expanded our strategy by looking into sites like Oliver Wyman and thought leadership sites like insurancethoughtleadership, however, they too failed to provide a market share for the aggregators. They only provided information related to P&C insurance and other categories in consumer lending throughout the EU region.

In failing to acquire information using the above strategies, the research scope was further expanded to look for information that went beyond the standard two years scope. The scope was expanded further to check into leading UK dailies like The Sun, Daily Mail, The Times UK, Financial Times UK etc. in order to gather insight on any major change or shift in the aggregator market for Personal loans that may have hit the news, however, no such news was available. This expansion also included searching for information through other financial sites like, Moneysupermarket, finder.com, money.co.uk etc., which also provided information only to the extent of generic news related to consumer lending.

One of the reasons that can be attributed to the unavailability of the information is the private nature of the industry and the lack of research data that is publicly available on credible sources.

On the conclusion of the research, it was evident that the aggregator supported consumer lending (which includes Personal loans apart from Credit lending and other means) has been growing exponentially. This is proven from the 139% increase in the number of personal loans sold by aggregator sites during the first quarter of 2015 as compared to the Q1 of 2017.
Part
05
of six
Part
05

Projected Aggregator Share - UK Auto Loans Market

HELPFUL FINDINGS

PCP loans:

  • 82% of new cars in Britain are bought using relatively new "PCP" loans, which let drivers pay less than the full value of the car.
  • The current state of car credit in the UK is £41 billion ($54 billion) in loans.
  • PCP has been the market leader for consumer new car purchases.
  • In 2017, it finally took the top spot in the consumer used car market too, with 49% of consumers choosing it, just above 47% for HP.
  • In a PCP, there is no deposit and the driver makes much lower monthly payments until the end of a fixed term.
  • In the UK, the vast majority of dealer loans are in the form of PCP.
  • Today, 85% of auto financing in the UK consists of deals done via car dealerships, and of those, the vast majority are PCP deals.

UK car loans market:

  • In the UK, Lending on car loans is the fastest-growing part of the consumer finance market, which is growing at 10.3% a year overall.
  • Within that, car finance is growing fastest at 15% a year.
  • Bank of England calculates there is £58 billion of outstanding car dealership finance, with some 40% coming from banks.
  • The value of advances for point-of-sale car finance grew 10% year-on-year in June compared to the same month in 2017, according to new figures released by the Finance & Leasing Association (FLA).
  • The percentage of private new car sales financed by FLA members through the POS was 89.5% in the 12 months to June.
  • More than 90% of private car sales in the UK in 2018 were financed by loans from banks and other credit providers, according to the Finance And Leasing Association.

METHODOLOGY:

The info was not readily available to the public. This could be because the auto financing companies who have partnered up with multiple aggregator platforms have kept the data on it confidential for the purpose of gaining a competitive advantage.

We started by first looking for the pre-compiled data on credible databases like Apexinsight, business insider, UK finance, the Guardian, fca.org, Fla.org, autoexpress, etc. hoping to find pre-compiled info on the percentage of aggregator share for the Auto Loans market. However, these sources did not have any direct or indirect info on the subject. Then, we looked into the websites of some known aggregator platforms in the UK like Moneysupermarket, Gocompare, Momondo Group, Skyscanner, FareCompare.com, etc. and combed through their website in search of any reports on the said subject or any relevant data that could be presented. However, no such information was available on the sites. Using this strategy, we could only find information related to PCP loans which are currently used by the majority of vehicle buyers and the info was specific to cars or used cars only.

Furthermore, a search was conducted on reports from Bain, McKinsey, Deloitte, etc again, this lead to a deadlock as we couldn't find any relevant reports from these known firms. On course of this research, we found reports which have details on the UK auto loans financing market and also might have the exact information required but the information was behind a paywall.

Also, we tried triangulating the data by searching for companies who are into auto finance/loan aggregator business in the UK like Moneysupermarket, Gocompare, Momondo Group, Skyscanner, FareCompare.com, etc and checked articles and reports about them from third parties and also checked if they have made any press release or have made any reports public. We focused on finding the market share of the companies in the industry and their expected market growth in the next few years. We hoped to use the data to calculate the current market size of the industry and estimate the future market size using the CAGR to determine the growth rate. This strategy did not work as no such data was available.

We also tried to expand the scope and look through the other types of loan that are under the aggregators market in the UK. Searching through the aggregator market in combined loans (personal, home, etc) and tried to find a measurable metric which we could use as a proxy to calculate and present the findings based on the assumptions that the share would be the same like the other channels however this strategy did not work because the data found was only behind the paywalls and it was mostly for the insurance segment. We also found a source from Mckinsey however it was for the Europe region and was on the insurance aggregator market which was not relevant to the subject here because it did not bifurcate the data basis the region and it was just an overview of the insurance aggregator market. Hence, expanding the scope did not yield any measurable metric.


Part
06
of six
Part
06

Projected Aggregator Share - UK Credit Cards Market

While there is no publicly available information to fully answer your question, we have used the available data to pull together key findings. Moneysupermarket, a UK-based price comparison website that specializes in financial services, has generated £88.1 million revenue from its money segment. Below you will find an outline of our research methodology to better understand why the information you have requested is publicly unavailable, as well as a deep dive into our findings.

Research Strategy 1

  • Research firms such as IBISWorld, Forrester, Euromonitor, Grand View Research, Research and Markets, and others have not published any industry reports for the UK credit card aggregator market.
  • Most reports on credit cards talked about credit card transactions and not the sales of credit cards itself.

Research strategy 2

  • UK Government websites and other sources such as Statista, The British Library, Consumer Finance, Competition and Markets Authority, and others also did not provide the required information.
  • Government websites have only provided 2006 to 2015 information related to the percentage share of digital comparison tools or aggregators from credit card sales volume, percentage of internet users that shop around credit cards using price comparison websites, and the trust level of price comparison websites users.
  • Data for 2017 were only for the number of internet users that used digital comparison tools or aggregators for shopping with credit cards among other sectors such as insurance, flights, energy, broadband, and hotels.

Research strategy 3

  • An attempt to triangulate the information from the list of credit card digital comparison tools or aggregators on the Competition and Markets Authority report did not provide the required information.
  • One of the reasons includes most of the providers also offer other products and services and did not separate their credit card sales from the other services on their financial reports.
  • Another reason is that most of them were private companies and did not have any publicly available financial reports or published any financials on business databases such as even an Owler and Hoovers.
  • Only Moneysupermarket has a segment for credit cards.

AGGREGATORS MARKET IN THE UNITED KINGDOM

  • In 2018, United Kingdom’s Credit Card Issuance industry revenue amounted to £12.3 billion.
  • According to Global Reviews, in the United Kingdom, desktop users looking for a new credit card increasingly make use of aggregator websites in the second quarter of 2017.
  • Over 20% of credit card sales volume from 2013 to 2015 came from digital comparison tools or aggregators instead of direct and other channels.
  • According to Kantar Public Survey, 97% of internet users in the United Kingdom are aware of digital comparison tools or aggregators, with 85% have used them.
  • According to a Resolution Foundation study, only 3% of internet users in the United Kingdom use digital comparison tools or aggregators for shopping with credit cards compared to car insurance, home insurance, savings, mortgage, and others.
  • According to Kantar Public Survey, only 10% of internet users in the United Kingdom use digital comparison tools or aggregators for shopping with credit cards compared to insurance, flights, energy, broadband, and hotels.
  • Based on the two studies above, there is a 7% increase in usage level of digital comparison tools or aggregators to shop around credit cards in the United Kingdom between 2006 and 2017.
  • Forty two percent of consumers have high trust in digital comparison tools or aggregators for credit card shopping while only 4% have low trust.
  • Moneysupermarket, a British price comparison website-based business specializing in financial services, has generated £88.1 million revenue from its money segment and it was driven by credit cards’ performance with better customer experience optimization and stronger provider offers.
  • According to a 2015 FCA’s market study on credit cards, of those who shop around credit cards online, 39% had used one price comparison websites and 27% had used two or more, indicating that consumers not only utilize price comparison websites to search for suitable credit cards but also that some are comparing between sites.
  • Examples of aggregators in the United Kingdom include:
 Choose.net
 Comparethemarket
 Confused.com
 Experian (credit matcher) Freeprice
 Gocompare
 Knowyourmoney
 LoveMoney
 Money.co.uk
 Moneyfacts
 MoneySavingExpert
 Moneysupermarket
 Quidco
 TotallyMoney.com
 uSwitch

OTHER TERMS USED TO REFER AGGREGATORS

  • Digital comparison tools - used to help consumers by bringing together a number of products or services, offering a variety of ways to help them choose between options, and sometimes to make purchases or change providers
  • Price comparison websites - a list of prices and features for specific products, sourced from different retailers

AGGREGATORS MARKET IN THE UNITED STATES

  • In 2018, Credit Card Issuance industry in the United States had a revenue amounted to $100 billion.
  • In the United States, aggregators were directly responsible for sourcing almost one-fifth of all general purpose applications submitted to mass market issuers and generating more than $1 billion for credit card approvals in 2016.
Sources
Sources

From Part 03
Quotes
  • "In 2027 credit and charge card purchases are forecast to increase to 3.9 billion transactions, up from 3.1 billion in 2017. Values are projected to rise from £168 billion in 2017 to £180 billion in 2027."
  • "Total card payment volumes are forecast to increase from 16.3 billion payments in 2017 to 23.7 billion in 2027. By the same point, the total value of card payments is projected to reach £932 billion, up from £691 billion in 2017."
  • "By 2027, contactless card payments are forecast to account for 62% of all card payments, up from 35% in 2017."
  • "Similar to debit card acceptance, credit card acceptance by SMEs is also expected to increase over the coming years. Merchant acquirers have introduced a number of card acceptance business models aimed at the SME market, making accepting this payment method more cost-effective than it has previously been."
  • "Growth in corporate credit cards will also be linked to economic expansion and by increased card holding among large organisations and the public sector."
Quotes
  • "A charge card works as a type of credit card that requires you to pay your balance in full at the end of each billing cycle, rather than making monthly minimum payments on the balance over several months. Charge cards force you to be responsible with your spending because you have to pay your balance off at the end of each and every month."
From Part 04
Quotes
  • "The data highlighted by Zopa shows that over 113,000 loans were sold through price comparison sites in the 6 months to April 30 2017, representing a 139% increase compared to the same period in 2015, whereas the overall unsecured personal loan market grew only by approximately 20% in the same period."
Quotes
  • "With an average growth rate of 113% in the last three years, the European peer-to-peer consumer lending market has developed rapidly, from €62.52m in 2012 to €157.14m in 2013 and €274.62m in 2014."
Quotes
  • "Not only have independent aggregators secured a large proportion of general insurance in the UK, but they are beginning to take significant share in the unsecured personal loan and credit card market, too."
  • "Perhaps most significant of all, they have gone from non-participation to a 10 per cent share of deposit flows in less than three years."
From Part 06
Quotes
  • "We observe that in 2016 they were directly responsible for sourcing almost one-fifth of all general purpose applications submitted to mass market issuers, resulting in the origination of well over five million new credit cards. Issuers paid these sites more than $1 billion for credit card approvals in 2016 representing both the bulk of the sites’ revenue and a significant share of all marketing spending for consumer credit cards."
Quotes
  • "Desktop users looking for a new credit card increasingly make use of aggregator websites, we noticed while following each step of their discover phase during our study on 201 in-market UK consumers in the second quarter of 2017."