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While consumer confidence dipped again in July (see the Conference Board Consumer Confidence Index Report), the economy improved enough, driven by easing inflation and continued payroll growth.
Alpharank's first-party data reveals that demand for unsecured lending/personal loans continues, alongside an increase in the volume of approved vehicle loans and deposits.
To win market share in a high-rate environment, you need to be as effective as possible at every stage of your funnel. It’s important to get the most from every dollar you spend to convert more of the business that is out there.
Approved applications for vehicle loans posted double-digit growth in July (versus June), while approved personal loan applications were up 8%. Deposit applications were also up 8%, with home lending flat and approved credit card applications down 4%.
🚗 Vehicle Loans: +11%
💰 Personal Loans: +8%
💵 Deposits: +8%
🏡 Home Lending: 0%
💳 Credit Cards: -4%
As one would expect, the benefit of the rebound in demand went to the financial institutions with the best-performing online funnels.
Alpharank helps financial institutions navigate to optimize growth investments, typically seeing a +50% increase in funded accounts in the first six months. Reach out to our team today to see how we can help you do just this!
About Alpharank and our data:
200+ banks and credit unions trust Alpharank to optimize production from their websites and online applications, resulting in dollars booked to the balance sheet. Without storing personal information, our data models and benchmarks are trained on a unique dataset of over 8 billion full-funnel events with known balance sheet outcomes!
Most financial institutions buy clicks from Google, Meta, etc., and just hope for funded applications. Alpharank measures the quality of your clicks so you only buy the good stuff. Stop their algorithm from draining your budget while sending you lookers, not bookers. Pay for performance only and get 50% more for your marketing dollar.
🔎 Learn more about how you win with better click intent, journey efficiency and effectiveness, prospect quality, and campaign optimization. Request a free competitive assessment today.