The January 2023 Aite-Novarica Group report, based on consumer and U.S. retail lender surveys, finds that ease and convenience outweigh rates and fees for 58% of consumers when selecting a lender, reflecting the “Amazon effect.” Trust remains critical, with 89% valuing it when choosing a financial institution. While consumers decide differently on institutions versus products, lender priorities align closely with these preferences. In 2023, 88% of lenders plan to maintain or increase budgets for digital borrowing experiences, supported by investments in data, analytics, and identity verification, with 75% aiming to shift more toward digital channels.

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