Consumers in the UK are leading the way in Europe when it comes to expecting near-instant decisions on financial products, according to new research by CRIF, Europe’s top provider of consumer and credit information.
As the demand for speed and convenience in financial services grows, UK customers are showing a marked preference for quick, digital-first solutions, while distancing themselves from traditional human interactions.
The research reveals that consumers in the UK are twice as likely as their European counterparts to demand fast decisions on financial applications.
Key consumer loans and insurance statistics from their report:
- 14% of UK consumers expect loan applications to be approved within minutes.
- 16% of UK consumers expect loan applications to be approved within an hour.
- 30% of UK consumers want savings account applications processed within minutes.
- 26% of UK consumers expect insurance decisions within minutes.
- 7% of European consumers expect loan decisions within minutes.
- 8% of European consumers expect loan decisions within an hour.
- 17% of European consumers expect savings account decisions within minutes.
- 12% of European consumers expect insurance decisions within minutes.
- 83% of European consumers prefer speaking with a real person for major financial decisions.
- 67% of UK consumers prefer speaking with a real person for major financial decisions.
- 93% of Gen Z use tools like scheduling apps and project management software.
- 63% of Baby Boomers use scheduling apps and project management software.
“These findings clearly illustrate the shift in consumer expectations, with UK customers leading the demand for instant, digital-first financial services,” said Sara Costantini, Regional Director for the UK & Ireland at CRIF. “As services in all sectors become more instantaneous, financial providers must meet the growing demand for speed and convenience.”
Brits are demanding speed, digital-first and even less human interaction
While the demand for speed is high, the way UK consumers prefer to engage with financial providers is also shifting.
The research reveals that Brits are now the least likely in Europe to prioritise human interactions when dealing with financial matters.
While 83% of European consumers prefer to speak with a real person when making major decisions around loans, mortgages, or insurance, just 67% of UK consumers share this preference.
This shift reflects a broader move towards digital financial services, where convenience and speed are top priorities for consumers.
The UK’s desire for a more streamlined, tech-driven experience stands in contrast to the rest of Europe, where face-to-face interactions remain a central part of the customer journey.
“The preference for human interactions is still strong in many parts of Europe, but in the UK, we’re seeing a clear shift toward digital solutions and minimal in-person engagement,” Costantini explains.
“Consumers are looking for fast, efficient services and don’t always feel the need for a personal touch when making decisions. This creates both challenges and opportunities for financial institutions to adapt.”
Balancing technology demands but keeping personal support
Despite the growing demand for digital services, CRIF’s research highlights that there is still a segment of UK consumers who value personal interaction.
While the trend towards digital-first financial services is undeniable, it’s essential for banks, insurers, and other providers to maintain the option for customers who require human support.
“Financial providers need to innovate to offer tailored services that can be delivered quickly and with minimal customer input, especially in markets like the UK, where digital solutions are the preferred choice,” says Costantini.
“However, there is still a need for personal interaction, and financial institutions must ensure their staff can offer informed, direct, and top-tier support when needed.”