Non-bank lending - Social followers and online reviews

Social followers and online reviews

This is the second in a series of reports focusing on how the non-bank sector interact with consumers.

In this report we look at the relationship between social followers and online reviews for non-bank lenders. 22 companies were in the study, including marketplace lenders, both commercial and personal, as well as the debtor finance sector.

The first report focused specifically on the debtor finance sector. You can download that here

You can also download the second report here.

Total online reviews

Figure9 takes all online reviews and represents them in the one view. This includes Trustpilot, Product Review and Google reviews. The clear standout is Prospa (2006 reviews), silver goes to SocietyOne (1693) and bronze is taken home by Ratesetter (1651).

Moula (1035 reviews), the second-placed lender in the P2P business category has approximately half the reviews of Prospa.

Third place in P2P business and behind both Prospa and Moula is OnDeck with 376 reviews.

Timelio is the first placed Debtor finance company with 53 reviews.

Figure9-Source: Showtime Digital/Total_reviews

Social following v Online reviews

Here (Figure10) we see the correlation between social followers and online reviews. It is also worth mentioning people who initially are social followers will not necessarily become an online review.

As marketing and post-sale steps, both are separate operational functions. For most companies there does appear to be a strong relationship.

The standouts are –

Ratesetter – For every 100 social followers a staggering 41 people leave online reviews.

MoneyPlace - For every 100 social followers an impressive 37 people leave online reviews.

Prospa – For every 100 social followers 24 people leave reviews.

SocietyOne – For every 100 social followers 14 people leave reviews.

OnDeck – For every 100 social followers only 0.39% leave reviews.

Figure10-Source: Showtime Digital/SocialvReviews1

Download the full 25-page report on non-bank lending here.