|
Post by befuddled on Aug 13, 2019 11:23:15 GMT
...thing is - you'd think they'd have a vision, and implemented it...
...whereas in reality, after many years, they still give the impression they are making it up as they go along...
Their problem is, their unique selling point (investors setting rates), is diametrically in opposition to the success of business, as by definition this lets investors cherry pick above average rates - therefore moving the average in a direction out of their favour...
You can imagine their internal meetings discussing how to round this square hole, and they are, gradually, tweak by tweak....
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Aug 13, 2019 11:30:38 GMT
...thing is - you'd think they'd have a vision, and implemented it... ...whereas in reality, after many years, they still give the impression they are making it up as they go along... Their problem is, their unique selling point (investors setting rates), is diametrically in opposition to the success of business, as by definition this lets investors cherry pick above average rates - therefore moving the average in a direction out of their favour... You can imagine their internal meetings discussing how to round this square hole, and they are, gradually, tweak by tweak.... If you have a sufficient amount of “dumb” money using MR it’s not a problem. And they have plenty of dumb money so I can get my 6%+ and not dent their results. And anyway why does a non rate setting platform make any more money?
|
|
benaj
Member of DD Central
Posts: 4,862
Likes: 1,591
|
Post by benaj on Aug 13, 2019 11:58:35 GMT
Q: Is the constantly tweaked RS site now easier to use? Me: No, definitely not easier for those who want to set the rate. Q: Changing for the better? Me: Not quite there yet for me as a lender. RS needs to understand positive user experiences lead to increased word of mouth, higher engagement rates and faster growth usabilityhour.com/improving-user-experience/
|
|
|
Post by befuddled on Aug 13, 2019 14:51:20 GMT
Q: Is the constantly tweaked RS site now easier to use? Me: No, definitely not easier for those who want to set the rate. Q: Changing for the better? Me: Not quite there yet for me as a lender. RS needs to understand positive user experiences lead to increased word of mouth, higher engagement rates and faster growth usabilityhour.com/improving-user-experience/If you (& most of us on here) weren't there sniping at 6+%, the same loans would go out to what you refer to as dumb money at 3.5% - earning RS more revenue... As they make it more difficult to set higher rates, presumably new investors won't be aware/bother, the conclusion could be eventually RS will slam the door on "Ratesetters", on the rational they are better off without the relatively few, low margin investors.... At the moment they begrudgingly tolerate us....
|
|
mark123
Member of DD Central
Posts: 111
Likes: 120
|
Post by mark123 on Aug 13, 2019 17:12:58 GMT
If you (& most of us on here) weren't there sniping at 6+%, the same loans would go out to what you refer to as dumb money at 3.5% - earning RS more revenue... I don't think that's right. Our 6+% loans are only matched when RS has run out of funds at lower rates. Much of the time RS get decent margins from lenders happy with low rates. When demand exceeds supply, RS match against lenders who are only prepared to provide funds at higher rates, getting a lower margin. Without the lower-rate lenders RS would be uncompetitive and/or suffer low margins. But without the higher-rate lenders they would regularly run out of funds and have to pause trading. So, it seems to me, they need both types of lender... and it is vital to their business model RS make the website attractive both to market rate lenders and to ratesetters. Good luck, Mark
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Aug 13, 2019 19:22:32 GMT
PS I think the RS rep may have voted. Hahahahahaha! I think you may be right!
|
|
ashtondav
Member of DD Central
Posts: 1,805
Likes: 1,087
|
Post by ashtondav on Aug 14, 2019 8:17:52 GMT
If you (& most of us on here) weren't there sniping at 6+%, the same loans would go out to what you refer to as dumb money at 3.5% - earning RS more revenue... I don't think that's right. Our 6+% loans are only matched when RS has run out of funds at lower rates. Much of the time RS get decent margins from lenders happy with low rates. When demand exceeds supply, RS match against lenders who are only prepared to provide funds at higher rates, getting a lower margin. Without the lower-rate lenders RS would be uncompetitive and/or suffer low margins. But without the higher-rate lenders they would regularly run out of funds and have to pause trading. So, it seems to me, they need both types of lender... and it is vital to their business model RS make the website attractive both to market rate lenders and to ratesetters. Good luck, Mark You are correct, Mark
|
|
lara
Posts: 345
Likes: 300
|
Post by lara on Aug 14, 2019 9:40:13 GMT
It's all such a mess now. I think they are going to find it increasingly harder to attract new lenders. There is no way I would be joining Ratesetter as a new lender the way it currently operates.
|
|
djay
Member of DD Central
Posts: 121
Likes: 87
|
Post by djay on Aug 14, 2019 9:55:30 GMT
It's all such a mess now. I think they are going to find it increasingly harder to attract new lenders. There is no way I would be joining Ratesetter as a new lender the way it currently operates. Well there's something going on because they recently hiked the referral bonus. Maybe it's because signups have dropped. However, the right hand doesn't know what the left hand is up to at RS because their obsessive tinkering has broken the sign up form, the drop down choice menus are not working on a number of browsers.
|
|
|
Post by oppsididitagain on Aug 14, 2019 10:22:43 GMT
It's all such a mess now. I think they are going to find it increasingly harder to attract new lenders. There is no way I would be joining Ratesetter as a new lender the way it currently operates. There is over 3Million waiting to be lent in the rolling market @ 3.4% Which is the most I have seen in the queue for a few months. Rates are relatively low and you can get better returns elsewhere (albeit the credibility of the protection/PF)
|
|
|
Post by p2plender on Aug 14, 2019 14:54:54 GMT
Carry on Ratesetter!
What a farce the site is. I think we are witnessing a once decent fintech unwinding and fast. Who is in charge allowing this to happen??!!
|
|
|
Post by p2plender on Aug 16, 2019 23:44:28 GMT
Poll finished.. So about 9 out of 10 think think the RS site is now 'totally confusing' and t̶h̶e̶ ̶R̶a̶t̶e̶s̶e̶t̶t̶e̶r̶ ̶r̶e̶p̶r̶e̶s̶e̶n̶t̶a̶t̶i̶v̶e̶ one other person thinks 'it's much better'... Feel free to pass results on to your leaders RS rep. After all they have been telling me for years my feedback is important to them...
|
|
|
Post by supernumerary on Aug 18, 2019 9:15:38 GMT
Poll finished.. So about 9 out of 10 think think the RS site is now 'totally confusing' and t̶h̶e̶ ̶R̶a̶t̶e̶s̶e̶t̶t̶e̶r̶ ̶r̶e̶p̶r̶e̶s̶e̶n̶t̶a̶t̶i̶v̶e̶ one other person thinks 'it's much better'... Feel free to pass results on to your leaders RS rep. After all they have been telling me for years my feedback is important to them... After going round in circles, I finally noted that the 'lined pen' at the right hand side, was 'set your own rate'... Then when I put in the amount I wanted to invest, then in the 'pop up page' the rate I wanted, the system crashed each time, BUT it always apologized! I am glad somebody started this thread, I would have voted NO, but was out of time. HOWEVER, sadly, I am sure there will be many more lenders writing MORE comments, about the recent Ratesetter changes, that make their website far 'worse'...
|
|
|
Post by supernumerary on Aug 18, 2019 9:23:33 GMT
Ashtondav, set rates are coming, that's obvious. The whole purpose of all these tweaks is to steer money into the lowest rates possible, that is clear. Once that fails (may well be soon given many appear to be upping sticks) then they'll have no choice to offer set rates. RS isn't a profitable business - even in the good times. Close to ten years in and they appear to be going backwards. I think they've missed the boat with an IPO as well given the state of FC shares. PS I think the RS rep may have voted. You are obviously more in the know than myself. I am reading your comments with 'concern'... BIG thanks for the 'heads up'...
|
|
|
Post by supernumerary on Aug 18, 2019 9:34:51 GMT
People generally don't like change. Especially when its not even explained to their users !! Im sure over time we will become used to the new layout/format but I don't want to keep calling customer services to ask how to navigate their website very poor by RS, no e mails, no explainations - Lost faith in RS now, moving to lendingworks 2 products 5% instant access. or 6.5% with a 0.5% early withdrawal fee BIG thanks for the 'heads up' on this. I have had a look at the lendingworks website and read the following on the main page; Security first "We've combined three distinct layers of protection for your investment: the reserve fund, diversification and insurance. Together they form the Lending Works Shield."Looks good to me. Again, BIG, BIG thanks for the information.
|
|