Member Exclusive, Online Lenders

Lending Briefing: The digitization of consumer lending

  • In our inaugural Lending Briefing, we explore the dynamic of moving further down the digital adoption curve.
  • Driven by mortgage and younger generations, banks are also improving their onboarding capabilities.
close

Email a Friend

Lending Briefing: The digitization of consumer lending

It’s a new year folks, and our new year’s resolution has been to sharpen our products and continue to keep you in the loop regarding all things finance.

Tearsheet’s new lending briefing for Outlier members is here to bring you the latest and greatest in the lending industry. Every week, you’ll get a bird’s eye view of what’s happening around credit, BNPL, etc. – why it matters, and where this is all going.

It’s a new year folks, and our new year’s resolution has been to sharpen our products and continue to keep you in the loop regarding all things finance.

Tearsheet’s new lending briefing for Outlier members is here to bring you the latest and greatest in the lending industry. Every week, you’ll get a bird’s eye view of what’s happening around credit, BNPL, etc. – why it matters, and where this is all going.

For similar updates regarding payments, banking, marketing, data, embedded finance, and green finance, my colleagues have got you covered. 

The digitization of consumer lending

As I’m sure you’ve read enough ‘2022 main credit trends and predictions’ stories, I won’t spam your inbox with another one. Instead, I’m suggesting a retrospective look at the consumer side of things, to help understand where the future might lead.

Okay, let’s call this the one main trend in lending at the moment – the digitization of consumer loans. 

The pandemic moved a lot of things online, and loan applications followed suit. One could apply for credit online at 91% of financial institutions in 2021, up from 85% in 2020 and 76% in 2019, according to research by The Financial Brand. 

But the more interesting statistic is on mobile availability — before the pandemic, only 34% of financial institutions offered mobile loan applications. This jumped to 54% in 2021. This is clearly being welcomed by younger generations, who have been fuelling the growth in credit product origination.  

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Lending Briefing: The digitization of consumer lending”

Outlier OpinionsMakers

Online Lenders

Does B2B BNPL have the potential to emerge as the next top fintech trend?

  • Is B2B BNPL keeping up to speed with the B2C model?
  • Contrary to B2C, B2B BNPL is viewed more as the automation of existing credit processes with slight innovation. However, the model brings its own set of challenges.
Sara Khairi | October 31, 2022
Member Exclusive, Online Lenders

Lending Briefing: Upgrade CEO Renaud Laplanche on fintech lending in a tight market

  • Today, there's less demand for consumer loans, and lenders are tightening their credit books. The 'cautious approach' narrative prevails in many interviews and conference calls.
  • I sat down with Renaud Laplanche, CEO at Upgrade, one of the main direct-to-consumer fintech lenders in the US. We discussed the macro environment, and how he designed Upgrade's business model in a way that is proving resilient during these turbulent times.
Iulia Ciutina | October 12, 2022
Member Exclusive, Online Lenders

Lending Briefing: Debit cards are taking over

  • This year, debit cards have emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.
  • Younger generations are behind this switch – even though they're also getting credit cards, Millennials and Gen Zers prefer to pay with debit.
Iulia Ciutina | September 28, 2022
Member Exclusive, Online Lenders

Lending Briefing: SaaS SMB lending competition heats up as more fintechs enter the market

  • More fintechs are coming into the US market to offer banks solutions that digitize and streamline their SMB loan application and decisioning process.
  • As this segment of the market is drawing more interest, we sit down with Ranqx to delve into its strategy of scaling in the US market.
Iulia Ciutina | September 14, 2022
Online Lenders, Sponsored

Without the right data, your bank could be turning away qualified borrowers

  • Using alternative data provides a more holistic view of a consumer's creditworthiness.
  • Financial services expert Gary Harvey explains how FIs can achieve this using the right data sets.
Equifax | August 23, 2022
More Articles