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.

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.

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

Business of Fintech, Online Lenders

From one idea to 2 million applications: TomoCredit wants to change the credit score game

  • As an immigrant, TomoCredit founder and CEO Kristy Kim wanted to develop a solution to the problem of credit accessibility in the US.
  • At first she wanted to license an underwriting solution to big banks, but that would have taken too long - so she decided to launch a credit card company.
Iulia Ciutina | January 24, 2022
Online Lenders, Podcasts

‘The conversation in most bank boardrooms now is can we digitize fast enough?’: Numerated’s Dan O’Malley

  • Numerated is a digital lending platform used by banks to issue credit to SMB customers.
  • On the back of an acquisition of Fincura, Numerated CEO Dan O'Malley joins us on the podcast to discuss the future of SMB lending.
Zachary Miller | January 20, 2022
Member Exclusive, Online Lenders

Lending Briefing: How fintechs are redefining credit scores

  • There's a whole new class of fintech firms using bank account data to underwrite loans.
  • Consequently, the credit score is seeing pressure from all sides, as more real time options abound.
Iulia Ciutina | January 19, 2022
Member Exclusive, Online Lenders

Lending Briefing: GM, Marcus by Goldman Sachs and in-car shopping

  • In this week's Lending Briefing, GM and Marcus by Goldman Sachs launch a new partnership, products.
  • The tie-up provides some insight into new rewards programs as well as in-car commerce.
Iulia Ciutina | January 12, 2022
Online Lenders

Amex expands Nova Credit, Marqeta goes into credit, and the risk in B2B loans

Iulia Ciutina | December 10, 2021
More Articles