Lending Trends & Statistics
Unified platforms could be banks’ key to securing account primacy
Social media has changed banks’ playing field—and they must adapt quickly
We explore how banks can best leverage popular platforms to reach potential customers.
Data Drop: 4 Charts on Cash-Back Credit Card Acquisition Features
As competition for low-risk prospects heats up, cash-back credit card issuers must understand what features sway key demographics to sign up for a card. No annual fee, introductory rates, and rewards are central.
Small business lending is still largely driven by in-person relationships
Community Bank and Credit Union Trends
Community banks and credit unions were marked safe from the recent US regional bank collapses. But they’re still contending with unprecedented interest rates, an aging customer base, and disappointing core banking technology.
Young consumers have gravitated toward alternative lending solutions
Young consumers want faster, easier access to funds than traditional lending options currently offer.
Consumer Lending Trends 2024
Financial institutions are vying with nonbanks for customers in a sluggish lending market. Updating their marketing, lending, and product strategies can help attract and keep customers, slowing the outflow to nonbank lenders.
Customers don’t understand what factors into banks’ lending decisions—and they want more control
Customers want more transparency in banks’ lending decision-making processes and more control over the data that factors into them.
US banks wrestle with the threat of new rules that will drastically increase capital requirements
To comply with global banking rules set by the Basel Committee, some banks may need to up their reserves by 20%.
Mastercard deepens push into open banking with account owner verification
The card network launched an account owner verification tool in Europe and partnered with Algoan to boost financial inclusion
Digital banking in the UK yields profits for Monzo and Chip—for now
Monzo and Chip claim profitability, but UK conditions make their future outlook uncertain.
ChatGPT and Generative AI in Financial Services
Generative AI has ample applications within financial services over a three-year horizon, with payments the most promising sector because of its breadth of potential use cases.
Goldman Sachs weighs its options for lagging consumer-facing business
It isn’t ready to give up on the main street consumer. Moving forward, the unit faces many hurdles to overcome its losses.
Zilch partners with debt charity to help customers get through cost-of-living crisis
Partnering with StepChange will help support struggling customers, but it raises questions around the harm BNPL can cause.
Regtech gets a funding boost as investors see the benefits behind AML risk controls and AI
Three fintechs that specialize in anti-money laundering controls—including one powered by AI—caught investors’ eyes amid regulatory crackdowns.
Digital account openings in the US tumble as neobanks continue to stumble
Insider Intelligence’s forecast estimates a 62% decrease in new neobank account openings, and a 44.6% drop in all digital account openings.
BofA launches a mortgage program aimed at helping Black and Hispanic families
Some are calling the program designed to help Black and Hispanic families achieve home ownership ‘predatory lending.’
UK lender discounts its rate for consumers sharing open banking data
Powerful data and analysis on nearly every digital topic.
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