by Fintechnews Africa
3 November 2023
With the ever-evolving landscape of financial technology, consumer lending has never been more accessible and efficient – in large part, due to fintech innovation.
With a global consumer credit market size of US$11 billion, rapidly growing middle classes in emerging markets, and economic uncertainty affecting us all, the opportunity for lenders to tap into the consumer need for credit is immense.
Competition is stiff, so consumers have the luxury of choice for their lending products – it’s up to lenders to provide fast approvals and simplified processes to reduce abandonment and improve customer experience and competitive advantage. With ever-changing regulations and economic conditions, they must also be ready to pivot at a moment’s notice.
Consumer lending innovation is happening on a global scale. From financial inclusion to the evolution of BNPL, fintechs are offering new channels for consumers to access credit, moving away from credit scores and creating new credit models. And with economic uncertainty affecting us all, the space is ripe for innovation.
These fintechs that are doing just that – moving the industry forward with innovation across auto lending, BNPL, credit cards, mortgages, and retail POS.
As access to consumer credit increases around the world, both fintechs and traditional financial service providers will need to leverage the right technology to provide it. Between stark competition, evolving regulation, and an unpredictable global economy, consumer lending can be a difficult space to thrive within.
But the secret to consumer lending success isn’t hard to find if one knows where to look. But first, lenders need to understand the needs of the consumers that they are serving.
Change in consumer demand? Market volatility on the rise? Competition getting stronger? These challenges are no match for consumer lenders that embrace the next generation of lending tech.
No matter the idea or use case, lenders need a technology partner that thinks like them. Future-proof your organisation’s consumer lending strategy and launch new products with a data and decisioning ecosystem that manages risk, to be able to focus on what matters most: serving customers in new, disruptive ways.
Read Provenir’s e-book, The Secret to Consumer Lending Success to discover how lenders can overcome any lending challenge with a robust credit risk decisioning platform that grants access to both alternative and traditional data sources through a single API.
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