FIs Respond As Experian Shows Fintech Now Has 49.4% of Personal Borrowing

Experian in its Fintech Marketplace Trends report shows that non-bank FinTech’s now have half of the consumer personal loan market, taking this market share from traditional financial institutions.  The $300+ Billion personal loan market is the fastest growing market, growing three times as fast as auto loans and twice as fast as credit card loans.

The reason personal loans are growing so fast is that technology now allows such loans with applications automated in seconds, immediate decision-ing, documents e-signed in minutes, and funding as quick as real-time.  The speed and simplicity make personal loans often a quicker and simpler choice for use for home repairs, used car purchase and other loans rather than traditional LOS loan products like HELOCs and auto loans.

As a result, many FIs ranging from the largest like BVVA Compass, regionals like $13B United Community Bank or local community banks like $300MM HomeBank are offering specialty “express” digital and automated consumer personal loan processes on a mobile device, in addition to their existing traditional LOS, to compete with FinTechs.

FIs of All Sizes Are Implementing Digital Personal Loans Mobile Strategies

MinuteLender® is the leader in customer experience automating an application in 15 seconds, having a loan offer in another 15 seconds, and loan completed in minutes with immediate funding options, all in-branch or out.  The self-service off-the-shelf software allows FIs to provide a superior alternative to Fintech all under their own brand, underwriting, proven compliance and control for loans on their books.