The poster child of the fintech vs banking landscape is lending and securing loans. Where consumers would normally have to go to a financial institution in person, fill out a loan application, and wait for a credit check, fintech disruptors have taken over the lending landscape with simple digital lending. Users have unparalleled access to funds through very simple applications that they can complete from their couch. With new innovations in data profiling and sharing, previous data users have shared can be used to further increase the speed of digital lending.
In 2018 the global digital lending market size was just over $4 billion, and by 2025 GM Insights expect it to grow to over $17 billion. Driven by the convenience and speed of fintech platforms, digital lending is accomplishing things that financial institutions can’t without significant restructuring. The rush isn’t only from consumers either, SMEs are also singing the praise of decreased wait times and shorter applications for funding.
In 2020, as digital lending continues to expand, users will demand similar improvements as they do for the payments industry. They want to see faster approval times and access to funds wherever they may be. While face to face interactions are still valuable, lending consumers are looking to remove the middleman and keep the ball rolling. To keep up with consumer’s needs, top fintech companies and banks alike will need experts in Digital Channel Operations, Digital Product Marketing, and both Consumer and Small Business lending.
If you’re looking to add the best fintech talent to your team and capitalize on 2020’s biggest trends, Martin Executive Recruiting has the expertise and network to connect you with your ideal hire. Get in touch today and learn what we can do for you.