Majority of loans now originate online

October 23, 2019 | Consumer Lending
Written by FinTech Alliance

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Finance
Majority of loans now originate online

Research by Fiserv has shown that two-thirds of loans over the past two years originated online.

In Brief:

  • Almost two thirds of people who have applied for loans in the past two years do so either partially or fully online.

  • This has been a significant increase since 2018, led by smartphone and tablet use.

  • The survey, entitled Expectations & Experiences, looks at years’ worth of consumer survey data.

What does this mean?

It’s increasingly important for financial products to be available across a range of channels since consumers are looking to access these products through their mobile devices. Choice is key, since consumers will often like to gather all the information they need to make an independent decision online, but may then wish to move to a telephone, video or in-branch conversation.

Read more here.

 

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