There is a demographic trend happening today that no one is really talking about. It is a trend that will...
Today, Pave, an online lending platform, announced a large investment commitment of $300 million on the Pave platform. Seer Capital will provide...
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[Editor’s note: This is a guest post from Biz2Credit. Biz2Credit is a Bronze Sponsor at LendIt USA 2016, which will take...
In an article from The Financial Brand they highlight the opportunity for banks and credit unions as millennials reach adulthood, warning that failing to crack the "millennial code" of what makes millennials unique may be fatal to lending opportunities; there are many promising statistics including an estimated 86 million potential millennial customers; according to the US Census Bureau, by 2028 millennials will become the majority of peak and legacy profit groups. Source
Big banks like J.P. Morgan Chase and Wells Fargo have developed new mobile only banking apps in an effort to attract younger customers; “It’s about helping people start in banking and doing it in the way that fits their lifestyle,” said Steve Ellis, executive vice president and head of the Wells Fargo Innovation Group, to Business Insider; the banks are looking to get users at a younger age then keep them over the lifetime with additional product offerings; focusing on the consumer experience and new technology will help the banks to claw back some of the market that fintech companies have taken. Source.
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[Editor’s note: This is a guest post from Joshua Schnoll, Director, Product Marketing at FICO. FICO is a bronze sponsor and will be...
Backed is a new marketplace lending platform that launched in September 2015. Although there are many other young companies in the...
There was an article published in American Banker yesterday titled, Bank Branches Don’t Die, They Evolve. For those who don’t...
Online lending appears to be driving increased personal loan borrowing from millennials; data from TransUnion says 4.33% of millennials obtained a personal loan in 2015 and online lenders accounted for approximately 30% of the personal loan market last year; TransUnion also reports that millennials are more conservative about credit card debt with two fewer cards on average than the previous generation. Source
A new report from Equiniti found that 30 percent of millennials borrowed more than $1300 in the past year; borrowing has increased by 17 percent since 2015; 44 percent prefer to search for a loan on their phones and 47 percent said they would be willing to borrow from an unfamiliar lender; this is clearly encouraging for fintech firms but also shows challenges remain as millennials look for the cheapest, quickest way for funds. Source.