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Based on 2000 US consumers who are actively looking for a loan this report highlights the growing acceptance of digital lending providers. 

As challenger banks and FinTechs gain more traction with consumers, it is critical for both banks and new players to understand the key drivers behind product choice, channel choice and acquisition overall. 

The US economy is gaining momentum, encouraging consumers’ credit appetite as confidence in their personal economy grows.   Lending growth is highest among millennials aged 25-29, presenting a key digital challenge and opportunity for lenders seeking to capitalize on this increasing consumer demand.

This report will enable both incumbent brands and new market entrants to:

  • Build a winning value proposition around digital lending
  • Understand how to develop and deploy digital assets to retain existing customers and win new ones
  • Understand the key drivers behind both product and channel choice
  • Identify the key use-cases and associated product features that will drive acquisition
  • Understand the balance between service and product that consumers want

Key highlights include:

  • Americans aged between 25-44 are more likely to have used an alternative lender
  • 3 in 10 consumers are considering taking up a loan product with an alternative lender
  • Alternative lender issued loan purposes are typically for debt consolidation, to fund investments, or pay for a vacation
  • Convenience and speed of approval are the key drivers of alternative provider choice
  •  24% would most prefer to apply for a new personal loan via the financial institution’s website vs. 22% at the Financial Institution’s branch and 14% through relationship manager
  • More than half of current alternative lender customers would strongly consider using that lender again in the future


For further information on the report, please contact: Eleanor Page at epage@rfigroup.com