#MakeLendingWork: Blog

 Our insights are dedicated to the hottest topics in the lending industry and role of technology in transforming lending journeys. 

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Facts about Open Banking

1. Around 39% of customers leave a website and buy from a competitor after being inundated with options. Hyper-personalisation helps to solve this by providing customers with only those options that are suited to their needs. (Deloitte)

2. The number of open banking payments made has grown from 320,000 in 2018, to over 3.4 million in 2020. (Finextra)

3. 50% of small businesses only consider one lender when seeking a loan, with 25% of them put off from ‘shopping around’ by arduous and frustrating application processes. (Finextra)

4. New research shows that more than one in three (36%) of younger millennials (1824) chose to borrow from an alternative lender in 2019. (Credit-connect)

5. 64% would be likely to consider an alternative lender over a traditional bank next time they need to borrow money. (Credit-connect)

6. 60% polled in the Equiniti research would be willing to share their bank account transaction data to an authorised third party in exchange for a better more personalised mortgage rate. (Credit-connect)

7. 6.3 million adults In the UK have a personal loan. (Statista)

8. Almost 60% of respondents had taken out a personal loan between five and twenty thousand British pounds. Only 3% of respondents had taken out a personal loan under one thousand British pounds. (Statista)

9. The average amount of personal loans in a UK household grew by more than 1,000 British pounds between 2014 and 2019. (Statista)

10. The UK personal loans industry contributes around £23 billion to the UK economy every year. (TSB)

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