Free whitepaper: The Global Lending Report

For the past sixty years, there has been a continuous evolutionary shift in the buying behaviours of customers across the globe. In some parts of the world, we’re already seeing cashless societies form and prosper. That evolution is not exclusive to cash alone – we’re also seeing the world of lending change and evolve with it.

One of the primary purposes of a bank is to lend money, and they have primarily been doing so via credit and debit cards with an overdraft. However, the credit card’s crown is slipping in popularity as consumers shun revolving debt, and increasingly favour transparency and flexibility with finance. The payments landscape is one of the fastest moving and innovative sectors, so it can be as complex as it is fascinating as it continues to evolve.

Banks and lenders are facing a disruptive landscape. Consumer demands are sky high and they expect flexible financial products that are highly customised and easily accessible. This brings great opportunities for lenders to offer a range of loan products, including point of purchase (PoS) loans that are well-suited to a retail environment where consumers want a frictionless experience. But at the same time, lenders face the challenge of new market entrants, who can quickly develop and launch financial products through digital platforms that offer consumers speed and ease of access.