According to The Global Lending Report, across the world, lenders are finding complex legacy infrastructures a challenge. Globally, lenders are planning to invest anywhere between $7-45m in IT infrastructure in the next twelve months, with the US topping the charts.
However, the same research found that a third of lenders cited difficulty maintaining IT infrastructure as the single biggest challenge they face.
Challenges with IT mean that lenders may be losing ground to their competitors and disruptors when it comes to bringing new-customer offerings to market. Managing a bespoke, instant financing platform is niche and expensive.