Community Lenders’ Answer to Alternative Data/Analytics: We’re On It
Report Summary
Community Lenders’ Answer to Alternative Data/Analytics: We’re On It
Lenders of all sizes are committed to the use of alternative data/analytics to compete for new borrowers.
Boston, November 1, 2017 – Consumers are borrowing again, and retail finance balances are on the rise—as are interest rates. Lenders are seeing profitable opportunity in this and in the promise of deregulation, and lenders’ budgets for data and analytics to help in the search for new loan customers are increasing. Many U.S. lenders are exploring the promise of alternative data and newly emerging analytics and tools, but what are the perspectives of financial institutions with smaller retail loan portfolios?
This research compares the insights shared by top U.S. lenders with those of community lenders about their adoption of alternative data/analytics. It contains analysis based on a June to August 2017 Aite Group online and in-person survey of 41 executives at U.S. community banks, credit unions, and finance companies. In addition, the report contains analysis from an Aite Group survey of the top 50 U.S. consumer and commercial lending institutions conducted during Q4 2015 and Q1 2016.
This 21-page Impact Note contains 10 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.