TORONTO, Jan. 25, 2022 /CNW/ - According to Smarter Loans' Canada FinTech Lending Study 2022, which gathered the feedback of 2,462 Canadian fintech lending customers, the demand for digitally accessible financial products in Canada continues to grow at a fast pace.
FinTech Lending Trending Up
The 4th annual research study by Smarter Loans, published on January 25, 2022, reveals growth and maturation in the FinTech lending sector, evidenced by:
More new entrants entering the market (60+ lenders now accessible on Smarter Loans)
More comparison shopping and self-education by borrowers, who increasingly consume videos and social media to make financial decisions
Loans are getting faster with over 50% of personal loans issued the same day that the application was completed
Greater trust and overall product satisfaction in the industry, compared to prior years
Key Stats & Highlights from the 2022 FinTech Lending Study:
Overall rating for the Canadian lending industry is 3.4/5 , up from 3.3/5 in 2020
Online search continues to be the primary method of discovery and research of various financial products, but social media is having a larger impact on Canadians' buying habits when it comes to FinTech products.
Facebook and YouTube are standing out as the most popular platforms across all age groups, and Instagram and TikTok are emerging as key sources of information for younger customers.
60% of customers are also much more likely to choose a loan provider that offers informative videos about their products, services and the company itself.
Loan seekers are more likely to receive their funds the same day they applied than in any year previous, with 53% receiving funds within 24 hours, suggesting that same-day-funding is becoming a standard in the industry.
This year borrowers were most concerned with the provider's interest rates and loan terms, with 40% ranking it as their top priority.
Overall, 85% of Canadians agree or strongly agree that they feel informed about the various options available to them, representing the highest proportion seen in all four years of this study.
Finance Going (More) Digital:
The pandemic has inspired more Canadians to move their financial habits online, with nearly 70% saying they manage more of their finances online now than they did 12 months prior.
Consumers seeking financial products have shown a strong willingness & ability to transact digitally. This appears to be the trend for financial services areas such as:
Banking: Everyday banking such as chequing and savings accounts
Insurance: Including life, home, auto and business insurance
Investing: trading apps, real estate, stocks, mutual funds & crypto.
Access the Full Research Study
For the first time ever, the Canada FinTech Lending Study is available in video format. To watch the video version of the study please visit: Canada FinTech Lending Study 2022 Video
To download the complete study in PDF format, please follow this link: Canadian Fintech Lending Study 2022 by Smarter Loans
Thank you to the following industry partners for supporting our research & contributing to thee growth of the fintech industry: Canadian Lenders Association, OnDeck, Trust Science, Marble, 2M7 Financial, CreditBook, Boss Insights, Merchant Growth, and EasternLoans
About Smarter Loans: Smarter Loans is Canada's largest loan and financial directory. The company launched in 2016 with a mission to help Canadians make smarter financial decisions. Smarter Loans has profiled over 100 leading financial brands that offer personal and commercial services to Canadians. The website makes it easy to compare products, fees, terms, and other key information needed when deciding about a financial company you want to work with. They work with 60+ loan providers and many more financial brands that offer banking, insurance, accounting, and ecommerce products online.
SOURCE Smarter Loans Inc.
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