Alternative finance: Where’s my money? Meeting consumer expectations for instant credit.
Rapid online loan approvals and disbursements are core to the proposition of many UK consumer lenders. Customers often need funds to finance emergency or aspirational purchases and the speed with which they receive the money has become a significant competitive benchmark.
However, 40% of lenders see quick delivery of funds as one of the three biggest challenges facing their business. This is one of the lead findings from a survey, commissioned by business payments provider Modulr in partnership with Credit Strategy and the Consumer Credit Trade Association, into the challenges faced by lenders.
The report explores:
- The top business challenges facing lenders
- The issues impacting payment speed and reliability
- The business impacts of payment errors and delays
- Why Open Banking could be a 'game changer' for the industry