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Increased Innovation in Consumer Lending Expected for 2021

Research and Markets
·2-min read

Dublin, Feb. 22, 2021 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the consumer lending industry "Increased Innovation in Consumer Lending Expected for 2021"

2020 saw a rise in new entrants to the consumer lending market from big tech, fintech startups and other nontraditional lenders. As a result, it is expected that 2021 will see increased innovation in the consumer lending space. Industry trade associations, such as the Community Financial Services Association of America (CFSA) and the Online Lenders Alliance (OLA) have advised lenders to provide flexibility to consumers who are struggling as a result of the pandemic. Federal regulators also relaxed rules issued in 2013, allowing banks to provide small-dollar loans.

This could create opportunities for financial institutions to offer new, more flexible loan products to their customers. In October, Bank of America (BofA) announced a new short-term loan program called Balance Assist which allows customers who have had a checking account for at least a year to borrow up to $500 for a flat fee. BofA launched Balance Assist in selected states in January 2021 with plans to launch in other states later in 2021. Auto loans are expected to remain a strong source of revenue in 2021. 2020 saw a growth in high quality loans as a result of borrowers taking advantage of captive finance offerings provided through automotive dealerships.

The article on ResearchAndMarkets.com contains a selection of reports on consumer lending such as:

  • Consumer Lending Revenues World Report & Database

  • Consumer Lending in the US

  • Lending and Payments Global Market Report 2021: COVID-19 Impact and Recovery to 2030

To see the full article and a list of related reports on the market, visit "Increased Innovation in Consumer Lending Expected for 2021"

About ResearchAndMarkets.com
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