Consumer Lending Trends 2024

How Financial Institutions Can Eliminate Customer Roadblocks and Win Back Share From Nonbanks

Key US consumer groups feel shut out from traditional lending practices and are turning toward more accessible products offered by nonbank competitors. Understanding what’s causing them to look elsewhere can help traditional financial institutions (FIs) boost lending sales and prevent customer attrition.

Key Question: How can traditional FIs attract new lending customers and reengage existing customers to prevent outflows to nonbank competitors?

Key Stat: Loan growth at US banks has slowed in the past few years, with lending at large banks declining early this year, per the Federal Reserve Banks. Nonbank competitors continue to sweep up a growing share of the market.

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Table of Contents

  1. Executive Summary
  2. US FIs face a sluggish lending market, while nonbank competitors secure a growing share of customers
  3. Nonbanks have capitalized on the changing mortgage environment, while some banks exited the business
  1. Young consumers have gravitated toward alternative lending solutions
  2. Outdated lending criteria and application processes prevent customers from seeking loans from FIs
  3. Sources
  1. Media Gallery

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Lauren Ashcraft


Suzy Davidkhanian
VP, Content
Tiffani Montez
Amy Rotondo