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.