Financial institutions are vying with nonbanks for customers in a sluggish lending market. Updating their marketing, lending, and product strategies can help attract and keep customers, slowing the outflow to nonbank lenders.
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
Executive Summary
US FIs face a sluggish lending market, while nonbank competitors secure a growing share of customers
Nonbanks have capitalized on the changing mortgage environment, while some banks exited the business
Young consumers have gravitated toward alternative lending solutions
Outdated lending criteria and application processes prevent customers from seeking loans from FIs
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