Mitek and Autonomous NEXT analyse European digital lending landscape

Mitek and Autonomous NEXT analyse European digital lending landscape

Mitek and Autonomous NEXT analyse European digital lending landscape

Global identify verification provider Mitek Systems and Autonomous NEXT, which provides interconnected and independent insights on financial digitisation, have turned their minds to overviewing the threats and opportunities that online alternative finance is facing, and the scope of its influence in Europe. 
While the insight highlights the UK as leading investment into digital lending, the Netherlands has also benefitted from strong digital banking offerings despite its relatively smaller size and lower venture capital figures. Of the top 50 global banks who responded, a mere 9% offered consumer loans at point of sale (digitally via an app), which is an area tech giants have already begun moving in on by tabling credit-as-a-feature as a target offering.
With the UK taking up just shy of three quarters of marketplace lending, the insight reveals huge opportunities for continental lenders amidst confusion surrounding Brexit. However, the regulatory landscape remains uncertain as P2P lending legality is fragmented across the continental front.
The staggering potential for digital lenders is uncovered as KYC checks are an estimated 40-70% lower than traditional banking rivals, and the approval lag time being between 1-10 minutes compared to 2-6 weeks.
The full report, including use cases of digital lenders taking advantage of operational efficiencies and their realised benefits, can be found here.

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