Trust and the future of consumer lending

A white paper by EML and Frollo

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Neo-Lenders to benefit through innovation

Welcome to ‘Trust and the future of consumer lending’ a white paper by Frollo and EML on neo-lenders’ challenges with consumer trust and their unique position to capitalise on innovations in Open Banking, payments and personal finance management to win back that trust.

The white paper paints a comprehensive picture of the challenges and opportunities, and shows why neo-lenders are in such a great position to win the trust of consumers by using innovation to power their positive intentions.

New consumer research

Interviews with industry leaders including, Latitude, humm and Plenti

Innovations in Open Banking

Consumers want lenders to innovate and focus on wellbeing

The research shows that features powered by innovations in Open Banking, payments and personal finance management to build information, prudential and relationship trust are deemed very important by consumers.

Income & Expense verification

The majority of younger people and almost half of all respondents (41%) are looking to share their financial information digitally to get an instant credit decision

Instant access to funds

Getting instant access to funds via a virtual debit card is deemed very important a majority of younger people, with 61% of 18 – 34 year olds rating this of high importance

Emergency buffer

The ability to draw on an emergency buffer by turning a debit into a loan that can be paid off in instalments is popular with more than 50% of the respondents below 50

Volt and AFG Features - Personal Finance Management

Personal Finance Management

Most respondents are looking for lenders to help them manage their money after they’ve taken out the loan. On average, 68% of all respondents rate this of high importance. 79% of 18 – 34 year olds find this very important

Responsible lending

Consumers overwhelmingly value dealing with a lender who ensures you don’t take out a loan you can’t afford, and helps you pay it down after you’ve taken it out. 76% of all respondents rate this of high importance

The only end-to-end Open Banking platform

Open Banking Platform

A modular, end-to-end solution for Data Recipients

Collect

Connect to 90+ banks with an out of the box, customisable consent flow, data sharing dashboard and advanced user management portal.

Enrich

Categorise transactions, detect bills, classify merchants and verify income with market leading accuracy.

Experience

Plug & Play access to Open banking powered solutions for lending, personal finance management and customer onboarding.

Want to learn more about Open Banking?

Access our collection of blogs, reports, media and other reference materials.

Download Trust and the future of consumer lending