Online Lending Going Strong in Australia
As the cloud-based, end-to-end lending platform delivering innovation to the global financial community around the world we are privy to FinTech trends others are not. This past quarter we find the online lending industry gathering steam in Australia. While our new clients are not yet ready to launch publicly, we are proud to share that we are working with several marketplace and online lenders in Australia that are going through the implementation process and should be open for business in a few months.According to the Morgan Stanley Blue Papers 2015, there is an opportunity for P2P lending to establish a meaningful presence in Australia due to high online/mobile banking penetration, growing margins and high returns in unsecured lending. Marketplace lending will get even more of a boost from this. Consequently, it is predicted that there will be rapid growth in Australia in the coming years to $12.3 billion by 2020. Our client, Harmoney, Australasian’s largest and fastest growing peer-to-peer lending marketplace, is also getting ready to launch in Australia in the near future.These clients have all decided to buy a lending platform instead of building their own – and there are so many good reasons for this! Our new marketplace and AltFi lenders don’t consider themselves as banks or finance companies, but rather technology-enabled financial platforms that provide quick and easy solutions to borrowers as well as lenders. This mindset enables them to break free from legacy systems. As technology-enabled companies, they consider it their top priority to have a software solution that enables them to meet the requirements of borrowers and lenders and stay ahead of the curve. There are key success factors that any lending platform must deliver to attract both borrowers and investors. If you are interested in more on this topic, download this ebook on how online lenders can get to market in just 90 days.