At LEND360 earlier this month, we released Surveying Fintech: Understanding the Leaders in Financial Technology, a report detailing the findings from a survey of financial technology executives to better understand the thoughts and perspectives of those who lead the industry.
The report includes responses from 53 top executives in the online lending industry. Among the respondents, 20 were lenders and 33 were service providers and vendors, including payment processors, credit bureaus, and more. Among the lenders, seventeen provided installment loans, seven provided line-of-credit products, two provided earned wage access products, three provided single-pay products, and two provided commercial loans.
One of the report’s key findings was that the majority of fintech leaders are optimistic about the industry’s future over the next 12 months.
“The fintech industry’s prospects in the upcoming 12 months are promising due to increased digital adoption, technological advancements, focus on financial inclusion, evolving regulations, robust investments, expansion opportunities, and the rise of niche solutions, neobanks, and decentralized finance (DeFi),” said the CEO of one alternative lender. “Consumer demand and infrastructure development further propel its potential.”
13% of respondents took a pessimistic view, though, with nine percent somewhat pessimistic and four percent very pessimistic. Those in this camp expressed concerns about credit quality, bad legislation, and regulatory burdens.
When fintech leaders from lending companies were asked about their most important objectives in 2024, many stated that their main objectives were to increase loan volume, improve loan productivity, and create new products or services.
