As Canadians stayed home longer, adoption of fintech products has accelerated dramatically. 71% of respondents indicated that they now manage more of their finances online than 12 months ago.
The 3rd annual research study, published by Smarter Loans on November 24, 2020, reveals that while fintech adoption in some industries is further along than others, there is a general growing willingness in the market for digital financial products, including:
Some of the other highlights from the study include:
- Overall rating for the Canadian lending industry is 3.3/5 , down from 3.4/5 in 2019
- Online search continues to dominate as the primary method of discovery and research of various financial products
- People feel more informed about financial products in 2020 compared to 2019 and 2018
- Time to funding is within 1-2 days for small consumer loans, but much longer for commercial loans and mortgages
- Women more likely to spend longer than men researching and doing more due diligence when approaching financial products online
- Significant differences in customer experience and satisfaction between different provinces and age groups
To view the complete study, please follow this link: State of Fintech Lending in Canada 2020 Study by Smarter Loans
Thank you to: Repay, Fintel Connect, SkyCap Financial, Canadian Lenders Association, and deBanked.
SOURCE Smarter Loans
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