Latest research sheds light on Canada’s top fintech lending trends for 2023

Smarter Loans is pleased to release the Canadian FinTech Lending Study 2023. This research examines the current state and future trends of FinTech lending.

TORONTO, ONTARIO, CANADA, April 13, 2023 /EINPresswire.com/ — Smarter Loans, a leading online comparison platform for financial products and services, is pleased to announce the launch of the Canadian FinTech Lending Study 2023. This comprehensive research examines the current state and future trends in the Canadian FinTech lending industry.

The study, which is based on a survey of 2,393 Canadian fintech lending customers, covers a wide range of topics, including the current state of the FinTech lending market in Canada, the impact of COVID-19 on the industry, the competitive landscape and outlook for the future.

Some of the topics covered include:

– Canadian public view of their economic situation going forward
– What has changed in how people manage their budget and finances
– How borrowers discover and choose lenders online
– Which social media platforms are most popular among borrowers
– What all the best lenders have in common
– Where the industry could need the most improvement
– Real impact of the latest technology on lenders’ success
– And much more

The FinTech lending market in Canada is growing rapidly, driven by increasing demand for fast, convenient and accessible financing solutions. The study also found that FinTech lenders are well positioned to serve underserved segments of the market, such as small businesses and individuals with poor credit histories.

Commenting on the release of the study, Smarter Loans CEO Vlad Sherbatov said: “We are excited to release the Canadian FinTech Lending Study 2023, which provides valuable insight into the rapidly evolving FinTech lending industry in Canada. We hope that this study will help inform and guide the decisions of the industry’s stakeholders, and contribute to the industry’s growth and success.”

Key statistics and highlights from the 2023 FinTech Lending Study:

– The overall rating for the Canadian loan industry is 3.4 out of 5, the same as last year. 91% of those who gave the industry a perfect five out of five say they felt they had enough information about the supplier’s products, services, interest rates and reputation.

– Canadians continue to migrate their personal finances online, with 69% saying they manage more of their personal finances using digital tools than they did 12 months ago. This appears to be the trend for financial service areas such as: Personal loans and commercial financing, mortgages and home equity loans.

– 29% of Canadians intend to manage financial uncertainty by borrowing, but survey results suggest that Canadians struggle a bit more with securing loans.

– 83% of respondents expect their capital needs to increase over the next 12 months. To deal with these challenges, the majority of respondents (57%) intend to focus on savings, and approximately half (49%) will put more effort into budgeting.

– Online search continues to be the primary method for discovering and researching various financial products, but social media is having a greater impact on Canadians’ purchasing habits when it comes to FinTech products.

– Facebook is still the most popular online platform among borrowers, but online habits are very dependent on age.

– 61% of customers are also much more likely to choose a loan provider that offers informative videos about their products, services and the company itself.

The full Canadian FinTech Lending Study 2023 is available for download at https://smarter.loans/fintech-lending-canada-study/

About smarter loans

Smarter Loans is Canada’s online loan comparison platform for personal and business financing. Smarter Loans’ loan search engine gives Canadians fast, convenient and secure access to the best loans, credit cards and mortgage rates from the best Canadian lenders. Smarter Loans is committed to empowering Canadians to make smarter financial decisions and achieve their financial goals.

[VIDEO]: See the 2023 FinTech Lending Study in video format here

Get access to the entire research study

Video format:

For the first time ever, the Canada FinTech Lending Study is available in video format. To view the video version of the study, visit: Canada FinTech Lending Study 2023 Video

PDF Download:

To download the full study in PDF format, follow this link: Canadian Fintech Lending Study 2023 by Smarter Loans

Thank you to our industry partners for supporting our research and contributing to the growth of the fintech industry.

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Canadian FinTech Lending Study 2023 by Smarter Loans: Latest trends and insights for lenders