Are the big 5 Banks set to lose market share to alternative providers of finance?

In a recent report titled The Changing World of Money, KPMG claimed the UK’s big five banks could lose over 10 per cent of their market share to alternative finance by 2020.

 

This assumes that new providers (both old and new brands) will utilise new, often web-based technology, to create leaner operations that are both cheaper to operate and customer centric, but importantly very fast. The digital loan. They will also not carry the baggage and associated overheads of a cash based business operating across multi-financial disciplines from high street bricks and mortar edifices. Read More

Over 1.3 million people will consider borrowing from a ‘loan shark’ this year

Survey reveals a worrying trend now that payday lenders have been regulated 

Guarantor Loan specialist LendFair commissioned a survey which reveals that over 1.3 million adults in the UK will use or be tempted to use a loan shark in the next 10 months and this figure is expected to rise now that new regulations are in place for pay day lending. The survey was designed to highlight borrowing habits across the UK but unearthed a number of unexpected facts that include the following:
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