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The 5th annual research study gathered feedback from over 2,300 Canadian fintech lending customers.
Here are just a few insights from the research:
Download the full research study today for complete stats, graphs and commentary.
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The Smarter Loans Fintech Lending Canada Study 2022 provides an in-depth analysis of the fintech lending landscape in Canada, including key trends, challenges, and opportunities. Based on a survey of over 1,500 borrowers and more than 70 lenders, as well as interviews with industry experts, the report offers valuable insights into the use of fintech lending by borrowers and the strategies employed by lenders to manage risk and drive growth.
The study shows that fintech lending continues to grow in popularity in Canada, with more borrowers turning to online platforms for their financing needs. The research shows that fintech lending is widely used by borrowers for both personal and business purposes, with small and medium-sized businesses being a key target market for fintech lenders. The report also highlights the importance of advanced analytics and machine learning in the fintech lending industry, enabling lenders to assess creditworthiness and manage risk more effectively.
Despite the growth of fintech lending, the report notes that the industry faces several challenges, including regulatory uncertainty and the need to build trust with borrowers who may be unfamiliar with online lending platforms. However, fintech lenders are finding ways to overcome these challenges by partnering with traditional banks or other financial institutions to expand their reach and provide a broader range of services to borrowers.
Overall, the study suggests that the fintech lending industry in Canada is well-positioned for continued growth in the coming years, driven by the ongoing demand for fast, flexible, and accessible financing solutions from businesses and individuals.