The numbers say that people’s trust in the future is still solid: for p2p lending it is an important opportunity to intercept above all the requests of Millenials, who prefer digital channels and agile formulas
Italy of credit has two speeds
If loans to businesses continue to lose ground – according to Cream Bank, 50 billion less have been disbursed to SMEs in the last twelve months – loans to people mark the record of the last seven years. This was stated by the Crif Barometer updated to the first quarter 2019 and relating to requests for loans from families Italian (in the aggregate of payday loans and finalized loans, or those accessed at retailers of goods or services in order to defer the purchase price). On average, requests showed an increase of 11.5% year on year. Not only that: in March the highest number of requests was recorded in absolute terms from 2012 to today.
But it is not the only positive news
The average amount requested (+ 1.8%) also increased between January and March with an average unit value of 9,925 dollars and above 10 thousand if the only in March. payday loans drove the trend, marking an average of 13,052 against the 7,202 dollars of the finalized loans. The distribution by amount range also shows a shift in requests towards higher values: + 0.6% for loans above 10 thousand dollars while retracing those below 5 thousand (-0.8%), which however remains the wider gathering 42% of total requests. While 20.3% is concentrated in the range between 5 and 10 thousand and 24.6% between 10 and 20 thousand dollars.
All numbers that draw a scenario in which consumer confidence is still high, despite the weakening of the economy signaled by all the main indicators and alarms launched by the OECD and the IMF. And they also project a rosy light on the prospects of p2p lending, which is an alternative to traditional forms of consumer credit provision.
But let’s go back to the numbers
As for the duration of the loans, the preferred one is the class over 5 years, with 28.2% of the total and an increase year on year of 1.1% points. On the contrary, there is a new contraction for the class with a duration of less than 12 months, which passes to 14.5% of the total. A last significant change is the increase in the share of requests from under 35s which account for 22.7% of the total, having almost reached the 45- 54 age group which covers 25.3% of the total, followed by that between 35 and 44 years old , with 22.5%. An absolute relevant figure because it confirms the increasingly massive entry of Millenials into the world of finance, with the whole revolution on the supply front that this entry represents.
According to the Millenial Disruption Index, over half of the Millenials believe that their bank offers no added value compared to other banks and one out of three he declares himself ready to change institutes also in the immediate future. More: 33% say that they will not even need a bank in the future and 73% consider more interesting services offered by Google, Amazon, Apple, PayPal. In short, everything seems to favor FinTech in the near future.