If you’re a lender looking to acquire new customers while managing risk more effectively, you’ve probably considered or used some alternative data sources. To better gauge experiences in using alternative data, we recently commissioned Versta Research to conduct a survey of lenders.
The infographic below highlights the major findings of this benchmark report.
Of the 317 lenders surveyed, 71% of respondents said that alternative data provides a more complete view of consumer credit risk. Nearly two-thirds of respondents who are using alternative data saw tangible benefits within the first year—with 56% saying the data is opening new markets for them.
The full survey offers insights into lenders’ responses on topics ranging from financial inclusion, lender benefits, competitive impact, future growth, adoption and barriers to using alternative data.