The world of consumer finance has on the whole been built by and around the needs of Boomers, Gen Xers and Millennials. However, Gen Z, born between 1997 and 2012, is not to be overlooked as they will make up the majority of banking consumers in the coming decades.
Our own strategic partnership with TransUnion enables us to gain unique insights into market data and trends within the consumer finance market. We decided to take a look at what’s been happening in the personal loans market, and saw that the number of new personal loans issued in the UK between September and November 2022 grew by 5.4% compared to the previous year.
Here at Monevo, we anticipate 2023 will be an interesting year. The world faces its first in 3 years without Covid restrictions, we know the war in Ukraine is set to continue, new regulations come into play, and the world markets try to find a stable playing field. This got us thinking about what the next 12 months will have in store for our industry and spent some time researching thoughts and insights from a wide range of businesses, expert industry commentators and our own network