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Legacy IT Systems Lose U.S. Lenders $407 Million Every Year, Reveals New Divido Research
Divido, the multinational white label platform for point-of-purchase lending, has today released the findings of its latest research, The Global Lending Report. The report provides insights and trends into the future of the global point-of-sale lending market. Divido surveyed senior decision-makers in the banking/lending space across seven different regions, including the U.S., U.K., Germany, France, Spain, Italy and the Nordics.
Point-of-sale finance is booming
Fuelled by consumer push-back on credit cards and a desire to have more flexibility when it comes to spending, the average U.S. lender estimates point-of-purchase finance will be worth almost $407 million to their individual business over the next 12 months.
Alongside this, U.S. lenders are set to invest an average of $45 million each into their point-of-purchase IT infrastructure over the next year. Across the seven markets, investment into point-of-sale finance is a priority for lenders, with two-thirds planning to invest between $1-500 million in this space over the next 12 months.
The wounds from failed projects are still fresh
Lack of appetite for investment following previous failed legacy IT projects remains a major concern, with 54% of U.S. lenders ranking it as the biggest challenge when it comes to delivering payments technology. Alongside this, in the last 12 months, IT projects for lenders in the U.S. ran over budget on average by $11.7 million.
“Banks are in a tough place. They’re facing competition from multiple directions but can be held back by increasingly expensive legacy systems that limit product development in-house,” said Christer Holloman, CEO and co-founder, Divido. “There is another option, banks can look to use third party fintech companies to release the increasing pressure on internal legacy IT resources. By doing this, they can safely turn their attention to focus on more timely core business issues, such as defending market positioning, addressing regulatory changes and winning new deals.”
Concern around new fintech players
New entrants are a top concern for 75% of lenders. No lenders agreed that they are confident about their ability to compete with these new market entrants, with 32% highlighting the ease at which new entrants can integrate with other businesses’ IT infrastructures, as their biggest concern.
That said, global collaboration among lenders and fintechs is firmly on the rise, with two-thirds stating that would consider partnering with a third party platform provider to deliver services to consumers.
Divido’s lending platform is quick to integrate with, works in multiple markets and with multiple lenders. It is currently available in the U.S, UK, Germany, France, Spain, Italy, and the Nordics.
To read the full report and access the different market guides, including the U.S. one, please go to The Global Lending Report.
Methodology
The Global Lending Report is an independent research project, conducted by Coleman Parkes in April and May 2019. It surveys 700 IT decision makers at financial service providers with over 1,000 employees in the U.S., UK, Nordics, Germany, France, Spain and Italy that offer loan and credit services. Represented in the survey are job titles such as CEO, CTO, COO, CIO and IT Director.
SOURCE Divido
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