Key regions: United Kingdom, United States, China, Brazil, Australia
The Marketplace Lending (Consumer) market in CIS is experiencing significant growth and development, driven by changing customer preferences, emerging trends in the market, and local special circumstances.
Customer preferences: Consumers in CIS countries are increasingly turning to marketplace lending as a convenient and accessible way to borrow money. This is driven by a growing preference for digital services and a desire for quick and easy access to credit. Marketplace lending platforms offer a streamlined application process, faster approval times, and competitive interest rates, making them an attractive option for borrowers. Additionally, the ability to compare loan offers from multiple lenders on a single platform provides consumers with greater choice and transparency, further fueling the demand for marketplace lending.
Trends in the market: One of the key trends in the Marketplace Lending (Consumer) market in CIS is the rise of peer-to-peer lending platforms. These platforms connect individual lenders with borrowers, cutting out traditional financial intermediaries such as banks. This allows for lower borrowing costs for consumers and higher returns for lenders. Peer-to-peer lending has gained traction in CIS countries due to the lack of access to traditional banking services for many individuals, as well as the potential for higher returns compared to traditional savings accounts. As a result, we are seeing the emergence of a vibrant peer-to-peer lending ecosystem in the region. Another trend in the market is the increasing adoption of alternative credit scoring models. Traditional credit scoring methods, which rely heavily on credit history and collateral, may exclude a significant portion of the population from accessing credit. Marketplace lending platforms in CIS countries are leveraging alternative data sources, such as social media profiles, mobile phone usage, and utility bill payments, to assess the creditworthiness of borrowers. This enables a broader range of individuals to access credit and contributes to the growth of the marketplace lending market in the region.
Local special circumstances: The Marketplace Lending (Consumer) market in CIS is also influenced by local special circumstances. The region has a large unbanked population, with many individuals lacking access to traditional banking services. This creates a significant market opportunity for marketplace lending platforms to fill the gap and provide financial services to underserved consumers. Additionally, the high interest rates charged by traditional banks in some CIS countries make marketplace lending a more affordable alternative for borrowers.
Underlying macroeconomic factors: The development of the Marketplace Lending (Consumer) market in CIS is also supported by underlying macroeconomic factors. The region has experienced steady economic growth in recent years, which has increased disposable incomes and consumer spending power. This, in turn, has contributed to the demand for credit and the growth of the marketplace lending market. Furthermore, the digitalization of the economy and the increasing penetration of smartphones and internet access have created an enabling environment for marketplace lending platforms to thrive. In conclusion, the Marketplace Lending (Consumer) market in CIS is experiencing rapid growth and development, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The rise of peer-to-peer lending platforms, the adoption of alternative credit scoring models, the large unbanked population, and the steady economic growth in the region are all contributing to the expansion of the marketplace lending market in CIS countries.
Data coverage:
The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
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