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Marketplace Lending (Consumer) - Finland

Finland

The country in Finland is projected to reach a total transaction value of US$36.06m in the MarketMarketplace Lending (Consumer) market market by 2024.
When comparing globally, it is noteworthy that the United States is expected to have the highest transaction value, reaching US$27,720m in the same year.
Key Market Indicators offer a comprehensive view of the social and economic landscape of Finland, shedding light on market-specific trends.
These indicators, coupled with information from statistical agencies, trade groups, and businesses, form the basis for Statista's market forecasts.
Finland's Marketplace Lending sector is seeing increased interest from consumers seeking alternative capital raising options amidst traditional banking challenges.

Key regions: United Kingdom, United States, China, Brazil, Australia

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Analyst Opinion

The Marketplace Lending (Consumer) market in Finland has been experiencing significant growth in recent years.

Customer preferences: One of the key reasons for the growth of the Marketplace Lending (Consumer) market in Finland is the changing preferences of consumers. Traditional banking services have become less attractive to many consumers due to their cumbersome processes and stringent lending criteria. As a result, consumers are increasingly turning to online platforms that offer quick and convenient access to credit. The Marketplace Lending (Consumer) market in Finland has been able to capitalize on this shift in consumer preferences by providing a streamlined and user-friendly lending experience.

Trends in the market: One of the major trends in the Marketplace Lending (Consumer) market in Finland is the increasing use of technology and data analytics to assess creditworthiness. Online platforms are leveraging advanced algorithms and machine learning techniques to analyze vast amounts of data and make accurate lending decisions. This has enabled lenders to provide loans to a wider range of borrowers, including those with limited credit history. As a result, the Marketplace Lending (Consumer) market in Finland has been able to reach a larger customer base and expand its lending activities. Another trend in the Marketplace Lending (Consumer) market in Finland is the emergence of peer-to-peer lending platforms. These platforms connect borrowers directly with individual investors, eliminating the need for traditional financial intermediaries. Peer-to-peer lending has gained popularity among both borrowers and investors due to its transparency, lower costs, and potentially higher returns. The Marketplace Lending (Consumer) market in Finland has witnessed a growing number of peer-to-peer lending platforms, providing borrowers with alternative financing options and investors with new investment opportunities.

Local special circumstances: Finland has a highly developed digital infrastructure, which has facilitated the growth of the Marketplace Lending (Consumer) market. The country has one of the highest internet penetration rates in Europe, and the majority of the population has access to high-speed internet. This has created a conducive environment for online lending platforms to operate and attract customers. Additionally, the Finnish government has been supportive of the fintech industry, implementing policies and regulations that promote innovation and competition in the financial sector.

Underlying macroeconomic factors: The Marketplace Lending (Consumer) market in Finland has also been influenced by underlying macroeconomic factors. The country has experienced stable economic growth in recent years, with low unemployment rates and increasing disposable incomes. This has resulted in a growing demand for credit, as consumers seek to finance their consumption and investment needs. The Marketplace Lending (Consumer) market has been able to meet this demand by offering flexible and accessible loan products. In conclusion, the Marketplace Lending (Consumer) market in Finland has been growing rapidly, driven by changing customer preferences, technological advancements, and favorable local circumstances. The market is expected to continue its upward trajectory as more consumers embrace online lending platforms and as technology continues to evolve.

Methodology

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.