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Millennials + gen Z = a huge market
Shaw and Partners senior analyst Danny Younis reckons non-bank lenders have a big advantage with younger consumers.
“Millennials and generation Z are less likely to use cash these days. They’re less likely to use credit cards these days,” he said in the podcast.
“And they’re very distrustful of the big four banks.”
This factor gives Wizr a massive total addressable market (TAM) lending just in this country.
“The market is huge. Right now the TAM is $100 billion in Australia,” said Younis.
“And a big chunk of that is credit cards… Credit card debt in Australia is running at about $40 billion. That is a huge issue.”
Non-bank sees loan originations rise 17% qoq
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A non-bank lender has reported that its loan originations grew 17 per cent in the quarter ending 31 March 2021, up 17 per cent on the previous quarter and 151 per cent on the same period last year.
Personal lender Wisr has announced that it saw $97.8 million in loan originations for the quarter ending 31 March 2021 (Q3FY21), a 17 per cent increase on Q2FY21 and a 151 per cent increase on Q3FY20 (during peak COVID-19).
The lender, which provides unsecured loans of up to $63,000, noted that it has now recorded 19 consecutive quarters of growth, with its total loan originations now at $488.3 million.