The Internet has become a place where we can do practically everything, including matters related to our finances.
We use banking and loan services more and more often via the network. Research carried out in the middle of last year by Poll Survey shows that in the last 10 years the number of people using online banking has doubled. 6 out of 10 network users use bank websites.
In turn, a survey carried out last year by DGP and Assess indicates that half of the bank customers go to the branch no more than twice a year. Does this mean that we are slowly becoming convinced of modern forms of customer service?
Bank branches are a thing of the past
Bankers have noticed this trend. They are starting to consider the possibility of changing the services offered by the facilities. Over time, banking branches will be mainly focused on specialized consulting related to investment and mortgage products. Standard products such as low-value cash loans will be available mainly via the internet. We can already see changes in our market.
More and more young people, in need of additional funds, first check available options online, by browsing online forums, installment loan rankings, payday loan rankings and loan rankings. Online loans are a convenient way for us to finance needs in the absence of own funds.
Online loans as an alternative to traditional loans
Banks often force clients to visit branches to provide documents confirming the data entered e.g. in the loan application. That is why many of us who need a small amount choose banking institutions.
A short online request and quick response, even within 15 minutes, are expectations that many banks are unable to meet. The market also shows decreasing consumer confidence in the banking sector, while the increase in confidence is recorded by the non-banking market.
The possibility of borrowing money completely free is another argument for which many people choose non-bank institutions. Until now, only payday loans, i.e. short-term loans, were granted free of charge after about 30 days. Currently, some loan institutions have begun extending the repayment periods of free loans. At Fine Bank, we can apply for up to $ 1,500 with the option of repayment in two monthly installments.
On the other hand, Circle Lending offers a payday of 1500 dollars for two months for a symbolic 10 dollars. The new Best Loan promotion also allows you to repay your liability in two installments, all you have to do is pay half your debt within the first 30 days. In banks, even taking a short-term cash loan we have to cover fees such as commission, interest rates, and insurance.
Banks are more and more seriously looking at competition from loan companies and in the near future plan to create offers that may become competitive for the surrounding banking market. At the moment, however, banking papyrology and the increasing costs are visible obstacles in achieving this goal.