The survey by Nostrum, who are a provider of business process outsourcing services and IT solutions to the finance industry, also showed that 57% anticipate growth.
Of those surveyed, 59% believe that alternative financing, such as peer-to-peer lending, guarantor loans and logbooks, will drive forward growth in the next two years. In total, 72% of service providers cited peer-to-peer lending as a growth opportunity, compared to 62% of brokers and 58% of lenders.
Recognising the changing ways in which customers are accessing services, 49% of lending professionals believe that it is important for borrowers to have 24/7 access to accounts, while 46% claimed it is helpful but not necessarily important. However, despite the explosion in smartphone and mobile devices, under half (45%) have no plans to develop specific mobile technology for the business in the next 12 months.
Richard Carter, chief executive officer at Nostrum, comments on the survey results:
"The lending industry is currently in a state of flux. Whilst problems with lending, a potential Eurozone collapse and regulatory change are seen as the most disruptive factors that could affect the lending industry over the next five years, businesses also have to contend with the rise of constantly-connected customers that demand access to customer support at all times. However, despite these changes, the industry shows signs of optimism, anticipating growth over the next two years as alternative solutions, such as peer-to-peer lending, come to the fore and offer a viable alternative to traditional sources of credit."
