Non-bank lenders are demonstrating resilience in the face of a tumultuous economy, says report

How are economic shifts influencing business priorities and product strategies?

A new report from business data API provider Codat shows that business lenders are continuing to innovate and evolve their offerings despite current economic challenges. The study of 115 business lenders in the US & UK shows providers are adapting their strategies and priorities to narrow in focus on operational efficiency, retaining current customers and launching new lending products.

Tumultuous economic conditions are hitting non-bank lenders hard – 79% reported that the economy has hurt their operations. Digital lenders are seeing a rise in default rates (41%), and as a result, are tightening lending standards to manage risk.