The Digital Lending Landscape for Newcomers to the U.S.
- Date:December 05, 2023
- Report Details: 8 pages, 2 graphics
- Research Topic(s):
- Digital Banking
- Digital Lending
- PAID CONTENT
Overview
Every year, millions of people from around the globe legally enter the United States to live and work, only to struggle to line up banking and lending services from traditional financial institutions because newcomers lack standard documentation, credit histories, or credit scores. This has left the door open for fintech players that greet newcomers "at the door"—and sometimes even before they arrive in the United States—with innovative, 100% digital offerings that directly address their banking and lending challenges.
This report provides an overview of the newcomer market; identifies obstacles to serving this segment successfully; profiles four players that have tailored products for specific immigrant groups, including Maza, Novo Credit, Velo, and Zolve; and recommends ways for banks and credit unions to win a share of this evergreen market.
Learn More About This Report & Javelin
Related content
Ongoing Onboarding: The Key to Deeper Customer Relationships
To deepen digital engagement beyond glance-and-go activities like reviewing balances, digital banking strategists must rethink how to onboard customers over the long haul. Javelin’...
1033 in Small Business Banking: Dig In or Go on the Offensive?
Banks with small-business customers face a choice as they comply with the consumer data-sharing dictates of Section 1033: check the regulatory box or go big, treating Section 1033 ...
Grading Today’s Chatbots: Persistent Shortcomings Limit a Mobile Necessity
Although 18 of the top 20 U.S. banks have a chatbot, they continue to fail at providing meaningful answers to customers beyond simple requests, significantly hindering their abilit...
Make informed decisions in a digital financial world