Florida Digital Lending Market By Loan Type (Payday Loans, Personal Loans, and SME-focused Loans), Provider Type (Banks, Credit Unions, FinTech Institutions, and Others), Loan Amount (Less than USD 500, USD 500-USD4,999, USD 5000-USD10,000, and More than 10,000), End User (Individuals, Entrepreneurs, and SMEs) : Opportunity Analysis and Industry Forecast, 2020–2027

April 2021 | 113 pages | ID: F7A9833C7BA3EN
Allied Market Research

Abstracts

The global Florida digital lending market size was valued at $4.35 billion in 2019, and is projected to reach $13.89 billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027.

Digital lending is the process of offering loans, in which lenders use digitized data to inform credit decisions and build intelligent customer engagement. In addition, digitalization allows consumers to register loan requirements online from their smartphones, fill loan applications, and upload the required documents within a few minutes. Digital lending applications swiftly approve customers for a loan and have comparatively lower operating costs due to automated processes.

The ease of applying loans and numerous other benefits for lenders such as automated loan management & rapid approval, are shifting their attention toward digital lending, which is therefore driving the market growth. In Florida, consumers are increasingly demanding short-term & long-terms loans for personal & business needs. Moreover, massive rise in internet usage among individuals and easier access to avail loans from lending firms are promoting the growth of digital lending solutions in the state. However, lending institutions charge high interest rate for various different loan amounts, which is the major factor that hampers the growth of the market.

On the contrary, major players of the market are introducing new technology to upsurge their market share and to provide customers with enhanced experience, which is expected to provide lucrative opportunity for the Florida digital lending market.

The Florida digital lending market is segmented on the basis of loan type, provider type, loan amount, and end user. Based on loan type, the market is bifurcated into payday loans, personal loans, and SME-focused loans. In terms of provider type, it is segmented into banks, credit unions, fintech institutions, and others. By loan amount, it is segregated into less than USD 500, USD 500-USD 4,999, USD 5000-USD 10,000, and more than 10,000. On the basis of end user, it is segmented into individuals, entrepreneurs, and SMEs.

The report analyses the profiles of key players operating in the market including Ally Financial Inc., Credible, Florida Credit Union, LendingPoint LLC, Navy Federal Credit Union, Social Finance, Inc., Suncoast Credit Union, TD Bank, N.A., VyStar Credit Union, and WELLS FARGO. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders

• The study provides in-depth analysis of the Florida digital lending market along with the current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, & opportunities and their impact analysis on the market size are provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of the Florida digital lending market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments

By Loan Type

• Payday Loans
• Personal Loans
• SME-focused Loans

By Provider Type

• Banks
• Credit Unions
• FinTech Institutions
• Others

By Loan Amount

• Less than USD 500
• USD 500-USD4,999
• USD 5000-USD10,000
• More than 10,000

By End User

• Individuals
• Entrepreneurs
• SMEs

Key Market Players

• Ally Financial Inc.
• Credible
• Florida Credit Union
• LendingPoint LLC
• Navy Federal Credit Union
• Social Finance, Inc.
• Suncoast Credit Union
• TD Bank, N.A.
• VyStar Credit Union
• WELLS FARGO

Contents

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology
  1.4.1.Primary research
  1.4.2.Secondary research
  1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings
  2.1.1.Top impacting factors
  2.1.2.Top investment pockets
2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key forces shaping Florida digital lending market
3.3.Market dynamics
  3.3.1.Drivers
    3.3.1.1.Rise in need & adoption of digital lending solutions in the state
    3.3.1.2.Shift from traditional lending to digital lending
  3.3.2.Restraint
    3.3.2.1.High interest on small amount & shorter repayment time provided by lenders
  3.3.3.Opportunity
    3.3.3.1.Adoption of advance technology in lending services
3.4.Qualitative Analysis
  3.4.1.Barriers-to-entry
  3.4.2.SWOT Analysis
  3.4.3.Regulatory Implications
  3.4.4.Common Market Practices
  3.4.5.Mandatory Licenses
  3.4.6.Physical Presence of companies

CHAPTER 4:FLORIDA DIGITAL LENDING MARKET, BY LOAN TYPE

4.1.Overview
4.2.Payday Loan
  4.2.1.Key market trends, growth factors, and opportunities
  4.2.2.Market size and forecast
4.3.Personal Loan
  4.3.1.Key market trends, growth factors, and opportunities
  4.3.2.Market size and forecast
4.4.SME-focused Loans
  4.4.1.Key market trends, growth factors, and opportunities
  4.4.2.Market size and forecast

CHAPTER 5:FLORIDA DIGITAL LENDING MARKET, BY PROVIDER TYPE

5.1.Overview
5.2.Banks
  5.2.1.Key market trends, growth factors, and opportunities
  5.2.2.Market size and forecast
5.3.Credit Unions
  5.3.1.Key market trends, growth factors, and opportunities
  5.3.2.Market size and forecast
5.4.FinTech Institutions
  5.4.1.Key market trends, growth factors, and opportunities
  5.4.2.Market size and forecast
5.5.Others
  5.5.1.Key market trends, growth factors, and opportunities
  5.5.2.Market size and forecast

CHAPTER 6:FLORIDA DIGITAL LENDING MARKET, BY LOAN AMOUNT

6.1.Overview
6.2.Less than
  6.2.1.Key market trends, growth factors, and opportunities
  6.2.2.Market size and forecast
6.3.USD 500-USD 1000
  6.3.1.Key market trends, growth factors, and opportunities
  6.3.2.Market size and forecast
6.4.USD 5000- USD 10,000
  6.4.1.Key market trends, growth factors, and opportunities
  6.4.2.Market size and forecast
6.5.More than 10,000
  6.5.1.Key market trends, growth factors, and opportunities
  6.5.2.Market size and forecast

CHAPTER 7:FLORIDA DIGITAL LENDING MARKET, BY END USER

7.1.Overview
7.2.Individual
  7.2.1.Key market trends, growth factors, and opportunities
  7.2.2.Market size and forecast
7.3.Entrepreneur
  7.3.1.Key market trends, growth factors, and opportunities
  7.3.2.Market size and forecast
7.4.SMEs
  7.4.1.Key market trends, growth factors, and opportunities
  7.4.2.Market size and forecast

CHAPTER 8:COMPETITIVE LANDSCAPE

8.1.Introduction
  8.1.1.Market player positioning, 2019
  8.1.2.Top winning strategies

CHAPTER 9:COMPANY PROFILES

9.1.ALLY FINANCIAL INC.
  9.1.1.Company overview
  9.1.2.Company snapshot
  9.1.3.Operating business segments
  9.1.4.Product portfolio
  9.1.5.Business performance
  9.1.6.Key strategic moves and developments
  9.1.7.Eligibility and third-party analysis
9.2.CREDIBLE
  9.2.1.Company overview
  9.2.2.Company snapshot
  9.2.3.Product portfolio
  9.2.4.Eligibility and third-party analysis
9.3.FLORIDA CREDIT UNION
  9.3.1.Company overview
  9.3.2.Company snapshot
  9.3.3.Product portfolio
  9.3.4.Key strategic moves and developments
  9.3.5.Eligibility and third-party analysis
9.4.LENDINGPOINT LLC
  9.4.1.Company overview
  9.4.2.Company snapshot
  9.4.3.Product portfolio
  9.4.4.Key strategic moves and developments
  9.4.5.Eligibility and third-party analysis
9.5.NAVY FEDERAL CREDIT UNION
  9.5.1.Company overview
  9.5.2.Company snapshot
  9.5.3.Product portfolio
  9.5.4.Business performance
  9.5.5.Key strategic moves and developments
  9.5.6.Eligibility and third-party analysis
9.6.SOCIAL FINANCE, INC.
  9.6.1.Company overview
  9.6.2.Company snapshot
  9.6.3.Product portfolio
  9.6.4.Key strategic moves and developments
  9.6.5.Eligibility and third-party analysis
9.7.SUNCOAST CREDIT UNION
  9.7.1.Company overview
  9.7.2.Company snapshot
  9.7.3.Product portfolio
  9.7.4.Eligibility and third-party analysis
9.8.TD BANK, N.A.
  9.8.1.Company overview
  9.8.2.Company snapshot
  9.8.3.Product portfolio
  9.8.4.Business performance
  9.8.5.Key strategic moves and developments
  9.8.6.Eligibility and third-party analysis
9.9.VYSTAR CREDIT UNION
  9.9.1.Company overview
  9.9.2.Company snapshot
  9.9.3.Product portfolio
  9.9.4.Business performance
  9.9.5.Eligibility and third-party analysis
9.10.WELLS FARGO
  9.10.1.Company overview
  9.10.2.Company snapshot
  9.10.3.Operating business segments
  9.10.4.Product portfolio
  9.10.5.Business performance
  9.10.6.Eligibility and third-party analysis

List Of Tables

LIST OF TABLES

TABLE 01.FLORIDA DIGITAL LENDING MARKET REVENUE, BY LOAN TYPE, 2019-2027 ($MILLION)
TABLE 02.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 03.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 04.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 05.FLORIDA DIGITAL LENDING MARKET REVENUE, BY PROVIDER TYPE, 2019-2027 ($MILLION)
TABLE 06.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 07.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 08.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 09.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 10.FLORIDA DIGITAL LENDING MARKET REVENUE, BY LOAN AMOUNT, 2019-2027 ($MILLION)
TABLE 11.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 12.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 13.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 14.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 15.FLORIDA DIGITAL LENDING MARKET REVENUE, BY END USER, 2019-2027 ($MILLION)
TABLE 16.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 17.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 18.FLORIDA DIGITAL LENDING MARKET, 2019–2027 ($MILLION)
TABLE 19.ALLY FINANCIAL INC.: COMPANY SNAPSHOT
TABLE 20.ALLY FINANCIAL SERVICES INC.: OPERATING SEGMENTS
TABLE 21.ALLY FINANCIAL INC.: PRODUCT PORTFOLIO
TABLE 22.CREDIBLE: COMPANY SNAPSHOT
TABLE 23.CREDIBLE: PRODUCT PORTFOLIO
TABLE 24.FLORIDA CREDIT UNION: COMPANY SNAPSHOT
TABLE 25.FLORIDA CREDIT UNION: PRODUCT PORTFOLIO
TABLE 26.LENDINGPOINT LLC: COMPANY SNAPSHOT
TABLE 27.LENDINGPOINT LLC: PRODUCT PORTFOLIO
TABLE 28.NAVY FEDERAL CREDIT UNION: COMPANY SNAPSHOT
TABLE 29.NAVY FEDERAL CREDIT UNION: PRODUCT PORTFOLIO
TABLE 30.SOCIAL FINANCE, INC.: COMPANY SNAPSHOT
TABLE 31.SOCIAL FINANCE, INC.: PRODUCT PORTFOLIO
TABLE 32.SUNCOAST CREDIT UNION: COMPANY SNAPSHOT
TABLE 33.SUNCOAST CREDIT UNION: PRODUCT PORTFOLIO
TABLE 34.TD BANK, N.A.: COMPANY SNAPSHOT
TABLE 35.TD BANK, N.A.: PRODUCT PORTFOLIO
TABLE 36.VYSTAR CREDIT UNION: COMPANY SNAPSHOT
TABLE 37.VYSTAR CREDIT UNION: PRODUCT PORTFOLIO
TABLE 38.WELLS FARGO: COMPANY SNAPSHOT
TABLE 39.WELLS FARGO: OPERATING SEGMENTS
TABLE 40.WELLS FARGO: PRODUCT PORTFOLIO

List Of Figures

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.FLORIDA DIGITAL LENDING MARKET SNAPSHOT, BY SEGMENTATION
FIGURE 03.TOP IMPACTING FACTORS
FIGURE 04.TOP INVESTMENT POCKETS
FIGURE 05.MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 06.MODERATE THREAT OF NEW ENTRANTS
FIGURE 07.MODERATE THREAT OF SUBSTITUTES
FIGURE 08.HIGH INTENSITY OF RIVALRY
FIGURE 09.MODERATE BARGAINING POWER OF BUYERS
FIGURE 10.FLORIDA DIGITAL LENDING INDUSTRY: SWOT ANALYSIS
FIGURE 11.FLORIDA DIGITAL LENDING MARKET REVENUE, BY LOAN TYPE, 2019-2027 ($MILLION)
FIGURE 12.FLORIDA DIGITAL LENDING MARKET REVENUE, BY PROVIDER TYPE, 2019-2027 ($MILLION)
FIGURE 13.FLORIDA DIGITAL LENDING MARKET REVENUE, BY LOAN AMOUNT, 2019-2027 ($MILLION)
FIGURE 14.FLORIDA DIGITAL LENDING MARKET REVENUE, BY END USER, 2019-2027 ($MILLION)
FIGURE 15.MARKET PLAYER POSITIONING, 2019
FIGURE 16.TOP WINNING STRATEGIES, BY YEAR, 2019–2021
FIGURE 17.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2019–2021
FIGURE 18.TOP WINNING STRATEGIES, BY COMPANY, 2019–2021
FIGURE 19.ALLY FINANCIAL INC.: NET SALES, 2018–2020 ($MILLION)
FIGURE 20.ALLY FINANCIAL INC.: REVENUE SHARE, BY SEGMENT (2020)
FIGURE 21.NAVY FEDERAL CREDIT UNION: NET INCOME, 2017–2019 ($MILLION)
FIGURE 22.TD BANK, N.A.: NET SALES, 2018–2020 ($MILLION)
FIGURE 24.TD BANK, N.A.: REVENUE SHARE, BY SEGMENT (2020)
FIGURE 25.VYSTAR CREDIT UNION: NET INCOME, 2018–2020 ($MILLION)
FIGURE 26.WELLS FARGO: NET SALES, 2018–2020 ($MILLION)
FIGURE 27.WELLS FARGO: REVENUE SHARE BY SEGMENT (2020)