In the past year, Germany’s lending banks only granted around ten percent of all consumer loans via this channel. With an increase of 16.5 percent, however, online loans outperformed the previous year. “The increasing digitization offers immense opportunities for the credit banks, but it also fuels the competition,” said the chairman of the banking industry association, Jan W. Wagner, on Tuesday in Frankfurt.
Total volume of new lending also increased
Overall, the institutes issued new loans with a volume of 117.5 billion euros – an increase of 8.4 percent compared to the previous year. € 43.7 billion of this went to consumer finance and € 57.5 billion to purchase finance, which, for example, helps car dealers to finance their inventories. By the end of the year, institutions had lent € 149.9 billion to consumers and businesses, including ongoing contracts – 6.1 percent more than a year earlier. The association represents 57 institutes.
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