WELLINGTON, Oct 1 (NNN-XINHUA) – New data today revealed that, New Zealanders embrace alternatives, when it comes to financial services, with almost half of personal consumer lending being financed by non-bank lenders.
The findings were released in the latest Annual Report of New Zealand’s Financial Services Federation, which has 81 members currently, after a membership increase of 24 percent in a year.
The data, which were collected in a federation member data-gathering exercise, performed by KPMG International Ltd, showed, 47 percent of personal consumer lending (non-mortgage) in New Zealand was financed by the non-bank sector represented by the federation members.
“While the Financial Services Federation does not offer membership to all non-bank lenders, the growth in membership means we’re likely looking at the most complete non-bank lending data available to date in New Zealand,” said the federation’s Executive Director, Lyn McMorran.
“It solidifies what we have already known for a long time, that the non-bank sector is seeing remarkable growth and has established itself as a compelling alternative to traditional banks for both consumer and business lending alike.”– NNN-XINHUA
