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Alternative financial services are typically provided by non-bank financial institutions, although person-to-person lending and crowd funding also play a role. These alternative financial service providers are estimated to process about 280 million transactions per year, representing roughly $78 billion in revenue. Customers include the unbanked.
Alternative finance has grown into a considerable global industry in recent years following the financial crisis, according to various reports, particularly for small and medium enterprises. [ 5 ] [ 6 ] For instance, the European online alternative finance market is estimated to have reached nearly €3bn in 2014, [ 7 ] and is projected to ...
the Ethical Policy requires that all business accounts are screened at the time of account opening by the staff person dealing with the member. Social and environmental risks of larger business banking loans (non-credit-scored loans) are assessed at the time of the loan application, guided by the Ethical Policy and Lending Policies.
Examples of these companies include Springleaf, Duvera Financial, Inc., Lendmark Financial Services, Inc., HSBC Finance, Citigroup, Wells Fargo, and Monterey Financial Services, Inc. [citation needed] The more generic name "consumer finance" is also used, although more properly this term applies to financing for any type of consumer.
An informal value transfer system is an alternative and unofficial remittance and banking system, that pre-dates current day modern banking systems. The systems were established as a means of settling accounts within villages and between villages. It existed as far back as over 4000 years ago and even more. [1] [2]
The Cambridge Centre for Alternative Finance was established in 2015, and is a part of the Cambridge Judge Business School, University of Cambridge.The Centre is a research and education institute focused on researching technology-enabled financial innovation and its interplay with policy, regulation, supervision and infrastructure.
Alternative lending is technically any funding outside of traditional banking institutions. Examples of alternative lending are peer-to-peer lenders, crowdfunding and direct private lenders.
Distrust of the banking system, typically due to lack of transparency regarding fees and deposit timing [1] No access to government-issued ID, which is required to open a bank account To avoid delinquent debts, such as creditors seizing the account in judgements, or the government collecting back taxes or child support