Financial Services Application Market Projected to Grow

PR Newswire

NEW YORK, March 15, 2017 /PRNewswire/ --

The need to improve efficiency in financial institutions continues to drive the growth of the financial services application market. According to a report published by MarketsandMarkets, the global financial services application market is projected to reach $103.66 billion by 2019, growing at a CAGR of 9.1%. The report indicates that technology development, global market liberalization, market innovation and globalization are the major drivers of the market. The recent rise of online lending and internet-based wealth-management businesses is helping to build a more efficient financial market for individual consumers and small businesses. Consumer Capital Group Inc. (OTC: CCGN), Navient Corporation (NASDAQ: NAVI), Lending Club Corporation (NYSE: LC), SLM Corporation (NASDAQ: SLM), Synchrony Financial (NYSE: SYF)

Investments in financial technology (fintech) are growing rapidly. According to a new report published by Accenture, in the first quarter of 2016, global investment in financial technology ventures reached $5.3 billion, a 67 percent increase year over year. About 62 percent of the investments went to fintech companies in Europe and Asia-Pacific. China is the world's leader in the fintech industry. For the period of July 2015 to June 2016, Chinese FinTech investments surged to $8.8 billion, commanding the largest share of global investment in this sector, according to a report by EY.

Earlier today, Consumer Capital Group Inc. (OTCQB: CCGN) announced that "CCGN's acquisition of a special license of Guidance Finance had the cooperative effect on the issuance of SP License. This meant that the Company took a big step forward in the development of Internet of Things (IoT). Currently amid the era of mobile Internet, the convenience of mobile systems drives business development of all industries. At present, the number of mobile users hits 600 million in China alone. Along with the fast-growing size of mobile users, the act of small and micro loans was shifted from the original advertising flyers to PC systems and then to mobile systems gradually. The mobile infrastructure has become the largest entrance opportunity.

At present, CCGN's Guidance Finance has established WeChat and WAP systems. By following and binding the official WeChat account of Guidance Finance, users can read the digest stream of Guidance Finance and also consult matters of borrowings via the WAP interface. In the future, Guidance Finance will also perfect and refine all functions by proceeding from the experience of mobile subscribers, in order to create better experience for users as far as possible and optimize the borrowing channels for the small & micro entrepreneurs with borrowing demands.

Jack Gao, CEO of CCGN, further indicated, "CCGN will continue to expand its market share by merger and acquisition of good enterprises, and do utmost to maximize the interest of both the Company and its shareholders, and make preparation for the future uplisting to the NASDAQ Exchange as one of our top priorities in 2017."

Loan management, servicing and asset recovery company, Navient Corporation (NASDAQ: NAVI), announced the launch of Navient Labs, a digital lab built to test new ideas and technology to enhance the student loan experience. Navient Labs is a prototype built in response to insights gleaned from student loan borrowers, focus groups, and usability testing. This launch invites borrowers, consumer advocates, policymakers, and other experts to review the ideas and provide feedback. "We gathered extensive feedback from call listening and other research to develop a vision for what the future of student loan servicing could look like and we are excited to test these ideas for the future," said Navient CEO, Jack Remondi. "2017 offers the opportunity to reimagine the student loan experience from origination to repayment. Every stage of the student loan life cycle deserves careful review and innovative improvements so students and their families can maximize the return on their college investment. We look forward to working with policymakers to find solutions that will holistically enhance the entire student loan life cycle."

Lending Club Corporation (NYSE: LC) mission is to transform the banking system to make credit more affordable and investing more rewarding. The company's technology platform enables it to deliver innovative solutions to borrowers and investors. The company operates at a lower cost than traditional bank lending programs, so they're able to pass the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. The company's banks returned to purchasing at scale, funding 31% of total originations for the quarter, up from 13% in the third quarter - a clear testament to the strength of Lending Club's control environment, and the attractiveness of the asset in helping banks efficiently deploy their capital and gain access to consumer credit.

SLM Corporation (NASDAQ: SLM) is a holding company that originate and service loans for students and their families to finance the cost of their education. The Company is a saving, planning and paying for college company. It is engaged in originating and servicing private education loans it makes to students and their families. It uses private education loans to mean education loans to students or their families that are not made, insured or guaranteed by any state or federal government. It also operates Upromise, Inc., a consumer savings network that provides financial rewards on everyday purchases to help families save for college. Its private education loans that it owns or services are originated and funded by its subsidiary, Sallie Mae Bank. Its services include resources dedicated to assist customers with needs and escalated inquiries. It provides access to a free online scholarship database, which includes information about scholarships.

Synchrony Financial (NYSE: SYF) is a consumer financial services company. The Company provides a range of credit products through programs it has established with a group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers. The Company's revenue activities are managed through three sales platforms: Retail Card, Payment Solutions and CareCredit. It offers its credit products through its subsidiary, Synchrony Bank. Through the Bank, it offers a range of deposit products insured by the Federal Deposit Insurance Corporation, including certificates of deposit, individual retirement accounts, money market accounts and savings accounts. The Company offers three types of credit products: credit cards, commercial credit products and consumer installment loans. The Company also offers a debt cancellation product. It offers two types of credit cards: private label credit cards and Dual Cards.

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