57% of companies will look for alternative financing in 2023, according to the Altria Corpo and IEF Barometer

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https://www.slideshare.net/EloiNoya/rdp-resultados-barometro-financiacion-otono2022pdf

Altria Corpo and the Instituto de Estudios Financieros (IEF) have published in February 2023 the results of the third edition of the Fintech and Alternative Finance Business Barometer. This Barometer collects on an annual basis the opinions, personal experience and expectations of companies and corporate finance providers (bank and alternative) about credit granting policies, and in particular the knowledge and use of fintech and alternative finance by companies. A total of 138 companies, 39 alternative financiers and 14 banks responded this time to the questionnaire, which has already become a benchmark in the sector.

Among the most significant results of the Barometer is the perception that access to bank credit has been difficult in 2022 and will continue to be difficult in 2023. Only 18% of the companies surveyed had found access to credit easy or very easy. In the face of this difficulty, companies are moderately optimistic about the role of alternative financing to at least partially cover this shortage of bank credit.

In a context of high inflation and a possible economic recession, financial agents, both banks and alternative financiers, believe that they will further tighten their lending policies and are quite likely to raise interest rates on corporate financing.

The Barometer also polls knowledge and use of Fintech and alternative finance. In this regard, there is a growth in awareness of non-bank financing alternatives, with more than 75% of companies able to mention an alternative finance provider and 56% having used their services.

As in last year’s Barometer, as many as 57% of companies say they will be looking for non-bank sources of finance in 2023. For all these companies and those that are not yet aware of alternative financing or simply need expert advice on financing issues, Altria Corpo will be there to help them find the best solution for each business situation.

See the main results of the Barometer:

Results of the First Alternative Finance and Fintech Business Barometer

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On 28 January, AltriaCorpo presented the results of the First Alternative Finance and Fintech Business Barometer, carried out jointly with the Institute of Financial Studies (IEF).

For this Barometer, a total of 120 in-depth interviews were conducted with companies, financial institutions and alternative finance providers, who were asked about their experience and perception of the availability of credit, the outlook for 2021 and the degree of knowledge and use of alternative finance and fintech instruments.

Here is the link to the video of the presentation, and this is a summary of the main results of the Barometer:

  • All banks will tighten their lending policy and most plan to raise interest rates.
  • Alternative finance providers are divided on whether or not to tighten lending policies, and have no plans to increase interest rates.
  • The lack of awareness of alternative finance among companies is still 33%, and when it comes to fintech (a subgroup of alternative finance that offers online platforms and greater agility) this lack of awareness rises to 59%.
  • 70% of companies will actively seek financing during 2021, but 84% of them are aware that it will cost them much more than the previous year due to the shrink of bank credit.
  • The lack of awareness of alternative financing together with the high availability of bank credit in recent years are the main reasons that financial agents find to explain why the growth targets for alternative financing set by the European Union and the Capital Markets Union have not been met.