Why working for a non bank lender can be a great career move

Non-bank lenders differ from major banks in a variety of ways. In this article, I will discuss why your next finance role could be with a non-bank lender, and if you are currently working for a bank, why you might want to consider making the change today.

What is a non-bank lender?

In brief, a non-bank lender is a financial institution that will perform most of the functions that a bank would, however, do not take deposits from their customers. They have their own source of wholesale funds, and are usually regulated by authorities such as ASIC, AUSTRAC, OAIC etc.

Non-bank lenders have a strong online presence and are less likely to have face to face interactions with customers at branches.

Why work for a non-bank lender?

In the modern-day world, flexibility and a great workplace culture are some of the key factors job seekers tell us they are looking for. Non bank lenders often have an innovative, flexible approach to work and the atmosphere is often fast paced, with the business growing quickly and constantly adapting to change.

Some of the key employment benefits non-bank lenders could offer you include:

  • Varied role descriptions and job tasks, utilising a greater range of skills, meaning a greater impact on your customers.
  • Flatter structures – meaning you as an employee have direct access to senior leaders within the business, whereas you may not have that access in a bank.
  • Growth within the company and a focus on career development.
  • A more tailored approach to work life balance and your health and wellbeing, made possible by being a smaller organisation.

What sort of roles are available within a non bank lender?

Non-Bank lenders offer a wide range of roles/positions, however, certain roles within the current market are in high demand. These include, but are not limited to:

  • Collections – The three major areas within collections that require employees are early stage, hardship, and recoveries.
  • Credit Analysts
  • Data and Analytics – these roles can include data analysts and scientists. Usually, roles of this nature are found at larger non-bank lenders.
  • Technology – A wide range of roles that include cyber security, development, information management etc.
  • Treasury & Securitisation – funding and trust management.

What’s happening now in the non bank lending space and who is hiring?

Currently the non-bank lenders are busy in the Asset finance sector which includes consumer and commercial financing for Auto and Equipment.

Home Loans has slowed slightly due to high inflation and interest rates pressures in Australia and around the world. Once the RBA starts to slow interest rate hikes then we will start to see this section of the market pick up, most likely in 2023. The cost of funds is higher than what was forecast, so some organisations have paused lending in home loans area until market certainty returns, and rates return to a level playing field.

Many businesses we talk to are engaging their teams to talk to customers about refinancing options, for all sorts of loans. It could be a good time to assess your own needs either for your business or personal needs.

In terms of recruitment in this sector there is still opportunities in treasury, finance, and operations. Non-bank lenders are pointing to February 2023 as to when they will want to start recruiting many of their key positions again, but several positions are still being recruited right now for a 2023 start. Get in touch with our team today to discuss your career goals for 2023.