There are two major growth drivers of online loan originations. The first is demographic. Millennials, born digital, are now a larger segment of the US population than baby boomers. The second is technological.

Today’s lending market looks very different than it did even just a handful of years ago. More customers are checking auto prices and lending rates online to find the financing companies that offer the best deals. The result: An ultra-transparent and aggressively competitive market.

Lenders have long relied heavily on scores from the big three credit bureaus. However, the bureaus have recognized that alternative credit data improves lending decision quality and reveals new lending opportunities.