In an age where we can bank on our mobile phones, shop from our couches, or even fund our small business online, expectations from consumers have come to include a digital presence from banks and businesses across the world.

But a report from GlobalData says limited investment in digitization is a long-term threat for traditional banks.

A staggering 55% spent less than 15% of their budget on digitising their lending processes, said the report, while only 28% of financial businesses spend between 5-10% of budget on digitisation in lending, 4% spent more than 30% of their budget on keeping up with the curve of the market.

The report, which outlines the threat that internal investment decisions can take on digitisation in lending, says that 2% of the financial institutions it surveyed spent between 26-30% of their budget on digitising their credit and lending processes.

So the next time that a small business owner looks to fund some equipment, or a consumer looks to take out a loan for that car or holiday, they could be looking at alternative funders  for their credit needs.