Gitnux/Report 2026

Shadow Banking Industry Statistics

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Shadow Banking Industry Statistics
Samuel NorbergWritten by Samuel Norberg·Fact-checked by Maya Johansson
Published
How this report is researched
01Editorial Scope

Gitnux editors write the brief first: the topic, the inclusion rules, and the frame for what belongs.

02Source Research

Agents search the published record and log every extracted figure back to the passage it came from.

Read our full methodology →

Search agents attach provenance to every extracted figure.

Next review: within 39 days

01 Industry overview

The shadow banking industry at a glance

Shadow banking, more precisely non-bank financial intermediation, held $256.8 trillion in assets in 2024, equal to 51% of global financial assets after growing 9.4%.

$256.8T[18]
Global NBFI assets, 2024
9.4%[18]
NBFI asset growth, 2024
51%[18]
Share of global financial assets, 2024
$76.3T[18]
Narrow-measure assets, 2024
Market size
The Financial Stability Board measured global non-bank financial intermediation assets at $256.8 trillion at the end of 2024, across 29 jurisdictions representing more than 90% of global GDP. Its narrower measure of activities more exposed to bank-like risks reached $76.3 trillion.[18]
Forecast & CAGR
The Insight Partners estimates the commercial shadow-banking market at $65.55 billion in 2025 and forecasts $95.24 billion by 2034, implying a 4.24% CAGR for 2026–2034. This commercial-market estimate is narrower and not directly comparable with the FSB’s balance-sheet-based NBFI measure.[80]
Market share & regions
At the end of 2024, NBFIs represented 64.8% of total financial-system assets in the United States, compared with 58.0% across advanced economies and 27.5% across emerging-market economies. Country shares were 48.1% in the United Kingdom, 36.1% in India and 25.0% in China.[81]
Segmentation
The FSB’s broad NBFI measure includes insurance corporations, pension funds and other financial intermediaries. In 2024, other financial intermediaries grew 11.3%, investment-fund assets rose 14.5%, and the narrow measure was dominated by economic function EF1, collective investment vehicles susceptible to runs, which accounted for 76.1% of narrow-measure assets.[18]
Trends, drivers & challenges
NBFI assets grew 9.4% in 2024, versus 4.7% for banks, supported by higher asset prices, buoyant risk appetite and lower policy rates. The FSB also identified severe data limitations for private credit, while fixed-income and mixed funds showed high liquidity transformation and finance companies, broker-dealers and structured-finance vehicles showed relatively high leverage.[18]
Consumer behavior & competition
Money-market-fund assets benefited from investor inflows associated with yields that were higher than bank-deposit rates, while investment-fund assets rose 14.5% in 2024. The Insight Partners identifies money-market funds as the largest segment in its 2025 commercial-market estimate, with competition spanning funds, finance companies, special-purpose entities and alternative-credit providers.[18][80]
Regulation
The FSB published a final report on leverage in NBFI in July 2025, including recommendations addressing leverage in core financial markets. In June 2026, the European Banking Authority consulted on revised guidelines limiting bank exposures to shadow-banking entities; the revised guidelines are required under CRR3 by January 10, 2027.[18][82]
Latest news
The latest major global data release is the FSB’s December 16, 2025 monitoring report, which reported $256.8 trillion of NBFI assets and 51% of global financial assets for 2024. In 2026, the EBA’s consultation on exposure limits marked a current regulatory development for European banks’ dealings with shadow-banking entities.[18][82]

02 Ranking

Top 10 Companies in the Shadow Banking Industry

The leading companies in the shadow banking industry, ranked on market impact, performance, momentum, innovation and brand popularity.

Updated November 10, 2026 · Next review December 10, 2026

Verdict

Blackstone leads Gitnux's 2026 shadow banking ranking with an Overall score of 9.4, with more than $1.3 trillion in total assets under management, including credit strategies. JPMorgan Chase is the runner-up at 9.3, with $3.6 trillion in AUM including private credit funds in J.P. Morgan Asset Management.

Ranked by Overall score · How we score ↓

Editor's top 3 picks

Where to start, by need.

  1. #1 Overall · Leader in private credit lending

    Blackstone

    US

    Ranked #1 · 9.4 · Private credit lending

    Why we picked it: Its private credit and asset-backed finance scale sits inside a credit strategies base reported over $1.3 trillion.

    See in ranking ↓Visit blackstone.com ↗

  2. #2 overall

    JPMorgan Chase

    US

    Ranked #2 · 9.3 · Private credit lending

    Why we picked it: Its shadow-banking and private-credit footprint is reflected in $3.6 trillion AUM including private credit funds.

    See in ranking ↓Visit jpmorganchase.com ↗

  3. Leader in hedge fund management

    Citadel

    US

    Ranked #4 · 9.0 · Hedge fund management

    Why we picked it: Its hedge-fund scale at about $65 billion AUM reflects participation in market-intermediation dynamics.

    See in ranking ↓Visit citadelsecurities.com ↗

Pick 1 is the #1 company overall. Pick 2 is the highest-ranked company in the top 5 that adds a new segment; no further segment places in the top 5, so pick 3 follows rank.

Full ranking

Sort by
Top 10 companies in the shadow banking industry, 2026 – Gitnux ranking
#CompanyOverall ↓Company snapshot
1

Blackstone

Private credit lending · US

9.4
2

JPMorgan Chase

Private credit lending · US

9.3
3

Goldman Sachs

Private credit lending · US

9.3
4

Citadel

Hedge fund management · US

9.0
5

Ares Management

Private credit lending · US

9.0
6

Blue Owl Capital

Direct lending, asset-based finance and private credit · US

8.9
7

TPG

Private credit, direct lending and special situations · US

8.9
8

Bridgewater Associates

Hedge fund and non-bank credit, global · US

8.9
9

D.E. Shaw

Hedge fund and private credit, global · US

8.5
10

Two Sigma

Quantitative hedge fund, global · US

8.5

How we score

  • Impact (30%): scale and weight in the market (revenue, market share, employees, market position).
  • Performance (20%): recent revenue growth and operating margin; an analyst assessment where a company does not publish them.
  • Momentum (20%): growth trajectory and future potential.
  • Innovation (15%): R&D intensity and how technologically advanced the company is.

Popularity (brand search demand, 15%) counts toward Overall but is not published as a column. Overall leaves out what is not known.

Scale Scores are shown on a 7–10 scale with one decimal; bars start at 7.0.

Cadence Recalculated when new figures are published; next review December 10, 2026.

Independence. Rankings are editorially independent. Scores, ranks, picks and the verdict follow the method above; no company can pay to change them.

Cite this ranking

APA

Samuel Norberg. (2026, November 10). Top 10 companies in the shadow banking industry. In Shadow Banking Industry Statistics. Gitnux. https://gitnux.org/shadow-banking-industry-statistics/#top-companies

report visual · Comparison

Composition of the FSB narrow measure of non-bank financial intermediation, 29-Group sample

EF1: collective investment vehicles susceptible to runs holds the largest share at 76.1%.

EF1: collective investment vehicles susceptible to runs76.1%
EF2: loan provision dependent on short-term funding8%
EF5: securitisation-based credit intermediation7%
EF3: market intermediation dependent on short-term funding6.4%
Unallocated2.3%
EF4: facilitation of credit intermediation0.2%
source-verifiedfsb.org

04 Statistics

Technology & Innovation

AI adoption in nonbank FIRE is measurable in 2025 and accelerates into 2026: 84% of surveyed lenders rated AI high or critical, and 80% reported active AI use in 2026.

AI in the shadow banking industry

  • 3.20% of job postings in the nonbank FIRE sector were AI-related by the end of 2025, compared with 2.69% across all firms.[1]
  • 10,013 Chinese nonfinancial-firm-year observations from 2007–2023 were used to examine how AI adoption affected corporate shadow-banking activity.[2]
  • 42% of nonbank mortgage lenders were fully ready for real-time integration with current and future ecosystem partners in 2024.[3]
  • 84% of surveyed lenders rated AI a high or critical strategic priority in 2025, according to a survey of 209 senior credit, fraud and analytics decision-makers.[4]

Automation in the shadow banking industry

  • 70% of U.S. online lenders approved at least some financing applications in 2023, while other nonbank financing companies approved 76%.[5]
  • 29% of U.S. small-business financing applicants sought credit from online fintech lenders in 2025, up from 17% in 2020.[6]

Digital Transformation in the financial services sector (sector benchmark)

  • 43% of financial services firms said they will need an entirely new technology stack to succeed in the age of AI.[7]
  • 84% of financial services firms said integrating front-, middle- and back-office systems into one platform is important in 2026.[7]
  • 27% of financial services firms reported financial benefits from AI in 2026, up from 14% in 2025.[7]
  • 80% of financial services firms reported active AI use in 2026, up from 31% in 2025.[7]
  • 26% of financial services firms reported using agentic AI in 2026, according to a global digital-transformation study.[7]

Technology Adoption in the financial services sector (sector benchmark)

  • 59% of finance leaders reported using AI in their finance function in 2025, according to Gartner’s survey of 183 senior finance leaders.[8]
  • 61% of financial institutions recently adopted AI or improved their AI capabilities, based on a 2024 survey across 11 markets.[9]
  • 35% of financial institutions adopted or improved generative-AI capabilities during the 12 months covered by the 2024 survey.[9]
  • 54% of surveyed financial services companies had deployed AI initiatives by January 2025, up from 40% one year earlier.[10]
  • About one-third of financial services companies reported using generative AI by January 2025, compared with 21% a year earlier.[10]

Cloud Computing in the financial services sector (sector benchmark)

  • 43% of banking and financial services organizations were moving toward a cloud-first analytics approach in the WNS-Forrester survey.[11]
  • 33% of financial services firms were highly satisfied with cloud-related reductions in operational costs in Capgemini’s 2024 survey.[12]
  • 91% of financial organizations had at least one cloud platform in 2023, up from 37% in 2020.[12]
  • 82% of financial services firms used a hybrid- or multi-cloud strategy in LSEG’s 2025 global survey.[13]
  • 87% of financial services firms increased cloud investment during the two years preceding LSEG’s 2025 global survey.[13]

Big Data in the financial services sector (sector benchmark)

  • 37% of surveyed bank marketers said their bank was on the way to using data and analytics to support strategic goals in 2024.[14]
  • 41% of surveyed bank marketers said their bank was already using data analytics to make decisions and achieve goals in 2024.[14]
  • 18% of finance firms adopted big-data analytics in the OECD’s cross-country comparison; the European data refer to 2019.[15]
  • 11% of surveyed bank marketers were very confident in the accuracy of the data they regularly used in 2024.[14]
  • 43% of financial services firms had adopted customer-data platforms at least partially or were scaling them, based on Capgemini’s 2024 survey.[12]

Blockchain in the shadow banking industry

  • 100% of North American jurisdictions reported crypto-asset issuance, exchange or custody in 2022.[16]
  • 56% of reporting jurisdictions offered crypto-asset issuance, exchange or custody in 2022.[16]
  • 22% of Middle East and North Africa jurisdictions reported crypto-asset issuance, exchange or custody in 2022.[16]
  • Crypto-asset markets accounted for less than 1% of global financial assets in 2024.[17]

05 Statistics

Data & Analytics

Data and analytics focus on underwriting and governance: 54% of private-credit respondents cited underwriting as the AI process in 2026, while 43.7% lacked standardized analytics-content certification in 2025.

Business intelligence in the shadow banking industry

  • 14.5% was the 2024 increase in investment-fund assets within the NBFI other-financial-intermediaries sub-sector.[18]
  • 85% or more of the increase in equity-fund assets in 2024 came from higher market valuations.[18]
  • 76.1% of the narrow NBFI measure consisted of collective investment vehicles susceptible to runs in 2024.[18]
  • 29 jurisdictions covering over 90% of global GDP participated in the FSB’s 2025 NBFI monitoring exercise for 2024.[18]
  • 15.4% of total global financial assets represented the FSB narrow NBFI measure in 2024.[18]
  • 11.3% was the 2024 growth rate of the NBFI other-financial-intermediaries sub-sector.[18]

Data analytics in the shadow banking industry

  • 50% of surveyed lenders were developing more sophisticated analytics for alternative-credit-data use in 2025.[19]
  • 40% of surveyed lenders identified default prevention as a leading credit-risk challenge in 2025.[19]
  • 16% of private-credit survey respondents viewed AI-enabled portfolio management as a current priority in 2026.[20]
  • 875 lending and risk professionals across 10 countries participated in the 2025 alternative-credit-data study.[19]
  • 54% of private-credit survey respondents identified underwriting as the process most likely to use AI in 2026.[20]
  • 75% of global lending and risk professionals said alternative data improved portfolio performance in 2025.[19]

Data Quality in the financial services sector (sector benchmark)

  • Across significant European banking institutions, 32% did not apply data-quality-management principles to end-user computing in 2023.[21]
  • Across U.S. banking and capital markets, 94% of respondents named data accuracy and reliability as a priority in 2024.[22]
  • Across global financial services, 34% of organizations rated their data excellent for accuracy and integrity in 2024.[23]
  • Across global financial services, 36% of organizations rated their data excellent for quantity and completeness in 2024.[23]
  • Across U.S. banking and capital markets, 86% of respondents named data access and usability as a top concern in 2024.[22]
  • Across banks supervised by the European Central Bank, 28% reported that all data used by critical functions came from golden sources in 2023.[21]

Data Governance in the financial services sector (sector benchmark)

  • Across global financial services, 54% of companies rated data governance at one of the two highest maturity levels in 2024.[24]
  • Across financial-services organizations surveyed globally, 82.9% had implemented governance policies specifically applying to business intelligence and analytics in 2025.[25]
  • Across financial-services organizations surveyed globally, 43.7% lacked a standardized certification process for analytics content in 2025.[25]
  • Across financial-services organizations surveyed globally, 57.1% identified BI-content testing as the top future investment in analytics governance in 2025.[25]
  • Across 35 surveyed banks, insurers, and financial-services firms in 38 countries, 54% had adopted a semantic layer for organization-wide data governance in 2025.[26]

KPIs in the shadow banking industry

  • 6.9% was the 2024 increase in NBFI entity borrowings.[18]
  • 38.5 billion dollars of fintech-lending assets were reported by seven jurisdictions for 2023.[18]
  • 1.1% was the share of fintech-lending assets in the reported OFI loan assets of seven jurisdictions in 2023.[18]
  • $6.2 trillion was the total borrowing of captive financial institutions in 2024.[18]
  • 38.0% of total global financial assets were held by banks at the end of 2024, compared with 51.0% held by NBFIs.[18]
  • $3.7 billion of fintech lending was conducted through auxiliary platforms in five jurisdictions during 2023.[18]

06 Statistics

Strategy & Growth

Private credit growth is visible through issuance and committed credit lines: $302 billion of new direct-lending issuance was recorded in the U.S. in 2024.

Growth in the shadow banking industry

  • $95 billion was the value of committed credit lines from the largest U.S. banks to private credit vehicles at the end of 2024-Q4.[5]
  • $1.34 trillion was the estimated size of the U.S. private credit market in the second quarter of 2024.[27]
  • $238.0 trillion was the total global non-bank financial intermediation sector size at the end of 2023.[18]
  • 19.5% was the annualized growth rate of the largest U.S. banks’ committed credit lines to private credit vehicles through 2024-Q4.[5]
  • $302 billion of new direct-lending issuance was recorded in the U.S. private credit market in 2024, up from $146 billion in 2023.[28]
  • 8.5% was the growth of global non-bank financial intermediation assets in 2023, more than double banking-sector growth of 3.3%.[18]

Differentiation in the shadow banking industry

  • 5.8% was the 2024 growth rate of market intermediation dependent on short-term funding.[18]
  • $6.1 trillion was the global value of loan provision dependent on short-term funding at the end of 2024.[18]
  • 15.1% was the 2024 growth rate of collective investment vehicles susceptible to runs, the largest economic-function increase.[18]
  • $4.9 trillion was the global value of market intermediation dependent on short-term funding at the end of 2024.[18]
  • 20.8% of collective investment vehicle assets were held by money-market funds in 2024.[18]
  • 7.0% of the global narrow measure was represented by entities engaged in facilitating credit intermediation at the end of 2024.[18]

Mergers and acquisitions in the shadow banking industry

  • $12 billion was the announced value of BlackRock’s planned acquisition of HPS Investment Partners in 2024.[29]
  • 51% was the stake Brookfield Asset Management agreed to acquire in asset-backed lender Castlelake in 2024.[30]
  • $3.5 billion was the lender-finance portfolio recently acquired by Ares Alternative Credit before its February 2024 Upstart transaction.[31]
  • $700 million was the amount deployed by Riverside Credit Solutions before Ares Management completed its acquisition in 2024.[32]
  • $300 million was the consumer-loan portfolio acquired by Ares Management from Upstart in February 2024.[31]
  • 41% of 2024 alternative asset-management M&A activity consisted of alternative-credit transactions.[30]

Strategic partnerships in the shadow banking industry

  • $148 billion was HPS Investment Partners’ client-asset base when BlackRock announced the transaction designed to integrate public and private credit capabilities.[29]
  • $25 billion was the size of Citigroup’s 2024 private-debt partnership with Apollo.[33]
  • 2023 was the year Brookfield Corporation and Société Générale launched a strategic private-credit partnership.[22]
  • 2 major banks had formalized partnerships to distribute loans to private-credit managers in 2023.[34]
  • $200 million was the announced value of CapitaLand Investment’s 2024 acquisition of Wingate Group’s property and corporate credit investment-management business.[35]
  • $500 million was the size of the joint venture between Viola Credit and Apollo Global affiliate Cadma Capital Partners announced in 2024.[36]

07 Statistics

People & Workforce

Workforce and skills constraints connect to technology deployment: 35% of respondents struggled to find candidates with both technical and collaborative skills in 2025.

Hiring in the shadow banking industry

  • 59% of asset-management and private-equity respondents expected their workplaces to use a three-days-in-office hybrid model within three years, a recruitment and retention feature in 2025.[24]
  • 23% of private-equity leaders said they competed with technology companies and high-salary offers to attract talent in 2025.[24]
  • 35% of asset-management and private-equity respondents said they struggled to find candidates with both technical and collaborative skills in 2025.[24]
  • 3,200 employees worked at Ares Management across more than 35 offices in over 15 countries at December 31, 2024.[37]
  • 89% of global asset-management CEOs planned to expand their workforces over the following three years in response to talent shortages, according to KPMG’s 2024 survey.[24]

Employee retention in the shadow banking industry

  • 47% of asset- and wealth-management respondents rated a diverse workforce as very important to organizational performance in the 2025 DPNA perception survey.[38]
  • 13% of asset-management and private-equity respondents identified retaining talent after acquiring specialized experience as an AI-talent challenge in 2025.[24]
  • 32% of wealth-management relationship managers reported dissatisfaction with career progression in 2025.[12]
  • 59% of asset-management and private-equity respondents expected a three-days-in-office hybrid workplace within three years, a stated attraction and retention measure.[24]
  • 53% of asset- and wealth-management respondents described their organization as somewhat diverse across all levels in 2025.[38]

Remote Work in the financial services sector (sector benchmark)

  • Across U.S. financial services, 82% of companies offered some form of work-location flexibility in 2025.[39]
  • 52.5% of workers in U.S. financial activities teleworked in June 2026, according to the Bureau of Labor Statistics.[40]
  • 87% of U.S. financial services employees said remote work helped them balance home and work responsibilities in 2025.[24]
  • 68% of U.S. financial services workers said they would consider seeking new employment if remote and hybrid flexibility were reduced in 2023.[41]

Hybrid Work in the financial services sector (sector benchmark)

  • 28.7% of U.S. finance and insurance workers were in hybrid work arrangements as of September 24, 2024.[42]
  • 42.2% of remotely workable finance and insurance jobs were hybrid in July 2025 in the United States.[39]
  • 2.58 days was the average weekly in-office requirement among financial services companies using structured hybrid work in 2024.[43]
  • 39% of financial services companies offered corporate employees full flexibility over work location in 2024.[43]
  • 54% of U.S. employees with remote-capable jobs worked in a hybrid arrangement in 2025.[44]

Upskilling in the shadow banking industry

  • 2,100 operations and management professionals formed the largest employee group receiving development opportunities at Ares Management in 2024.[37]
  • 35% of asset-management and private-equity respondents reported difficulty finding candidates with both technical and collaborative skills, indicating a reskilling need in 2025.[24]
  • 13% of asset-management and private-equity respondents said retaining employees after they acquire specialized experience was an AI-talent challenge in 2025.[24]
  • 66% of asset-management and private-equity respondents said they were actively retraining top talent and redeploying people into AI-enabled roles in 2025.[24]
  • 24% of asset-management and private-equity respondents identified bridging existing skills and desired capabilities as a talent challenge in 2025.[24]

Employee Engagement in the financial services sector (sector benchmark)

  • 20% of employees worldwide were engaged at work in 2025, according to Gallup’s World Poll.[44]
  • 12% of employees in Europe were engaged at work in 2025.[44]
  • 16% of employees worldwide were actively disengaged at work in 2025.[44]
  • 31% of employees in the United States and Canada were engaged at work in 2025.[44]

DEI in the shadow banking industry

  • 34% of UK investment-management employees were under age 35 in 2024.[45]
  • 76% of executive roles in asset management were held by White men and White women in Morningstar’s 2024 analysis.[46]

08 Statistics

Customer & Sales

Nonbank lending shows repeat-use and channel migration signals, including 88% of LendingClub repeat borrowers returning directly to the company in 2025.

Customer experience in the shadow banking industry

  • 31 million monthly active users used the Klarna app globally in the first half of 2024.[47]
  • 53 transactions per year were made by the top 10% of Sezzle consumers during the twelve months ending March 2024.[48]
  • 46.5% of surveyed borrowers prioritized loan rate and term when choosing a lender in 2026.[49]
  • 88% of LendingClub repeat borrowers returned directly to the company in 2025.[50]
  • 26,000 active merchants supported Sezzle’s platform as of March 31, 2024.[48]

Customer retention in the shadow banking industry

  • 8.5 million active users were reported by the Chinese lending platform as of December 31, 2023.[48]
  • 75,853 repeat borrowers were recorded in one March 31, 2025 lending cohort in the source dataset.[48]
  • 16.9% of World Acceptance loans were generated from previous customers in fiscal 2023 in the United States.[48]
  • 15.0% of World Acceptance loans were generated from previous customers in fiscal 2022 in the United States.[48]
  • 85.9% of VCREDIT’s total loan volume came from repeat borrowers in mainland China in 2024.[51]

Customer acquisition in the shadow banking industry

  • 545,255 new borrowers were recorded in one December 31, 2024 lending cohort in the source dataset.[48]
  • $7 billion in cumulative credit had been disbursed by Tala globally by 2024.[52]
  • 9.7% year-over-year growth increased VCREDIT’s cumulative registered users to 158.0 million in mainland China in 2024.[51]
  • 93 million active consumers used Klarna as of December 31, 2024.[48]
  • 28.7 million active consumers used Affirm in the United States and other markets as of September 30, 2026.[53]

Customer loyalty in the shadow banking industry

  • 7.3 transactions per active consumer were recorded on Affirm’s platform as of September 30, 2026.[53]
  • 88% of LendingClub repeat borrowers returned directly to the platform in 2025.[50]
  • 19% year-over-year growth increased Affirm transactions per active consumer to 7.3 by September 30, 2026.[53]
  • 18.8% of World Acceptance loans came from previous customers in fiscal 2024 in the United States.[48]
  • 15.0% of World Acceptance loans came from previous customers in fiscal 2022 in the United States.[48]

Lead generation in the shadow banking industry

  • 11,901 active dealers supplied loans through Credit Acceptance in the United States in 2022.[48]
  • 10,637 dealers were active in both Credit Acceptance comparison periods in 2024.[48]
  • 339,361 loan units came from Credit Acceptance dealers active in both 2023 and 2024.[48]
  • 4,826 dealers were not active in both 2023 and 2024 but generated Credit Acceptance loan volume in 2024.[48]
  • 9.1% year-over-year growth increased Credit Acceptance’s active dealers to 15,463 in 2024.[48]

09 Statistics

Marketing & Brand

Marketing spend and channel choices show up in 2026 surveys, including 55.8% of surveyed U.S. banks selecting search-engine marketing and optimization.

Marketing in the shadow banking industry

  • 40%–60% of revenue was spent on sales and marketing by U.S. InsurTech firms, according to analysis covering 1997–2022.[54]
  • 51% of fintech firms highlighted customer-data strategies in their business descriptions, compared with 8% of non-fintech financial firms, through 2022.[54]
  • $300–$500 was the average account-acquisition cost reported for financial institutions in the 2025 fintech report.[55]
  • 50%–60% of customer-acquisition budgets were allocated to digital intermediaries by lenders in the L.E.K. survey period.[56]
  • 75% of fintech firms operated platform business models, compared with 16% of non-fintech financial firms, in U.S. data through 2022.[54]

Digital marketing in the shadow banking industry

  • 19% of surveyed U.S. financial institutions rated mobile-app engagement and in-app marketing as highly effective in 2026.[57]
  • 55.8% of surveyed U.S. banks selected search-engine marketing and optimization for additional spending in 2026.[14]
  • 38.1% of surveyed U.S. banks selected content marketing for additional spending in 2026.[14]
  • 33% of surveyed U.S. financial institutions rated paid search and paid social as highly effective marketing tactics in 2026.[57]
  • 45.1% of surveyed U.S. banks selected social media for additional marketing spending in 2026.[14]

Branding in the shadow banking industry

  • 27% of surveyed marketers named alignment with organizational values as a leading branding-decision driver.[58]
  • 22% of surveyed marketers identified consistent branding as a branding objective.[58]
  • 43% of surveyed consumers said a fragmented brand experience made a financial institution seem less trustworthy.[58]
  • 3% of annual sales was the median customer-related intangible-asset value for non-fintech financial firms in U.S. data through 2022.[54]
  • 84% of surveyed consumers said brand recognition was important when choosing a financial institution.[58]

Social media in the shadow banking industry

  • 22 consumer-fintech companies in the 2026 paid-media benchmark used social advertising.[59]
  • 10 consumer-fintech companies in the 2026 paid-media benchmark used Meta advertising.[59]
  • 10 consumer-fintech companies in the 2026 paid-media benchmark used TikTok advertising.[59]
  • 49% of BNPL users aged 18–24 said they had been targeted by paid social-media advertisements.[60]
  • 74% of BNPL users aged 45–54 identified social media as a source of BNPL knowledge in the 2022 survey.[61]

Influencer Marketing in the financial services sector (sector benchmark)

  • 37% of banking executives in a survey of 102 finance respondents recognized influencer marketing as a potent tool for authentic consumer connections in 2023.[62]
  • 5% of financial-services marketers reported dedicated but shrinking budgets for creator or influencer marketing in 2026.[63]
  • 23% of financial-services marketers reported dedicated but flat budgets for creator or influencer marketing in 2026.[63]
  • 60% of financial-services marketers reported dedicated and growing budgets for creator or influencer marketing in 2026.[63]
  • 7% of financial-services marketers reported folding creator or influencer marketing into other channels rather than maintaining a dedicated budget in 2026.[63]

10 Statistics

Operations & Execution

Shadow-banking operating models rely on funding structure and outsourcing, with 50.3% of warehouse credit lines drawn by sampled U.S. shadow banks and 75% of assets funded by non-equity liabilities.

Process optimization in the shadow banking industry

  • 14.2% was the average non-bank share of new syndicated lending to services during 1990–2019 globally.[64]
  • $410 billion was the value of non-bank syndicated-loan origination in 2019, up twentyfold from 1990 globally.[64]
  • 6.4% was the average non-bank share of new syndicated lending to construction during 1990–2019 globally.[64]
  • 19% was the average share of syndication amounts contributed by individual non-bank members during 1990–2019 globally.[64]
  • 48% of non-bank syndicated loans were term loans during 1990–2019 globally.[64]

Operational efficiency in the shadow banking industry

  • $250 trillion was the approximate global asset value of non-bank financial intermediaries in 2023.[18]
  • 28% of reported fintech-lending assets were held by finance companies in 2023.[18]
  • Just under $160 trillion was the value of other financial intermediary assets globally in 2023.[18]
  • $38.5 billion was the reported fintech-lending asset total across reporting jurisdictions in 2023.[18]
  • 22% of reported fintech-lending assets were held by non-bank deposit-taking corporations in 2023.[18]

Quality management in the shadow banking industry

  • $87 billion was the Federal Reserve’s estimated total committed bank credit to the U.S. business development company sector in 2024 Q1.[5]
  • 57% was the share of private-credit-fund assets represented by private-credit loans in 2025.[5]
  • 30% of revolving-credit loans to sampled U.S. business development companies had foreign banks as lead arrangers in 2024 Q1.[5]
  • 54% was the average utilization rate for domestic-bank loans to sampled U.S. business development companies in 2024 Q1.[5]
  • $43.6 billion was the outstanding bank credit reported by 74 U.S. business development companies in 2024 Q1.[5]

Supply chain in the shadow banking industry

  • 50.3% was the average share of available warehouse credit lines drawn by sampled U.S. shadow banks during the study period.[65]
  • Around 4 lenders provided the average warehouse line of credit to sampled U.S. shadow banks during the study period.[65]
  • 75% was the combined share of assets funded by non-equity long-term and short-term liabilities for sampled U.S. shadow banks during the study period.[65]
  • 93% of available credit-line funding for sampled U.S. shadow banks came from banks during the study period.[65]
  • 20% of mortgage originations in the 2017 HMDA population were represented by 464 small shadow banks missing from the study’s call reports.[65]

Outsourcing / Offshoring in the financial services sector (sector benchmark)

  • Among significant European banks, 67% of outsourcing contracts were sub-outsourced to external service providers in the 2024 analysis.[21]
  • Among significant European banks, outsourcing services accounted for 7.2% of administrative expenses at year-end 2023, up from 6.8%.[21]
  • Across surveyed finance organizations, 17% were evaluating nearshore locations for future operations in 2026, compared with 13% evaluating offshore locations.[66]
  • Among significant European banks, 27% of critical ICT contracts were outsourced to external providers located outside the European Union in the 2024 analysis.[21]
  • Across surveyed finance organizations, 64% were implementing or evaluating offshoring or nearshoring for finance operations in 2026, while 36% planned to remain fully U.S.-based.[66]

11 Statistics

Finance & Pricing

Fees and margins provide a profitability baseline for alternative funds: the average private-equity margin between gross and net returns was 4.5% in 2023.

Pricing strategy in the shadow banking industry

  • 2.4% was the average hedge-fund margin between gross and net returns in 2018 in the United States.[48]
  • $124.1 billion in total private-equity fund fees and allocations were estimated for 2023 in the United States.[48]
  • 1.6% was the average hedge-fund margin between gross and net returns in 2015 in the United States.[48]
  • 2.5% was the average hedge-fund margin between gross and net returns in 2019 in the United States.[48]
  • 2.4% was the average hedge-fund margin between gross and net returns in 2020 in the United States.[48]

Cost reduction in the shadow banking industry

  • $7.9 million was the average hedge-fund fee and allocation amount per fund in 2017 in the United States.[48]
  • $5.9 million was the average hedge-fund fee and allocation amount per fund in 2015 in the United States.[48]
  • 4.5% was the average private-equity margin between gross and net returns in 2023 in the United States.[48]
  • $6.2 million was the average hedge-fund fee and allocation amount per fund in 2016 in the United States.[48]
  • $6.3 million was the average hedge-fund fee and allocation amount per fund in 2022 in the United States.[48]

Profitability in the shadow banking industry

  • 22.7% was the average net private-equity return in 2021 in the United States.[48]
  • 6.9% was the average gross hedge-fund return in 2014 in the United States.[48]
  • $107.5 billion in private-equity fund fees and allocations were estimated for 2021 in the United States.[48]
  • 12.6% was the average net private-equity return in 2023 in the United States.[48]
  • 11.4% was the average net hedge-fund return in 2013 in the United States.[48]

Financial planning in the shadow banking industry

  • 5,498 real-estate funds were advised by U.S. registered investment advisers in 2024.[48]
  • $1.189 trillion was the aggregate gross asset value of real-estate funds advised by U.S. registered investment advisers in 2024.[48]
  • $26.195 trillion was the aggregate gross asset value of private funds advised by U.S. registered investment advisers in 2024.[48]
  • $12.135 trillion was the aggregate gross asset value of hedge funds advised by U.S. registered investment advisers in 2024.[48]
  • 28,213 private-equity funds were advised by U.S. registered investment advisers in 2024.[48]

12 Statistics

Product & Service

Product lines connect to credit structure and cash-management scale, including $7.2 trillion held by U.S. money market funds in 2024.

Product development in the shadow banking industry

  • Almost 14,000 private-credit direct-loan deals to U.S. borrowers were covered by BIS analysis for 2010–2025.[64]
  • 16% of U.S. banks used fintech in three or more stages of the small-business lending process, according to the FDIC survey.[67]
  • 31% of U.S. banks used fintech in small-business lending, while another 22% were discussing or developing fintech applications in 2022.[67]
  • 5% of U.S. banks used fintech for small-business loan funding, while 4% used it to identify potential borrowers.[67]
  • Almost $2.5 trillion was the outstanding amount of private credit globally in 2025, according to BIS analysis.[64]

Product lifecycle in the shadow banking industry

  • 55% to 70% was the approximate share of wholesale funding supplied by market-based financing for finance companies, real-estate investment vehicles and structured-finance vehicles in 2024.[18]
  • 2.7% of other financial intermediaries’ total assets represented repo funding in 2024.[18]
  • 77.6% was the share of first-lien loans among private-credit loans to technology borrowers before 2020, compared with 92.2% after 2020.[64]
  • $70.2 trillion was the 2023 value of assets in the FSB’s narrow nonbank financial intermediation measure, the highest level recorded at that time.[18]
  • $6.3 trillion was also the approximate amount borrowed by broker-dealers in 2023, according to the FSB monitoring report.[18]

After-sales in the shadow banking industry

  • 98% of mortgage complaints sent to companies for review received a company response in 2024.[68]
  • 32,128 written complaints and telephone records were closed by the FDIC Consumer Response Unit in 2025, up 21% from 2024.[67]
  • 2% of mortgage complaints were pending company review as of March 3, 2025, according to the CFPB’s 2024 complaint report.[68]
  • $1,666,946 in voluntary restitution and compensation was received by consumers following FDIC Consumer Response Unit interactions in 2025.[67]
  • Consumers most commonly reported payment-process problems in mortgage-servicing complaints covering 2023–2025, including communication, payment application and escrow issues.[69]

Value proposition in the shadow banking industry

  • 68% was the nonbank share of U.S. leveraged lending in 2024, up from 44% in 2010.[48]
  • The bank share of corporate lending fell from 48% in 2015 to 29% in 2025 as nonbank lenders expanded their role.[64]
  • $7.2 trillion was held by U.S. money market funds in 2024, providing a large nonbank cash-management product base.[48]
  • 23% of technology borrowers had negative EBITDA before 2020, compared with 46% after 2020 in private-credit direct lending.[64]
  • $52 trillion was the global value of investment-fund assets in 2023, up from roughly $21 trillion in 2008.[18]

13 Statistics

Sustainability & Ethics

ESG operationalization is common in private debt, with 68% of private-debt investors developing ESG action plans for all or most investments.

Sustainability in the shadow banking industry

  • 68% of private-debt investors developed ESG action plans for all or most investments during the ownership phase in the surveyed period.[70]
  • 25% of private-debt portfolio companies linked senior-management remuneration to ESG goals in 2024 across Europe and North America.[71]
  • 27% of European private-debt funds planned to offer social bonds or related products in the 2021 survey.[72]
  • 95% of the private-debt portfolio was covered by ICG’s sustainability and ESG survey in 2024 across Europe and North America.[71]
  • 89% of private-debt borrowers had employee-engagement surveys or initiatives in place in 2024 across Europe and North America.[71]

ESG in the shadow banking industry

  • 87% of European private-debt fund managers actively incorporated ESG considerations into their lending strategies in 2021.[72]
  • 82% of European private-debt managers identified greenwashing or impact-washing concerns as an ESG implementation challenge in 2021.[72]
  • 46% of European private-debt managers cited difficulty comparing ESG information across companies in 2021.[72]
  • 9% of European private-debt managers were developing an ESG policy in 2021.[72]
  • 43% of European private-debt managers cited difficulty quantifying ESG information or developing ESG KPIs in 2021.[72]

Ethics in the shadow banking industry

  • 6% of European private-debt funds targeted companies with at least 50% female ownership in 2021.[72]
  • 53% of private-debt managers in underdeveloped European markets cited ethical and social responsibility as an ESG motive in 2021.[72]
  • 86% of private-debt managers in developed European markets cited ethical and social responsibility as an ESG motive in 2021.[72]
  • 61% of European private-debt funds had investment-decision bodies that included women in 2021.[72]
  • 19% of European private-debt funds had female-majority investment-decision bodies in 2021.[72]

15 Statistics

Globalization & Expansion

Expansion is visible in NBFI sub-sectors, including 6.7% growth for global pension-fund assets within the NBFI sector in 2023.

Globalization in the shadow banking industry

  • 6.8% was the 2023 growth rate of global insurance-corporation assets within the NBFI sector.[18]
  • 6.7% was the 2023 growth rate of global pension-fund assets within the NBFI sector.[18]
  • 16.2% was the 2023 growth rate of economic function 3, dominated by broker-dealers dependent on short-term funding.[18]
  • 29.5% of total NBFI assets were represented by the FSB’s narrow measure in 2023.[18]
  • 3.3% was the growth rate of the global banking sector in 2023.[18]

Stakeholder management in the shadow banking industry

  • $26.195 trillion was the aggregate gross asset value of private funds advised by SEC-registered investment advisers in 2024.[48]
  • 2,475 advisers reported private-equity funds to the SEC in 2024.[48]
  • 2,827 advisers reported hedge funds to the SEC in 2024.[48]
  • More than 15,000 registered investment advisers reported approximately $128 trillion in regulatory assets under management at the end of 2023.[48]
  • $1.189 trillion was the gross asset value of real-estate funds advised by SEC-registered investment advisers in 2024.[48]

Key questions about the shadow banking industry

What is the current size of shadow banking measured as NBFI?
Shadow banking held $256.8 trillion in assets in 2024, equal to 51% of global financial assets.
How fast is shadow banking growing versus banks?
NBFI assets grew 9.4% in 2024, while banks grew 4.7%.
Which companies lead the shadow banking industry?
Blackstone leads Gitnux's 2026 shadow banking ranking with an Overall score of 9.4, with more than $1.3 trillion in total assets under management, including credit strategies. JPMorgan Chase is the runner-up at 9.3, with $3.6 trillion in AUM including private credit funds in J.P. Morgan Asset Management.
Where are technology shifts showing up inside nonbank finance operations?
In 2026, 80% of financial services firms reported active AI use and 84% said front-, middle- and back-office integration is important.
What drives risk exposure in NBFI market structure?
The narrow measure exposed to bank-like risks reached $76.3 trillion in 2024, dominated by collective investment vehicles susceptible to runs at 76.1%.
What regulatory developments affect bank exposure to shadow-banking entities in Europe?
In June 2026, the European Banking Authority consulted on revised guidelines limiting bank exposures to shadow-banking entities, required under CRR3 by January 10, 2027.
Reference

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Samuel Norberg. (2026, November 10). Shadow Banking Industry Statistics. Gitnux. https://gitnux.org/shadow-banking-industry-statistics
MLA
Samuel Norberg. "Shadow Banking Industry Statistics." Gitnux, 10 Nov 2026, https://gitnux.org/shadow-banking-industry-statistics.
Chicago
Samuel Norberg. 2026. "Shadow Banking Industry Statistics." Gitnux. https://gitnux.org/shadow-banking-industry-statistics.

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