It will be next year before Good Shepherd Microfinance offers digital applications, trailing well behind the payday lenders it aims to replace.Speedy assessments and almost equally rapid payment of the loan are a feature of the payday lenders' business model.The payday set are serving a financially excluded market of three million, and have a loan aggregate of A$1 billion, Adam Mooney, Good Shepherd Microfinance CEO, told the Collingwood media call.As with many other topics, the Financial System Inquiry made muted reference to this segment of the market.Banking Day road-tested the segment's product line earlier this year, and the customer experience may be among the most exceptional anywhere in financial services.On-boarding (as some might call it) has to be a low cost method, with all the risks concentrated in the credit decision. The thoroughness of credit checks may be a somewhat optional cost, with subdued checks of all an applicant's details.The mix of losses and returns translating from this sector translates into an ever expanding capital spend, making payday lenders among the best supported growth segments around banking.Leaving many wondering when NAB and others will step up the challenge.