Introduction
Euromonitor International’s team of in-house analysts – with industry and geographic expert research – the latest market trends and future growth opportunities for the consumer credit industry in the Philippines.
Key trends are clearly and concisely summarized with the latest research data available. Understand and assess competitive risks and plan a corporate strategy with our quality analysis, insights and confident growth estimates.
Consumer credit reports in the Philippines include:
*Analysis of key supply side and demand trends
*Wide distribution of international and local products
*Historical volume and price size, company and brand market share
*Five years of market trends and market growth forecasts
*Strong and transparent research methodology working in the country
Three banking trends in all areas of banking:
1. Filipinos enjoy digital convenience but security concerns remain.
Filipinos are attracted to the convenience of digital banking, but security concerns leave many behind. 4 out of 10 Filipinos believe online banking is unsafe, although the increase in access to digital financial services has helped people understand that online banking is more secure than ever.
2. Filipinos turn to discovery during their financial journey.
Whether they are looking for financial services, reviews or advice, the Philippines turns to search when it comes to finding, evaluating and verifying information. That’s why brands need to be on the lookout and guide people through the right financial information, so that they feel confident about their decision.
3.Filipinos are interested in saving and investing.
With 50% of Filipinos looking to sign up for a savings account next year, 4 brands have the opportunity to provide digital finance products that meet people’s financial needs.
Unique treatment for banks, underbanked and unbanked
Although digital finance has changed overall in the Philippines, it operates differently in different banking sectors. To help your audience, it helps if you understand their key motivations and behaviors.
(Bloomberg)
Best Licensed money lender in philippines reached its highest level in more than a decade in January, pushing up debt growth among businesses and suggesting that households support the economy. Can help with the damage caused by coronavirus outbreaks. Central bank data show that consumer credit rose 40.1% in January from a year earlier. This is the fastest since at least January 2009, according to data compiled by Bloomberg.
Credit card loans and motor vehicle loans increased by 57% and 31.7%, respectively, while the company’s loans increased by only 8.8% during the same period, according to central bank data. Overall, bank credit rose 11.6 percent in January from a year earlier, the fastest in eight months.
Characteristics of the financial behavior of the Philippines in the banking segment
The bank is also thorough and detailed in its research. They make an average of 7.2 touch points in their research, scroll through videos and brand websites, and consult family, friends and financial experts. 22 brands can significantly reach this segment by appearing on search with relevant information. For example, when this group of people are researching a new car, financial advertisements that provide information about car loans will be useful.
They are also open to a variety of financial products, regardless of brand, as long as it brings them closer to their financial purpose.
Conclusion
A bank account is not just about saving money, it is also about managing money. Opening an account is a great move – it means you can use a service that helps you manage your money, and help you get a loan sometime in the future if you need to.