According to IMARC Group’s latest report, titled “Consumer Credit Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,”. Looking forward, IMARC Group expects the global consumer credit market size to register moderate growth during 2020-2025.
Consumer credit stands for the personal loan granted to individuals for short- and intermediate-term to finance personal expenses. A finance fee is charged against a credit or an extension of existing credit presented in the form of a cash loan or sales credit. They can be non-revolving loans that are to be repaid in a fixed number of payments or revolving loans that include automobile, consumer goods, home repair, and personal loans.
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Substantial growth in the banking, financial services, and insurance (BFSI) industry, along with the rapid economic development of micro-enterprises, are spurring the demand for consumer credit. Rising investments in micro, small, and medium enterprises (MSMEs) by banks and other financial institutions are further propelling the market growth. Moreover, the widespread adoption of credit data by consumer banking professionals to obtain cash flows and analytics related information at the portfolio level also contributes to the market growth. It helps in managing personal credit cases, real-time pricing, and capital management of multi-asset portfolios. The rising demand for consumer credit to mitigate firm-wide risks through consistency, automation, and transparency is also driving the market growth. Several social media platforms are launched by consumer credit agencies for introducing media campaigns and innovative products, thereby expanding their consumer base.
Consumer Credit Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Bank of America
- BNP Paribas
- China Construction Bank
- Deutsche Bank
- Industrial and Commercial Bank of China (ICBC)
- JPMorgan Chase
- Mitsubishi UFJ Financial
- Wells Fargo
The report has segmented the market on the basis of credit type, consumer type, service type, issuer, payment method and region
Breakup by Credit Type:
- Revolving Credits
- Non-revolving Credits
Breakup by Consumer Type:
- Large Enterprises
Breakup by Service Type:
- Credit Services
- Software and IT Support Services
Breakup by Issuer:
- Banks and Finance Companies
- Credit Unions
Breakup by Payment Method:
- Direct Deposit
- Debit Card
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Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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