One good thing that the pandemic did was to increase the banked population. With government needing to give increased social assistance to many people during the lockdowns, it created the Ingreso Solidario (Solidarity Income) to help families.
One of the major trends in the global financial services industry has been the increasing interest in analysing the huge amounts of data which can now be collected on consumers and borrowers in the digital age. The insight that can be gained from this data analysis has the potential to completely revolutionise the Colombian consumer lending market, with benefits likely to be passed onto consumers in the form of cheaper, more personalised credit and more streamlined credit application procedures.
After several years of relatively low interest rates, high inflation has forced the Central Bank to increase interest rates and further hikes are expected over the forecast period. The implications of this are unknown and could potentially lead to lower demand for consumer credit, as it will be more expensive, and many consumers may decide to delay certain purchases, which in turn could lead to a contraction in the economy.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Colombia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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