The digital transformation currently being undertaken by the leading banks is increasingly allowing them to offer new products to reach previously underserved or completely unserved consumer segments. For example, the digital channel enables banks to conduct super-quick client risk evaluations, allowing them to provide credit in less time than before and only through the online channel, which reduces operational costs and makes these products profitable for the bank and attractive for consumers.
In spite of the fact that the economy is still not growing at expected levels, Peruvians are still willing to increase their debt levels, showing faster growth in total consumer lending. In most terms the growth in 2019 was higher than it had been over the review period as a whole (CAGR).
In 2019, changes in ISC (Selective Tax on Consumption) reduced taxes for less polluting vehicles and increased taxes for imported used cars. These measures were aimed at boosting sales of new cars and were therefore also expected to improve auto lending.
Banco de Crédito del Perú has launched new products in auto lending, including credit for used and partially new cars. This made it the first company in the marketplace to offer loans to purchase cars up to 10 years old.
Card lending is the dominant mode in consumer lending in Peru, in terms of both outstanding balance and gross lending. The interest of banks and other financial institutions in developing card lending in a country with low banking levels has contributed to its growth.
BBVA launched its new brand image for Peru in June 2019, which involved a change in name from BBVA Continental to BBVA Perú, leaving behind the tie with the original Peruvian brand Banco Continental and part of a move by BBVA to unify its brand worldwide. This also came with a change in leadership as well as a new strategy that is looking to establish it as the leading bank in the country.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Peru 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 Peru, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Consumer Credit research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page