Financial service providers (both the dominant mainstream providers and alternative) were negatively impacted by the emergence of COVID-19 in 2020, due to lack of demand amongst local consumers for several reasons. In addition, many of them suspended marketing campaigns promoting consumer credit.
March 2020 saw the government launch its “anti-crisis shield” in response to the emergence of COVID-19. This programme included a regulation which reduced the maximum value of the non-interest costs of consumer credit.
The Polish consumer lending environment is led by large retail banks such as PKO Bank Polski, Santander Bank Polska SA, Bank Polska Kasa Opieki SA - Pekao SA Group, ING Bank Slaski and mBank. These institutions benefit from a good reputation and consumer trust, offering vast portfolios of services.
Gross lending in terms of consumer credit is set to experience a tentative recovery over the course of the forecast period; depending on how well the pandemic is contained going into 2021, growth of real GDP is set to bounce back resulting in increasing confidence and leading to greater consumption levels which will be partly financed by consumer credit. Therefore, going into 2021 an increase in gross lending is predicted but it will not return to pre-pandemic levels of borrowing in terms of overall value until 2025.
Despite recording a significant decline in gross lending value terms in 2020, alternative financial service providers are predicted to slowly regain lost ground from mainstream banks and record a more impressive performance over the course of the forecast period. Nevertheless, alternative financial service providers will be subject to the regulation of lower non-interest cost limits at least until March 2021, which could be extended.
The willingness of banks, credit unions and non-bank lenders to grant consumer credit in higher amounts was shaken by the Court of Justice of the EU’s judgement from September 2019. CJEU delivered its opinion on Poland’s case concerning early repayments of credit.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Poland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Consumer Credit research and analysis database.
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