We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.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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Market Trends
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.
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List of Key Companies Covered in this Market Report:
Bank of America
Barclays
BNP Paribas
China Construction Bank
Citigroup
Deutsche Bank
HSBC
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 geography.
Breakup by Credit Type:
Revolving Credits
Non-revolving Credits
Breakup by Consumer Type:
Individual
MSMEs
Large Enterprises
Breakup by Service Type:
Credit Services
Software and IT Support Services
Breakup by Issuer:
Banks and Finance Companies
Credit Unions
Others
Breakup by Payment Method:
Direct Deposit
Debit Card
Others
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
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