Financial Charter 2020 – How India will Bank in 2019-2020?

Financial Charter 2020

We are in the era where digitization is the key to an overall development of a country. We are growing good with our countrymen who trust us & want to join hands. In the year 2018, about 70 lakh unique visitors came to buy our loan products to make a comparison and write good stories. Every internet user is going crazy by keeping all the activities online from buying clothes online to booking their air ticket. Infact some are also going online to conduct their financial activities.

Mid aged, small town residents and females are the biggest reason for growth in the loan market in the year 2018. Through our crisp report, we will look back at the personal finance trends of 2018 and chalk out a future plan in the year 2019.

  • Non-Metros Residents Are Borrowing More Than Metros:

Ofcourse, there’s a positive change in the customer base, when enabled by internet based platforms. Getting an instant personal loan sanctioned is just as good as shopping comfortably from home. And it has been revealed that a massive number of customers are logged in from sub urban/ non metro areas.

Way Ahead 2019

Mostly the first time salaried will make an online buy to meet their financial motives. Whereas, individuals from the sub urban/rural areas using internet for the first time will make financial product purchase. Many short-term borrowings will charge the next set of money exchange. The good thing about small towns is that they are popularizing the big ticket size and financial inclusion.

  • Share of Car Loans:

When we talk about car loans, the Indian market is doing really well. You do not have to stop at small cars, you can aspire for bigger & better.

Way Ahead 2019

As we see the trend of millennials joining the trend, it’s quite possible to have a positive outcome. Undoubtedly, the cash crunch has hit the automobile industry hard. However, we can still witness a good turn. Auto loans too had eventually slowed down, however NBFCs still managed to cover nearly 50-60% commercial sales. Though, we will have to see an impact of the same on 2019 finances also.

Position of Credit Cards

A lot of women today are buying credit cards to fulfill their leisure needs. This is specific to the age group between 25-35 years. Amazing offers & deals are alluring more and more customers towards cards & expanded its market in the last one year.

Way Ahead 2019

Request for credit cards went up by double digits, this is purely based on the social motives. The percentage went up by 50% in the current financial year and the credit cards was quite similar. After the demonetization step, a huge chunk of people started using the online mediums for transaction. And this is an ever-growing trend!

Travel Cards:

We are globetrotters! A huge young population is moving closer to their travel dreams. And credit cards are helping them to a great extent to realize their dreams. These cards can be helpful to earn travel miles, insurance, and other miscellaneous perks.

Way Ahead 2019

A study clearly reveals that about 20% of the travelers are aspirational. Along with the metro cities, the non-metro cities are also well connected. This is where the credit cards can be the best companions for a constructive trip.

As we see that our country is turning digital! More & more people have online accounts to avoid the physical work.

It would be significant to mention here that the Supreme Court’s ruling did ruin systems in place. Although, after the conscious effort to simplify the process, individual use of Aadhaar has been allowed back. Now, interested borrowers will use online channels to buy financial products.

Post Your Comment