Rilispedia.com – According to a customer survey conducted by Robocash Group in India, Indonesia, the Philippines and Vietnam, speed of service is the key advantage of online financing tools stated by 50.4% of users. The difference between the four countries is relatively small. However, Indonesian customers have shown the highest interest in this feature – 56%. It is three points more than in Vietnam (53%). India and the Philippines have 48% and 45%, respectively.
Other advantages of fintech financing were related to its accessibility. The company statistics show that a lot of customers of relevant services are residents of rural areas. In many cases, they are self-employed or employed informally, and few of them have some credit history. In this respect, the possibility to get formal financial assistance looks positive by itself. For instance, a reduced list of supporting documents is the main advantage provided by online financing tools for 22.8% of respondents in the Philippines and 16.0% in Indonesia. The latter is equal to the number of local customers who gave their choice for a higher probability to obtain financing (16.0%).
One more group of advantages relates to the convenience of fintech services at use. The round-the-clock operation, together with a variety of ways to obtain cash, complements significantly to the speed factor.
Commenting on the findings, the analysts of the Robocash Group added: “The findings have confirmed that quick elimination of gaps in a family or personal budget is the most common purpose of short-term online advances. That is why top priority is the speed of service. It also correlates with the main reason to apply for financing. For most customers, daily needs and regular monthly payments make the largest and most important part of family expenses. In particular, one-third of respondents (30.6%) spend most of their budget on food, fare payment etc. Then, monthly bills for housing and utility service, mobile phones, TV etc. make the largest spending for almost every fourth customer (24.5%). These are very cases requiring instant payment in the first turn.”