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, respondents in Vietnam have shown a higher interest in this feature – 53%, which is three points more than the average rate. Meantime, Indonesia, India and the Philippines have 56%, 48% and 45%, respectively.
Remarkably, respondents in Vietnam have paid much more attention to the convenience of fintech services at use. The possibility to use the service 24/7 supported by multiple ways to obtain cash have higher significance for customers in Vietnam than in Indonesia and the Philippines. Thus, 17.6% of local respondents consider round-the-clock operation first. Comfort at availing the funds is important for 13.7%. Although the latter equals the share of voices for a higher probability of approval (13.7%), which is a part of the accessibility factor, altogether they complement significantly to the speed of service.
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.
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.”
Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates the own EU-based p2p investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.