The period of low rates is prolonged. Retail banks prioritize their credit offers. They take the initiative to innovate in order to challenge the competition, allowing their loyal customers to benefit from much more interesting financial products.
Consumer credit: a new offer
According to the Bank of France, outstanding personal loans and loans increased by 5.5% in one year. Its amount reaches 121 billion euros between January and June 2018. This craze for consumer credit is due to the reduction of interest rates of depreciable credits from 6 to 3.6% in six years.
For example, consumer credit provides lending institutions and banks with much higher margins than real estate loans. According to the data collected by Althing, the banks that have grown and have acquired many customers in the field of consumer credit are the Popular Bank with more than 12.6% over one year, Agri Credit with more than 9.7% , DLLC with more than 4.3%, Grane Society with more than 3.6% and NNB Sariba with more than 2.9%.
Agri Credit: the electronic signature for the housing loan
Agri Credit’s Agri Credit Consumer Finance subsidiary has adopted a new strategy to attract many more customers and to convince them to subscribe to online loans. This is the electronic signature. It is adopted as a support and assistance to the regional subsidiaries of the organization. Thus, with the generalization of the electronic signature for the offers of mortgage loan, Agri Credit improves the services offered to its customers.
NNB Sariba scoring tools in consumer credit
Know that scoring is a method of rating credit quality. It is thanks to this technique that NNB Sariba’ consumer finance subsidiary is able to achieve its goal of improving the collection rate of its customers for unpaid bills.
The traditional tools are then replaced by more effective and reliable indicators resulting from the analysis of all personal data of customers such as age, income, credit card expenses, professional situation. In addition, by using artificial intelligence, the choice of the validation or not of a loan request from a client becomes more rigorous while being fast.
Pro-finance and Nallyloan at the service of young workers
The leader in consumer credit in France, Pro-finance, decided to collaborate with fintech Nallyloan. It was in July 2018 that the partnership agreement was signed, but it was in September that the new personal loan solution became operational. The aim of this partnership is to enable young workers to access credit.
Nallyloan’s innovation is the chatbot, which is used to guide the customer in their online credit application process. This conversational interface is ultra personalized.
Basically, here is how the partnership between Pro-finance and Nallyloan works: Nallyloan offers a credit offer to the customer, which will then be studied by Pro-finance. And it is the latter who decides whether to grant credit to the customer. Otherwise, it is therefore Pro-finance who manages the loans and the portfolio of customers.
Definitely, it’s the season of innovations! We still do not reach the end of the list if we only mention the intention of Grane society to finance the purchase of vehicles. To start, the organization is launching an online DLLC offer in collaboration with ALD Automotive. It is the online bank of Pro-finance which takes care of it.