Introduction
Loan
aggregator is a middleman organization that gathers an individual personal and
financial information on a loan applications and shops it around who might
propose an individual a loan. Such aggregators charge some amount of price to
deliver the individual end-to-end service in their entire loan application
procedure. The online loan aggregator is speedily being accepted around
underdeveloped region, for instance, around UAE, the online loan aggregator has
emerged as one of the fastest-increasing industry. The effective growth in
tie-ups with several banks supporting buyers in loan pre-application and the
post-applications procedure has augmented requirement for online loan
aggregators.
What
are the lending patterns in the uae?
Containing
of loans to Government, Business & Industrial sector, Public, Retail &
Financial Institutions, gross credit outstanding around the UAE reached AED 1.7
Tn during 2019 recording a CAGR (2014-2019) of ~5%. Occupying the greatest
share of ~50%, loans to business & industrial units have been growing
majorly from Dubai & Abu Dhabi region while the North Emirates region
experienced a decline throughout 2019. With ~2x higher interest rates charged
by finance organizations, lending around the UAE is majorly registered by banks
obtaining >90%of credit disbursed around the country. The second most
required category of the loan was witnessed to be retail lending obtaining a
share of about 21%of total credit outstanding.
Retail
loans-second most required loan category in the uae
Retail
lending around the UAE entails loans disbursed to individuals for personal
consumption purposes comprising Personal Loans, Mortgage/Home loans, Car Loans,
and several others. Post-2016 oil crisis, the banking industry witnessed an
augmented rate in NPAs & rejection rates thereby retail loan outstanding falling
continuously to reach AED 361 Bn by 2019. However, trends such as falling
interest rates, property prices, increasing regional requirement (Dubai &
Northern Emirates) helped retail loan requirement to gain some momentum during
2019.
Highly
concentrated competitive landscape
The
key players in UAE Online Loan Aggregator Market
are aiming greatly on innovations in technologies to advancing proficiency
level. The industry growth outlook is captured by confirming ongoing procedure
advancements of players and optimal strategies taken up by organizations to
fight COVID-19 situation.
The
competitive landscape around UAE Online Aggregator Industry is witnessed to be
greatly concentrated with ~90% of market share occupied by top 4 players
comprising YallaComapre, Souqalmal, BankOnUs & Paisa Bazaar competing on
the basis of parameters such as Conversion rates, Traffic generated, After Loan
Assistance, Loan Providers, Tools & Advisory services provided. The
foremost strategy adopted by players comprises diversifying product portfolio,
delivering comparison services across insurance, telecom, education, property,
etc thereby aiming on becoming “One Stop Solution Provider”. With partnerships
around all foremost loan providers in the country, the foremost distinguishing
aspect among players is the level of customized advisory services delivered in
the loan selection procedure.
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For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=MzM3MDc0
Covid
19 impacting loan industry
An
outbreak of COVID 19 Pandemic is projected to leave major foremost across all
industries. Adding to the woes, UAE suffered from plunging oil prices during
April 2020 thereby contracting the country’s GDP by -3.5%. In order to decrease
the dual shocks’ impact, CBUAE launched Targeted Economic Scheme delivering the
relaxations around loan categories. In order to meet liquidity expenditures
& working capital requirements, requirement for personal loans, credit
cards & SME/Commercial loans are projected to augment substantially during
2020.
Future
outlook
A
foremost shift in customer behavior can be projected post-pandemic with people
preferring contactless online services delivering opportunities for online
aggregator services. On the competition front, foremost players are projected
to invest in Artificial Intelligence & Machine Learning to match consumer
requirement with solutions & in entire customer segmentation.
For More Information, refer to below link:-
UAE
Online Loan Aggregator Market Research Report
Related Reports
Contact Us:-
Ken Research
Ankur Gupta, Head
Marketing & Communications
+91-9015378249
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