Showing posts with label UAE Online Loan Aggregator Market. Show all posts
Showing posts with label UAE Online Loan Aggregator Market. Show all posts

Monday, May 15, 2023

UAE Online Loan Aggregation Industry Holds Potential 7x Revenue Growth By 2024. Will UAE Online Loan Aggregation Industry Stand On This Projected Figure? Ken Research

1. With rich, diverse & unparalleled infrastructure, the UAE Loan Industry driven by high corporate loan demand.

UAE Online Loan Aggregator Market

Trends and Developments in UAE Online Loan Aggregator Industry

  • Lending majorly dominated by national banks with wide distribution network, occupying >90% of all banks credit disbursal.
  • With major investment in hydrocarbon projects & other infrastructure projects, credit demand by government has been rising & expected to further rise in future as well.
  • Traditional methods of lending (Friends/family) are still preferred choice for availing loans by people with below avg credit history.
  • Banks are undertaking consolidation activities thereby reducing number of branches, cash offices & promoting digital banking services.

 2. Technological Evolution in UAE Banking Services.

UAE Online Loan Aggregator Market

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Adoption of Blockchain technology in enhancing “Know- Your-Customer” processes, useful in client onboarding, cross border transfers, payments & compliance reporting.

Tasharuk Platform: Launched by UBF to fight against cyber-attacks on banks. Platform enables cyber threat information sharing, identify threats & enhance defense systems.

Incorporating Artificial Intelligence in data analytics, combatting fraudulent activities & compliance improvement, further increasing focus on customer dealing & decision-making processes.

Increased penetration of virtual banking channels including Mobile (>85%), Online Banking (>90%), Branch/Call center (>90%) and ATMs (~100%).

Noticeable shift among customers to online medium for undertaking non-cash transactions of balance enquiries, fund transfers etc.

3. Housing Loan, one of the fastest growing retail loan segments.

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  • In 2019, average house price in Dubai decreased by ~12% reaching to ~AED 2.58 Mn, thereby, shifting from investor led market to owner-occupied market.
  • While borrower’s previously preferred fixed interest rates but with Fed Reserve Predictions (2019), noticeable trend was observed for variable rate schemes.
  • Customers rising preferences for loan providers/aggregators offering other benefits like property management services & post-handover assistance services.
  • Dubai is dominated by expat population (11 times of Emirati population), who are observed to be preferring indirect channels due to high documentation & eligibility requirements.
  • Current lending process in The UAE is partially offline; however; with advancements & relaxations in regulations could help in making the process online.

For more insights on the market intelligence, refer to the link below:-

UAE Online Loan Aggregator Market

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Wednesday, October 27, 2021

UAE Online Loan Aggregator Market Size and Research 2021, CAGR Status, Growth Analysis, Business Updates and Strategies till 2027: Ken Research

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.

UAE Online Loan Aggregator Industry Outlook to 2024 - Driven by Shifting to Contactless Services & Easy Online Loan Facilitation

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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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

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Ankur Gupta, Head Marketing & Communications

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Tuesday, June 2, 2020

UAE Online Loan Aggregators Industry Outlook to 2024: Ken Research

The publication titled UAE Online Loan Aggregators Industry Outlook to 2024 - Driven by Shifting to Contactless Services & Easy Online Loan Facilitation’ undertakes an analysis of the UAE’s socio-demographic, economic & banking outlook; overall lending & retail lending scenario; gaps in traditional models filled by aggregator model; unique operating models in the sector, organizational structure of major players and future outlook & trends expected to drive the Industry.
In past years UAE has been one of the highest ex-pats dominated countries (8.5 Mn i.e over 80% of total 9.7 Mn) with the major influx from Asian countries including India, Pakistan, Bangladesh, Philippines.  Migrating to UAE for employment opportunities the ex-pat population is often seen resorting to personal loans & credit cards for meeting their initial expenses. The Banking & Insurance sector in the country is driven by strong & durable financial reserves contributing 8-10% of overall GDP. Supplementing banking sector growth, increased virtual banking penetration via Mobile (>85%) & Online Banking Services (>90%) has prompted a noticeable shift among consumers to now preferring online channels for transactions like transfers & fund inquiries.
What are the lending patterns in the UAE?
Comprising of loans to Government, Business & Industrial sector, Public, Retail & Financial Institutions, gross credit outstanding in the UAE reached AED 1.7 Tn in 2019 recording a CAGR (2014-2019) of ~5%. Occupying the highest share of ~50%, loans to business & industrial units have been increasing mainly from Dubai & Abu Dhabi region while the North Emirates region suffered a decline during 2019. With ~2x higher interest rates charged by finance companies, lending in the UAE is majorly dominated by banks acquiring >90%of credit disbursed across the country. The second most demanded category of the loan was observed to be retail lending acquiring a share of about 21%of total credit outstanding.
Retail Loans-Second most demanded Loan Category in the UAE
Retail lending in the UAE comprises of loans disbursed to individuals for personal consumption purposes including Personal Loans, Mortgage/Home Loan, Car Loans and others. Post-2016 oil crisis, the banking industry observed an increased 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, rising regional demands (Dubai & Northern Emirates) helped retail loan demand to gain some momentum in 2019.
Changing Dynamics of Online Loan Industry-Online Loan Aggregators
Online Loan Aggregators operating on either lead generation or customer acquisition seek to reduce the time required for loan selection processes by providing comparison across multiple loan options on the basis of parameters such as interest rates, fees/charges, additional benefits provided, etc. Increased awareness among consumers for understanding before buying, increased internet penetration rate (~99%) & ease in loan facilitation process are some of the major driving factors behind online aggregator’s industry growth of >200% (2018-2019). However stringent regulatory requirements & cumbersome documentation processes still prompt citizens to avail loans from informal channels.
Highly Concentrated Competitive Landscape
Competitive landscape in the UAE Online Aggregators Industry is observed to be highly concentrated with ~90% of market share occupied by top 4 players including 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 key strategy adopted by players include diversifying product portfolio, providing comparison services across insurance, telecom, education, property, etc. thereby targeting on becoming “One Stop Solution Provider”. With partnerships across all major loan providers in the country, the major distinguishing factor among players is the level of customized advisory services provided in the loan selection process.
COVID 19 Impacting Loan Industry
Outbreak of COVID 19 Pandemic is expected to leave major impact across all industries. Adding to the woes, UAE suffered from plunging oil prices in April 2020 thereby contracting the country’s GDP by -3.5%. In order to minimize the dual shocks’ impact, CBUAE launched Targeted Economic Scheme providing relaxations across loan categories. In order to meet liquidity expenditures & working capital requirements, demand for personal loans, credit cards & SME/Commercial loans are expected to increase substantially in 2020.
High Potential for Online Aggregator Services
Relaxations & capping of fees/charges are expected to increase the demand for retail loans especially for personal loans & credit cards. Car sales in the UAE have been following a downward trend which is expected to continue in the future as well thereby further decreasing demand for car loans. A major shift in the consumer behavior can be expected post-pandemic with people preferring contactless online services providing opportunities for online aggregator services. On the competition front, major players are expected to invest in Artificial Intelligence & Machine Learning to match consumer needs with solutions & in overall customer segmentation.
Companies Covered: -
YallaCompare
Souqalmal
BankOnUs
Policy Bazaar UAE
SoulWallet
UAE Cash Loans
Time Period Captured in the Report: -
Historical Period: 2015–2019
Forecast Period: 2020-2024
Key Topics Covered in the Report: -
Socio-Demographic, Economic & Banking Scenario in UAE
Snapshot of Lending scenario in The UAE with segmentation by Business & industrial Loans, Retail Loans, Loans to Government, Public Loans & Loans to Financial Institutions
Retail Lending Scenario with Segmentation by Personal Loans, Credit Cards, Mortgage/Home Loan, Car Loan and Others
Gaps in Traditional Loan Industry fulfilled by Online Loan Aggregators
Online Loan Aggregator Industry in The UAE with Business Model followed
End-to-End Customer Journey followed
Technological & Operational Structure followed
Regulatory Landscape in UAE Loan Industry
Competitive Landscape including Overview, Ecosystem & Cross Comparison among major players on basis of Operational, Loan Providers, Product Portfolio, Strengths & Weakness Analysis, website Features
Company Profiles-YallaComapre, Souqalmal, BankOnUs, PolicyBazaar UAE, SoulWallet, UAE Cash Loans
International Case Studies-PaisaBazaar (India), Money Super Market (UK)
Future Outlook of Retail Lending & Online Loan Aggregators
Impact of COVID 19
For More Information on the assess product portfolio, Click on the Below Link: –
Related Reports by Ken Research: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249