Traditionally banks provided limited transparency on loan pricing & charges, making customers call up/visit bank branches just to attain basic loan pricing information. This gap was fulfilled with the introduction of the Loan Comparison website by YallaCompare in UAE. Loan Comparison websites facilitate comparison of credit options for multiple products including car loans, credit cards, personal loans, Mortgage and SME; from multiple loan providers at a given point of time. Following this model, new players including MoneyMall, Compare4Benefit, Souqalmal, etc. entered the UAEs marketplace. Threes aggregators do not charge any fees from customers but earn revenue in the form of fee per lead generated (Lead Generation Model) or commission on the loan amount (Customer Acquisition Process). With more than 10 players, the online aggregator industry in UAE (Revenue) recorded growth of >200% in 2019. Yet, when compared on infrastructural developments it still lags behind its global peers.
Paisa Bazaar, one of the leading Online Loan Aggregators in India undertakes ~2Mn inquiries from ~27 Mn visitors per month. Given similar consumer behavior in both countries, players in the UAE can adopt certain features in order to improve their overall services. Its website employs a unique feature of matching consumer’s profile (Income, credit score, age, etc) to various loan provider’s criteria's’ thereby providing customers with their chance of approval against each loan option available. Also, it is analyzed that majority of players in the UAE already invest in providing advisory services therefore as an add on complementary/chargeable facility a company can provide customized reports on improving customer’s credit scores
With COVID 19 pandemic, the economic situation all over the country has been deteriorating with people facing pay cuts & job losses. With lockdown put across all over the country, SMEs are likely to suffer huge revenue losses as well. Therefore, in order to meet daily utility expenses & working capital requirements, (SME) retail loans demand is expected to increase at a growth rate of ~4% in 2020. Apart from this, a major switch in consumer behavior is expected with consumers preferring contactless online services. All these factors together are expected to bring in the growth of >5% in the number of leads generated across the industry thereby creating a huge opportunity for online aggregators in the UAE.
Given the competition in the industry, it is pertinent for players to diversify their core as well as complimentary product offerings (Calculators, Saving Tools, Advisory, Blogs). This will not only help them in increasing overall revenue but also provides them the opportunity of utilizing customer information from one product to suggest its other products as well (Cross-Selling Opportunity).
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: –
India Online Loans Market Outlook to 2019 - Industry Transformation by the Advent of Web Aggregators
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
