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Consumer Credit Market 2023 Regional Segments, Industry Analysis, Growth Strategy And Forecast 2032 | Major Players Are The Bank of America Corporation, Barclays PLC., BNP Paribas SA, China Construction Bank Corporation, Citigroup Inc
Consumer Credit Market
The Business Research Company's Consumer Credit Global Market Report 2023 identifies increasing adoption of cashless transactions as the major driver for the Consumer Credit Market's growth in the forecast period. Cashless transactions are digital methods of transferring financial transactions between two parties that do not require the use of real currency that uses a payment gateway to transmit payments electronically. Fintech lenders are more likely to issue loans to cashless payment adopters than to non-adopters because the borrowers' cashless payment histories provide lenders with reliable information, allowing for more effective screening of loan applications. Additionally, these borrowers may benefit from lower interest rates and lower default risks, and with these benefits, borrowers may choose cashless payments.
The global consumer credit market size is expected to grow from $10.49 billion in 2022 to $11.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global consumer credit market size is expected to reach $13.91 billion in 2027 at a CAGR of 5.6%.
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Major competitors in the consumer credit market are The Bank of America Corporation, Barclays PLC., BNP Paribas SA, China Construction Bank Corporation, Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC., Industrial and Commercial Bank of China Limited, JPMorgan Chase & Co, Mitsubishi UFJ Financial Group, WELLS FARGO & CO, Berkshire Hathaway Inc., Prudential Financial, PrimeLending, Morgan Stanley, Edward D Jones & Co L.P.
A key trend in the Consumer Credit Market includes product innovations. Major companies operating in the consumer credit market are focused on developing innovative solutions such as Artificial Intelligence (AI) and data analytics to strengthen their position in the market. For Instance, in November 2022, LoanDepot Inc. introduced an innovative digital home equity line of credit (HELOC). The product features a simple interface and is fast, with a timeframe of as little as seven days from application to closure. Customers may acquire a no-hassle online rate quotation in less than five minutes and pre-qualify without affecting their credit ratings. It is a unique technology platform empowered by digital tools and data. This innovative new system provides homeowners with an effective financing option for tackling inflation and increasing consumer debt with a level of electronic convenience that is not currently accessible through conventional HELOC products.
Read More On The Global Consumer Credit Market Report Here:
https://www.thebusinessresearchcompany.com/report/consumer-credit-global-market-report
The Consumer Credit Market is segmented -
By Service Type: Credit Services, Software And IT Support Services
By Credit Type: Revolving Credits, Non-Revolving Credits
By Issuer: Banks And Finance Companies, Credit Unions, Other Issuers
By Payment Method: Direct Deposit, Debit Card, Other Payment Methods
By Application: Individual, Enterprise, Other Applications
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Consumer Credit Market.
The Business Research Company's "Global Consumer Credit Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Consumer Credit Market Include:
1. Executive Summary
2. Consumer Credit Market Characteristics
3. Consumer Credit Market Trends And Strategies
4. Consumer Credit Market - Macro Economic Scenario
5. Consumer Credit Market Size And Growth
……
26. Africa Consumer Credit Market
27. Consumer Credit Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Consumer Credit Market
29. Consumer Credit Market Future Outlook and Potential Analysis
30. Appendix
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