News and Current Affairs
48% of Indians choose online financing tools because of higher speed
In the era of digital technologies, time has become the most valuable asset. It correlates with findings of Robocash Group that the speed of service is in the highest priority for a half of customers of online financing tools. In the survey conducted by the company in the Philippines, Indonesia, Vietnam and India, every other (50.4%) respondent mentioned this factor in the first turn. Particularly in India, speed is of the highest preference for 47.6% of respondents.
Remarkably, customers in India have also paid much more attention to the convenience of fintech services at use than in Indonesia and the Philippines. 18.2% of local respondents consider round-the-clock operation first. At the same time, it is close to 16.8% for a reduced list of supporting documents, which is a part of the accessibility factor.
According to a customer survey conducted by Robocash Group in India, Indonesia, the Philippines and Vietnam, speed of service is the key advantage of online financing tools stated by 50.4% of users. The difference between the four countries is relatively small. Although the number of respondents in India who gave their voices for this feature is two points less than the average rate (47.6%), speed is of the highest preference among local customers.
Remarkably, respondents in India have also paid much more attention to the convenience of fintech services at use. The possibility to use the service 24/7 have higher significance for customers in India than in Indonesia and the Philippines. Thus, 18.2% of local respondents consider round-the-clock operation first. At the same time, it is very close to 16.8% for a reduced list of supporting documents, which is a part of the accessibility factor.
The company statistics show that a lot of customers of relevant services are residents of rural areas. In many cases, they are self-employed or employed informally, and few of them have some credit history. In this respect, the possibility to get formal financial assistance looks positive by itself explaining the reason for 10.5% of respondents to mention a higher probability to obtain financing.
Overall, the findings show that higher accessibility of fintech services providing a variety of ways to obtain cash on hands and the comfort at their use significantly complement to the speed factor and increase customer satisfaction.
Commenting on the findings, the analysts of the Robocash Group added: "The findings have confirmed that quick elimination of gaps in a family or personal budget is the most common purpose of short-term online advances. That is why top priority is the speed of service. It also correlates with the main reason to apply for financing. For most customers, daily needs and regular monthly payments make the largest and most important part of family expenses. In particular, one-third of respondents (30.6%) spend most of their budget on food, fare payment etc. Then, monthly bills for housing and utility service, mobile phones, TV etc. make the largest spending for almost every fourth customer (24.5%). These are very cases requiring instant payment in the first turn."