To determine the difference between customers of online financing services in Asia and Europe, the financial holding Robocash Group studied questions, which customers in the Philippines and Spain have asked call centres in 2019 most often.
The primary differentiating feature of Filipinos is that more than one third (31.2%) of local customers’ calls are about what’s an online loan like, and how the service works. In Spain, the share of such calls amounts to only 2.7%. The company analysts assume that the reason is the lower financial inclusion in the Philippines. “According to the World Bank, in 2017, 93.8% of people in Spain had a bank account. In the same year, only 34.5% of Filipinos had it. It allows saying that the Spanish are more accustomed to online micro lending. In this sense, Filipinos have only started using digital financial services actively”, mentioned the analysts.
Remarkably, the same reason also makes Spanish customers ask details on how to extend a loan or settle an overdue. The share of such questions amounts to 10.4% and 14.2%, respectively. In contrast, the Philippines has lower figures: 1.3% and 2.8%, respectively. Still, such a difference does not affect the default rate: Spain and the Philippines have an approximately equal level.
Robocash Group is an international financial group operating in the segments of consumer alternative lending and marketplace funding in Europe and Asia. The company develops robotic financial services providing lending to customers in Russia, Kazakhstan, Spain, the Philippines, Indonesia, Vietnam and India and operates the own EU-based p2p investment platform. The group develops products completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business.