Married people with one or two kids comprise the highest share of customers of fintech lending services in Asia. These are the findings of the financial holding Robocash Group based on a client survey in the region. In the Philippines, 51% of customers are married, and 45% have 1-2 kids under 18 years old.
First of all, the reason for that is additional needs and expenses, which usually grow, as a family gets bigger. Moreover, if any spouse has no or limited access to traditional financial services, it increases the interest in alternative opportunities for a whole family. Among the four countries in Asia studied by the company, the Philippines has the lowest share of married customers (51%). The highest part is in Indonesia – 69%. India follows with 66%. Vietnam has 54%.
As for the family size, Filipino customers take the lead. 45% of respondents in the Philippines have one or two kids, while 27% have three or more. Indonesia is on the second place with 60% and 11%, respectively. In India, 49% of respondents have 1-2 kids, 12% – 3 or more. The share of customers without kids reaching 55% makes Vietnam stand in contrast. Meanwhile, 40% of the Vietnamese clients have 1-2 kids, and only 5% – 3 or more.
Explaining the difference, analysts of the company added a few points to the customer profile in the Philippines and Vietnam. In particular, the lowest number of the married in the Philippines can be explained by the overall prevalence of women among users of fintech services in the country. Quite many female customers are single and demonstrate significant independence in managing financial matters. As for Vietnam, the main reason is the youngest age of local users in comparison to other countries.
Half of Filipinos using fintech lending services are married and have kids 1
In general, family ties preserve the highest significance for people in Asia. The findings on the number of family members sharing the same living space with respondents have proven it. Thus, in the Philippines, 70% of customers of fintech lending services live together with three or even more family members. However, Vietnam provides the brightest example. Despite a smaller number of the married and parents among customers, 66% of respondents share the same living space with three or even more family members. The share of such clients in India is 59%, and Indonesia has 49%.
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.