LOAN TREND 2023

Next Sunday a new calendar begins, so we must begin to identify the trends that will be “marking the stop” in the national economic scenario, where one that should not be overlooked is what will happen in the credit sector. Although experts estimate that the high inflation rates - which marked 2022 and will continue at the beginning of 2023 - may affect banking products in the short term; Banks and the fintech sector do not foresee problems of non-compliance with payments by users of the financial system. This has led Tangelo , a company specialized in the development of alternative credit solutions for people and companies in Latin America, to highlight the five main trends that will frame the credit sector for next year; where a common aspect between these will be the leading role that digital services will play in the bank-customer relationship. Firstly, a better consumer experience is expected from technologies such as artificial intelligence (AI) and machine learning, which are being used by companies to improve their customer service experience and what is estimated to be that these types of tools will be key to understanding the tastes and needs of users. “It will be essential for the sector to improve the consumer experience to create intelligent interactions and thus help democratize access to credit, raising the rates of financial inclusion in the country . In addition, companies in the sector will have to take advantage of the amount of data collected in real time to improve customer retention and automate more processes related to digital loans,” he highlights. “Fintech will help with the digitalization acceleration process with disruptive and innovative models, responses to problems that traditional banking had left aside, such as excessive procedures to request loans and other services. That is why for next year at Tangelo we estimate that the banking sector will transform part of its operation through alliances between the Fintech sector and traditional banking to merge ideas, platforms and even products that benefit users,” he mentioned . In addition to greater inclusion of biometric systems in digital services, another trend expected for 2023 is the growth in the use of devices such as smart watches and phones to pay securely and without the need to present cash or cards . physical in shops. “With the adoption of these technologies, it is expected to boost digital payments in Latin America to the point of not having the need to have an active internet connection. For the sector, it will be essential to bet and invest in platforms that allow this type of payments,” they highlight. “By using data such as purchase frequency, payment history, and purchasing preferences, among others, companies can create a clearer and more accurate profile of their users. In addition, they will be able to better adapt their business processes and create more accurate marketing strategies to reach new customers and retain existing ones by knowing what interests consumers and what or who influences them,” he indicates. And finally, for next year, financial institutions will have pressure to reduce costs, but without neglecting investment in technology to differentiate themselves from the competition. “We believe that this motivation will drive important mergers and acquisitions that will effectively increase market share with new clients, especially in traditional banking,” he points out