Consumer credit in Colombia is projected to see gross lending and the outstanding balance increase steadily in current value terms throughout the forecast period, with all categories anticipated to register consistently positive results in both respects. Expansion should be supported by relatively low interest rates, a more stable inflationary environment and other favourable macroeconomic indicators.
Digitalisation is expected to gain momentum in consumer credit over the forecast period as more Colombians embrace online banking and lenders adopt new technologies that can reduce costs and enhance the convenience and quality of customer experiences. The advance of neobanks and fintechs will remain a major driver of this trend, as these players operate exclusively online.
Colombia’s financial regulation framework has frequently struggled to keep pace with the digital revolution in banking in recent years, with the growing influence of neobanks and fintechs posing particular challenges. However, such entities are set to face increased regulatory scrutiny over the forecast period as La Superintendencia Financiera de Colombia continues to implement its Open Finance initiative, which was first adopted in 2022.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Colombia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See all of our definitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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