PROSPECTS AND OPPORTUNITIES
Outlook for consumer credit remains bright
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 trend expected to become more pronounced
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.
Neobanks and fintechs set to face tighter regulation
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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Overview:
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.
The Consumer Credit in Colombia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Consumer Credit in Colombia?
- What are the major trends key to understanding Consumer Credit in Colombia?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Consumer Credit in Colombia - Category analysis
KEY DATA FINDINGS
Demand for and supply of credit increase as inflation recedes
Card lending shows the fastest expansion
Consumer credit benefits indirectly from economic stimulus deal
Outlook for consumer credit remains bright
Digitalisation trend expected to become more pronounced
Neobanks and fintechs set to face tighter regulation
Consumer Lending in Colombia - Industry Overview
Consumer lending in 2024: The big picture
Credit Pact agreement boosts performance of consumer lending
Mortgages/housing sees gross lending rebound as interest rates fall
Delinquency rates continue to rise but remain relatively low
What next for consumer lending?
DISCLAIMER
The following categories and subcategories are included:
Consumer Credit
- Auto Lending
- Card Lending
- Durables Lending
- Education Lending
- Home Lending
- Other Personal Lending
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 definitionsWhy buy this report?
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- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Consumer Credit research and analysis database.
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