Mobiles & Smartphone Apps to Drive Personal Loan Sales by 2022
In the next 3 years, mobiles & smartphone apps are expected to drive a majority of personal loan purchases in India. This is according to a report from the fifth study of Facebook’s ‘Zero Friction Future’ program; the same report also predicts that the sale of financial services, including personal loans, will see business worth $985 billion solely from mobile devices.
The study that aims to reduce friction in the purchase journeys of Indian consumers, also states that 32% of the customers from the loan category drop out of the application due to friction. What’s more is that, a whopping one fourth of these drop outs are due to friction in the media they chose.
However, mobile phones are rapidly changing this. More and more lenders are taking to the smartphone platform, some are also releasing apps. All this to tap a large pool of customers who want personal loans, yet do not want to endure a painful digital journey. These apps make the purchase process extremely simple and quick. Individuals are now able to get the financing they need with a mere click or tap on their mobile phone. The process, from application to loan sanction, is also reducing quickly with mobile-enabled loan purchase journeys already being 8% shorter than offline purchases.
On the release of the ‘Zero Friction Future’ report, Mr Pulkit Trivedi, Director of Facebook India was quoted saying, “As more and more Indians access the Internet on their mobile phones, there is a big opportunity for financial companies to create a powerful digital experience that is intuitive, more seamless and free of friction points for their customers”. Further fueling the move to mobile is the penetration of smartphones & the internet in India; all of which has led to the rapid increase in the number of mobile-first customers in the financial services sector.
All these factors put together make sense of the report’s core prediction that mobiles will be a driving force for personal loans and other financial products in the future. However, what this means for customers is that, getting financing is only going to become easier. Lenders are spending more & more time trying to engineer smooth & enjoyable mobile-based journeys for customers. So if you ever need a personal loan or any other finance product in the coming years, the solution will most likely already be in your pocket.
Some personal loan aggregators have also jumped from web-based process to the mobile bandwagon. They have introduced apps where people can compare and apply for personal loans in minutes. These apps put affordable financing at the customer’s finger tips and allow them to borrow with ease.
So, if you are ever in need of a personal loan, we at ApnaPaisa already have a mobile phone app that you can use to quickly and easily get your needs sorted. Download it now to compare and apply for personal loans from India’s top 30+ lenders & banks!