Fintechs, with technology and big data, jump into consumer lending marketVietNamNet Bridge - Commercial banks are becoming digitalized, while fintechs, with great advantages in technology, have joined the consumer lending market. Lam and others like him could become a client of fintechs, which, by effectively exploiting big data, have step by step broken the barrier in consumer credit. The consumer credit growth in 2017 continued from two groups of suppliers – commercial banks and finance companies. Finance companies provide 12 percent of total consumer loans, while official consumer credit only serves 30 percent of customers who have demand. Fintechs are expected to be the biggest rival of commercial banks and finance companies in the near future.

Source: VietNamNet News May 13, 2018 01:52 UTC