Home Credit eyes more product segments as nationwide expansion continues

Published April 12, 2018, 12:00 AM

by manilabulletin_admin

Still riding the momentum of a successful 2017 that saw its customer base double to two million, Prague-based finance technology (fintech) company Home Credit is looking to grow its market share further as it explores new product segments for financing.

This comes as Home Credit Philippines (HCPH) continues to strengthen its nationwide presence, with Mindoro Occidental and Ifugao being the latest provinces to open their doors to HCPH in March. HCPH is now in 47 provinces nationwide.

HCPH chief executive officer AnnicaWitschard noted that although smartphones and tablets remain to be the company’s go-to commodities for financingas consumer demand remains high, the company has already expanded its product portfolio to include furniture, e-bikes, power tools and sporting goods, with more segments being closely looked at.

“Our smartphone financing segment, in partnership with leading brands and retailers, has been very successful, and is one of the reasons behind our success in the Philippines,” Ms. Witschard said.

“But we also know that there is a lot of demand for Home Credit financingfor many other product segments. So as we continue to drive business in the smartphone segment, product diversity will be another key for us. It’s just a matter of finding the most strategic products and services to add to our portfolio,” she added.

Ms. Witschard explained that as these new products are rolled out, customers can expect the same fast process that Home Credit has become known for. Unlike many “traditional” financial institutions, Home Credit is able to provide consumer loans faster and with fewer requirements. “All you need to do is walk into a store, pick the item you need, apply for the loan right in the store using just two valid IDs, get the result of the application in twenty minutes, and this will be the customer experience even with our upcoming products,” she said.

Already considered as a fintech giant in countries such as China, Vietnam and Indonesia,Home Credit has grown in popularity since arriving in the country in 2013. 2017 was considered a landmark year as Home Credit doubled its customer count in the country from one to two million in just six months whileexpanding its presence nationwide. The company is now present in nearly 4,000 stores, including the biggest malls, in 47 provinces throughout the country.