Home Credit targets 10 M customers this year
Published Mar 16, 2023 08:19 am
Home Credit Philippines (HCPH), the country’s leading consumer finance company, aims to reach 10
million Filipino customers this year with access to easy credit having provided
billions of pesos in product loans to 9.3 million customers in its 10-year of
operation in the country.
Home Credit Philippines Chief Executive Officer David Minol said during a press conference on Thursday, March 16, to mark the company’s 10th year in the Philippines that the company seeks to serve more Filipinos. The 10-million customer base goal is more than the total number of credit cardholders in the Philippines. As of end 2022, HCPH has a customer base of 9.3 million and 90 percent of loans are processed digitally. A large majority or 90 percent of product loan applications have been processed online through My Home Credit App. With the concept “Anything, Anytime, Anywhere”, Home Credit approves qualified loan applications in a minute. “In our 10 years of service in the country, we aim to empower 10 million customers by the end of 2023 and continue to serve more Filipinos in the years to come. More than delivering innovative and accessible financial services, we celebrate the relationships we have built with our stakeholders and customers over the past decade, and this we choose to continue above and beyond,” said Minol. The Czech company also vowed to expand its robust 15,000 partner stores in 75 provinces in the Philippines. At present, the company has also forged partnerships with the country’s biggest brands and retailers, building a wide selection of 300 plus lifestyle commodities ranging from gadgets and smartphones, appliances and furniture, to bicycles and motorcycle accessories, sports equipment, and many more. Minol said the company plans to expand the product categories eligible for financing. According to Puneet Suneja, HCPH chief sales officer, they have financed the purchase of 10.5 million mobile phone units over the years. The value of the mobile phones has been estimated to have reached billions of pesos based on average product loan amount of P13,000 to P14,000 per unit. The company approves over 200,000 product loan applications a month at interest rates approved by the government authorities. For its anniversary, the company is also extending zero interest installment on various products. In terms of default rate, company treasurer Zdenek Jankovsky said the company’s soured loan rate is lower than the banking industry’s average non-performing consumer loan of 7.2 percent. Home Credit boasts of having the fastest cash loan approval and disbursement in 1 minute – the best in the market. Customers can enjoy the flexibility of the Cash Loan offers ranging from P3,000 to P150,000 and repayment terms from six to 48 months. To protect consumers, Home Credit proactively advocates of measures to keep themselves and their families safe and protected. With that, its customers have the option to purchase a range of protection packages: Device Protection which can be upgraded with an extended warranty for accidental damage protection; Extra Care for flexibility in managing payments; Home Content to protect and cover home belongings from any unfortunate incidents; and an innovative Personal Payment Protection that offers unlimited telemedicine service, death and accident coverage, and medical reimbursement. As the lifestyle partner of every Filipino, Home Credit has a program called “Para sa Life”, focusing on advocating financial literacy, which aligns with Home Credit’s thrust of championing environmental, social and governance (ESG). Last year, Home Credit’s flagship financial literacy program “Wais sa Home” reached more than 20 million Filipinos across the country and has driven onsite financial literacy programs in various provinces, particularly in the communities of Pampanga, Iloilo, Guimaras, Capiz, Antique, and Aklan. Sheila Paul, chief marketing officer, said this has contributed to greener environment with 30 million sheets of paper saved in overall transactions, an equivalent of 2,000 trees conserved due to its digitalization initiative. Interestingly, Paul said women borrowers account for 52 percent of its customer base. Home Credit, as the market leader in the consumer finance sector, not only finds strength in numbers but in the strong connections it has made among stakeholders and consumers alike. In its 10th year in the Philippines, the company seeks to become a standard in the consumer finance industry with its commitment to innovation, customer satisfaction, and financial inclusion.
HOME CREDIT PHILIPPINES AIMS 10 MILLION CUSTOMERS IN 2023 -- Company officials present the company's plans and accomplishments during a press conference on Thursday, March 16, 2023, to mark the company's 10 year operation in the Philippines. In photo (left to right) Chief Marketing Officer Sheila Paul; Home Credit PH CEO David Minol; Executive Director and Treasurer Zdenek Jankovsky; Chief CRM Officer Petr Lukoz; and Chief Sales Officer Puneet Suneja.
Home Credit Philippines Chief Executive Officer David Minol said during a press conference on Thursday, March 16, to mark the company’s 10th year in the Philippines that the company seeks to serve more Filipinos. The 10-million customer base goal is more than the total number of credit cardholders in the Philippines. As of end 2022, HCPH has a customer base of 9.3 million and 90 percent of loans are processed digitally. A large majority or 90 percent of product loan applications have been processed online through My Home Credit App. With the concept “Anything, Anytime, Anywhere”, Home Credit approves qualified loan applications in a minute. “In our 10 years of service in the country, we aim to empower 10 million customers by the end of 2023 and continue to serve more Filipinos in the years to come. More than delivering innovative and accessible financial services, we celebrate the relationships we have built with our stakeholders and customers over the past decade, and this we choose to continue above and beyond,” said Minol. The Czech company also vowed to expand its robust 15,000 partner stores in 75 provinces in the Philippines. At present, the company has also forged partnerships with the country’s biggest brands and retailers, building a wide selection of 300 plus lifestyle commodities ranging from gadgets and smartphones, appliances and furniture, to bicycles and motorcycle accessories, sports equipment, and many more. Minol said the company plans to expand the product categories eligible for financing. According to Puneet Suneja, HCPH chief sales officer, they have financed the purchase of 10.5 million mobile phone units over the years. The value of the mobile phones has been estimated to have reached billions of pesos based on average product loan amount of P13,000 to P14,000 per unit. The company approves over 200,000 product loan applications a month at interest rates approved by the government authorities. For its anniversary, the company is also extending zero interest installment on various products. In terms of default rate, company treasurer Zdenek Jankovsky said the company’s soured loan rate is lower than the banking industry’s average non-performing consumer loan of 7.2 percent. Home Credit boasts of having the fastest cash loan approval and disbursement in 1 minute – the best in the market. Customers can enjoy the flexibility of the Cash Loan offers ranging from P3,000 to P150,000 and repayment terms from six to 48 months. To protect consumers, Home Credit proactively advocates of measures to keep themselves and their families safe and protected. With that, its customers have the option to purchase a range of protection packages: Device Protection which can be upgraded with an extended warranty for accidental damage protection; Extra Care for flexibility in managing payments; Home Content to protect and cover home belongings from any unfortunate incidents; and an innovative Personal Payment Protection that offers unlimited telemedicine service, death and accident coverage, and medical reimbursement. As the lifestyle partner of every Filipino, Home Credit has a program called “Para sa Life”, focusing on advocating financial literacy, which aligns with Home Credit’s thrust of championing environmental, social and governance (ESG). Last year, Home Credit’s flagship financial literacy program “Wais sa Home” reached more than 20 million Filipinos across the country and has driven onsite financial literacy programs in various provinces, particularly in the communities of Pampanga, Iloilo, Guimaras, Capiz, Antique, and Aklan. Sheila Paul, chief marketing officer, said this has contributed to greener environment with 30 million sheets of paper saved in overall transactions, an equivalent of 2,000 trees conserved due to its digitalization initiative. Interestingly, Paul said women borrowers account for 52 percent of its customer base. Home Credit, as the market leader in the consumer finance sector, not only finds strength in numbers but in the strong connections it has made among stakeholders and consumers alike. In its 10th year in the Philippines, the company seeks to become a standard in the consumer finance industry with its commitment to innovation, customer satisfaction, and financial inclusion.