LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘ Credit Referencing Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the financial services industry. This report breaks down the data and analysis behind the procurement of credit referencing services and acts as an all-inclusive guide for making smart purchasing decisions.
“Buyers in the credit referencing market are increasingly looking for service providers that have incorporated the latest advances in database management and have decreased costs concerning storage and data processing,” says SpendEdge procurement analyst Tridib Bora. “Banks and other lenders can extend credit to customers by obtaining information from CRAs that provide reliable data on financial information about customers,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Credit Referencing Market:
- Growth in credit-based products
- High growth of private label sector in the retail industry
- Increase in lending activities in developing countries
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Growth in credit-based products:
Issuers across the world are widening their product portfolio to ensure financial inclusion of a large customer base by offering suitable products for every target segment. Several regional banks are also looking at extending their product lines with enhanced market segmentation. This has led to the increased procurement of credit referencing services by banks to ensure creditworthiness of end-consumers before providing credit-based products. Also, the new products in the market enhance the buyers' efforts in extending credit to a broader market segment.
High growth of private label sector in the retail industry:
The high growth rate of private labels in the credit card industry proves to be lucrative for both consumers and merchants. Moreover, these cards are gaining prominence due to the increased demand for such cards from the retail sector. They also incorporate reward programs, offer loyalty schemes, and provide reduced interest rates for specific customers. The expansion of the private label sector will increase buyers' tendency to conduct enhanced credit referencing to ensure creditworthiness of retail consumers.
Increase in lending activities in developing countries:
Emerging countries are demonstrating a steady trend of economic development. They are are also showing improved socio-economic trends such as the growth of the middle-class population and an increase in the use of various financial services by consumers. Moreover, the rise in the use of smartphones in emerging markets has enabled more consumers to avail financial services, resulting in higher credit penetration. This has directly led to the increase in demand for credit referencing services within developing economies.
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