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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180326005555/en/
Global Credit Referencing Procurement Market Intelligence Report (Graphic: Business Wire)
"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.
Looking for more insights from this report? Request a free sample report
SpendEdge sample reports are free of charge and provide insights that focus on cost-saving aspects of procurement and optimization of category spend.
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
This report is available at USD 1000 discount for a limited time only: View the report snapshot before purchasing
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.
Get unlimited access to all our reports. Our Insights platform provides ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Start your 14-day trial now
We also customize reports to meet clients' requirements.
Browse Related Reports:
- Global Banking Services Category Procurement Market Intelligence Report
- Global Forensics Accounting Services Category Procurement Market Intelligence Report
- Global Actuarial Services Category Procurement Market Intelligence Report
- Global Supply Chain Financing Solutions Category Procurement Market Intelligence Report
About SpendEdge
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180326005555/en/
Contacts:
SpendEdge
Anirban Choudhury
Marketing Consultant
US: +1 630 984 7340
hello@spendedge.com
