Credit for all moments of life and need
March 29, 2020
Women continue to receive more credit than men. They accumulated 53.2% of new credit operations in 2015, while men participated with 46.8%. The 6.4% difference to women is indicative of the role of women in the family economy, particularly with credits for micro-enterprises and income generation.
What about age? Millennials at the forefront of credit
The distribution of operations by age range can be considered typical for the credit product. The youngest (18-25 years old) have significant participation of 13.5%, taking into account that it is the age of beginning of the credit life.
Subsequently, participation increases for the following age range (26-35 years), to the highest value with 30.8%. For the following ranges, the values decrease slowly during the middle age range (36-55 years) and finally, their participation in the last two age ranges decreases (56- + 66).
Credit history opens doors to new credits
The percentage of operations that are granted to people who already have a credit history is 92.7%, while for people who access the credit for the first time it is 7.3% of total operations for 2015 These figures show that the system continues to incorporate more and more people every day while underlining the importance of having a credit history to access new opportunities.
Consumption is the star portfolio
Analyzing the distribution of operations in 2015 by type of portfolio, it can be seen that the consumer portfolio widely leads with 63.6% of the total. Within this category are credited to finance people’s goods and services, as well as cell phone operations.
A quarter of credit operations go to the commercial portfolio, where people with commercial activity are located. This is followed by the microcredit portfolio with 11.1%, aimed at small businesses, and finally the mortgage portfolio with 0.8% of total operations.
One in four operations is for cell phones
The financial sector accumulated 42.5% of total operations in 2015, being the main sector within the existing four. This result is explained by the role that banks play in credit activity. The real and telco sectors are of similar size, each with around 25% of the total. Particularly noteworthy is the telco sector, dedicated exclusively to cellular telephony, with one in four operations. Finally, the cooperative sector represents 5.6%.
A detailed study is made of the characteristics of each of the different credit grantors. Each sector (Financial, Real, Cooperative, Telco) plays a different role in the whole of national credit and in the growth cycle of people’s credit life.
Sector vs. Gender
The real sector mainly finances women
Reviewing the results by gender for each sector, the great participation of women in the real sector is significantly appreciated. While in total operations, women participate with 53.2%, in the real sector they increase to 68.2%. These credits are requested by women for income generation, through loans from marketers, clothing, and laboratories mainly. For their part, men are slightly more active than women in the financial sector, with 52.4%, while the general average for men is 46.8%. The remaining two sectors, the cooperative and the telco are very even between the two genders.
Sector vs Age
People build their credit profile throughout their lives
Analyzing the age range relationship for each sector, it is evident that the telco and real sectors have higher participation than the total, for young people (18 to 35 years). For example, the telco sector allocates 17.5% of total telco operations for the 18-25 year range and 32.9% for the 26-35 year range (totaling 50.4%), while for the total is 13.5% and 30.8% for the two age ranges (adding 44.3%).
On the other hand, the cooperative and financial sectors have higher participation than the total for ages over 46 years. As an example of the particular range of 56-65 years, the cooperative has 12.5%, the financial 10.0% and the total only 8.1%.
All of the above allows us to conclude that, in many of the cases, the entrance “door” is the telco and real sector, and thanks to that experience they strengthen their credit life to respond to their needs and request and obtain credits from other grantors. such as the cooperative and financial sectors.
A first conclusion is the evidence of a certain credit cycle according to the age of the person. It begins its credit life mainly through the telco and real sectors and a movement is generated in time towards the other sectors, the cooperative and the financial. This demonstrates the relevance of building a good credit history on the part of people that opens the doors to all kinds of loans.
A second conclusion is the importance of the four sectors as credit grantors in Colombia, showing that each sector stands out with respect to total operations. Cooperative credit is particularly strong among the inhabitants of the Eje Cafetero and Antioquia.
The financial sector, in addition to consumption, is the main generator of mortgage credit in the country and offers more and more microcredit options. On the other hand, in the real sector, it particularly caters to women and those who have no previous credit experience (type 5). Finally, consistent with previous reports, the telco credit gives more space to young people (18-35 years) and those who start their credit life (type 5).