MARKET consumer credit in Indonesia shows significant growth, especially in the short-term loans segment with small amounts.
This segment is popular with community groups who need fast funds for emergency or consumptive needs such as medical needs, education, travel and other household needs.
Based on data from the Financial Services Authority (OJK), banking consumer credit grew by 10.88% on an annual basis as of September 2024.
This growth figure is higher than in August which grew by 10.83%. This trend shows the increasing public need for financial products for various purposes.
President Director of PT CRIF Financial Information Institute (CLIK) Leonardo Lapalorcia said that PT CRIF Financial Information Institute (CLIK) stated that there was significant growth in the distribution of short-term loans with small amounts in Indonesia.
In the third quarter of 2024, total loan disbursement will reach IDR 29.9 trillion.
“This growth was also supported by 35.75 million new loan application contracts, which means there was an increase in the distribution of short-term loans with a small value of 24.95% compared to the second quarter of 2024,” he explained recently.
According to him, with the increase in demand for short-term loans with small amounts, CLIK believes there needs to be innovation in the scope of credit risk assessment.
Real-time data access and progressive adoption on technology Sophisticated analytics is one way for industry players to enter the digital era in innovative credit risk assessment.
“It is very important for industry players to ensure responsible lending practices while still maintaining access to credit,” he said.
Innovations in data that can be accessed in real-time and advanced technologies for conducting analytics will help us create fast and streamlined digital assessment processes.
“This innovation also allows a shift from lending policies that rely on collateral to loans without collateral, where credit scores can function as a guarantee of the reputation of potential debtors,” he explained.
According to him, several industry players who really need these innovative tools include several businesses, including peer-to-peer lending (P2P lending) companies, Buy Now Pay Later (BNPL) service providers, multi-finance companies, banks and other credit service providers.
To address this need, CLIK Commercial Director Jan Tjintjelaar said, CLIK created a solution for business people to be able to process prospective debtor data more comprehensively, to ensure credit allocation is more targeted.
Recently, CLIK launched a new credit score model called CLIK Accelerated Inclusion Credit Score (CLIK SKAI) in Jakarta.
“Basically, credit score calculations utilize two types of data sources, namely internal and external data for each debtor. In terms of external data, credit bureau data is still the dominant provider for use in most scoring models and systems. Therefore, CLIK provides The latest credit score model is specifically designed for short-term loans with a tenor of up to six (6) months and a maximum loan amount of IDR 8 million. This innovation aims to predict the risk of default on newly disbursed loans, thereby helping lenders make more accurate decisions ,” explained Jan Tjintjelaar.
Meanwhile, he said, CLIK’s aim in creating CLIK SKAI is to simplify the process for financial institutions, which allows financial institutions to assess the creditworthiness of prospective debtors more accurately.
CLIK SKAI is also designed so that financial institutions can increase loan approvals without increasing the risk of default, while expanding financial inclusion in Indonesia.
Chair of the Buy Now Pay Later (BNPL) Committee of the Association of Indonesian Financing Companies (APPI) Anggie Setia Ariningsih expressed her optimism for CLIK SKAI, especially in terms of strengthening the financial ecosystem.
“As technology continues to develop and consumer preferences shift towards solutions payment “which is considered easier, industry players must work hard to create a safer and more secure debtor journey,” he said.
On the same occasion, Tiar Nabilla Karbala, Secretary General of the Indonesian Joint Funding Fintech Association (AFPI) hopes for more collaboration between industry players and associations to educate the public regarding the responsible use of credit.
“The emergence of online marketplaces has facilitated consumers’ purchasing needs more easily and further encouraged the growth of the digital economy. This trend has led to an increase in demand for short-term financing as a solution to meet their needs quickly. In the coming year, we hope that industry players can work together collaboratively “closely with the association to focus on educating the public regarding the responsible use of credit,” he concluded. (Z-10)
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