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Due to higher interest rates in the recent year, Romanians grew more pragmatic and began to focus more on interest-free financing to purchase services and products required for a safer and more pleasant lifestyle. According to a tbi bank survey of 1,057 respondents across the country, more than 80% of Romanians would choose a Buy Now Pay Later financing solution with four interest-free installments to buy electronics and appliances to take advantage of lower financing costs in a delicate economic context.

More than 23% would use BNPL to travel on vacation, and nearly 18% would use it to receive quality medical treatments. Furthermore, 53% of respondents said they would prefer to accept numerous small loans for smaller items, to be reimbursed in interest-free installments, while just 21% would select a larger loan, to be repaid in interest-bearing installments.

”The consumers had to adapt in the last year to a more complex economic and social context. Higher interest rates represented a big problem for most of them, so they started to choose interest free financing, and BNPL is a great option in this regard. As usual, we adapted to their needs and offered to them more advantageous financing options, but especially BNPL, to help overcome a difficult situation that shows no signs of ending very soon”, Gergana Staykova, Market Leader, tbi bank, declared.

Regarding of how they find more advantageous to pay for a purchased product, more than 41% said they want to pay in four interest free installments, almost 36% would choose to fully pay in the first day, and 22,4% would choose to pay in more installments, but with 0 interest on the first four installments.

About 84% of the respondents said that BNPL allows them to buy products they would otherwise not be able to afford on the spot, and almost 70% consider it, in most cases, a trustful financing solution. 34.53% of respondents would need over 3000 lei through BNPL financing, and 22.42% would want a maximum of 1000 lei.

The tbi bank survey on Romanians' perception of the financing was conducted nationwide in August-September 2023 via the iVox platform, on a total sample of 1,057 internet users in Romania. Slightly more than 50% of the participants are women, little less than 75% are at most 45 years old and more than 87% live in urban areas.



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Due to rising costs over the last year, Romanians have required quicker and easier access to financing as well as more money for personal requirements or to buy the necessities for a more comfortable lifestyle. Personal needs loans appear to be a better fit for their goals. According to a tbi bank survey of 1,057 respondents nationwide, about 70% of Romanians would desire this kind of loan, and more than 60% would prefer a quicker and easier application process for obtaining finance.

Furthermore, over 44% of the participants expressed their desire for fewer documentation to be needed from the bank in order to obtain financing, a quicker turnaround time from application to money disbursement (30.56%), and the ability to obtain funds without having to provide proof of expenditure (22.8%).

”The consumer profile has changed radically in recent years, and Romanians want more and more to access the finance they need quickly, without struggling with excessive bureaucracy. That's why we have adapted quickly to their needs and invested in our online experience to provide them with the money they need without unnecessary visits to bank branches”, Gergana Staykova, Market Leader, tbi bank, mentioned.

When asked what the primary benefit of interest-free rates is, nearly 42% of the participants responded that it would significantly lessen the impact of loan costs, over 29% that it would free up more money for other purchases, and 16% that it would enable them to maintain their current standard of living.

According to credit preferences, over 33% prefer a larger loan that is repaid over a longer period of time and has 0% interest for the first four months, while over 52% prefer a smaller loan that can be returned in four payments at 0% interest.

The tbi bank survey on Romanians' perception of the financing was conducted nationwide in August-September 2023 via the iVox platform, on a total sample of 1,057 internet users in Romania. Slightly more than 50% of the participants are women, little less than 75% are at most 45 years old and more than 87% live in urban areas.



Publicat în Economic

The need for financing among Romanians has grown over the past year as a result of rising costs, which have compelled the majority of them to obtain more funding for their initiatives or to purchase the necessities for a more comfortable lifestyle. In this regard, a tbi bank study of 1,057 respondents nationwide revealed that more than a third of Romanians (34.3%) intend to take out a loan in the upcoming months, with nearly 62% of them wanting a personal needs loan.

Approximately 20% of the participants intend to utilize the funds for home renovations, over 18% require finance for a car purchase, and nearly 12% want to purchase household appliances. Additionally, the majority of respondents (63,8%) believe that favorable terms are the most crucial thing to consider when selecting a bank to receive finance, with 28% citing the institution's legitimacy as a crucial consideration.

”Favorable credit terms are extremely important for consumers, which is to be expected. Today's consumers are much better informed and much more careful about details than they were 10 years ago. We operate in a competitive market, which has a beneficial effect on how people can obtain finance on increasingly favorable terms”, Gergana Staykova, Market Leader, Romania, tbi bank, mentioned.

Over 40% of the participants stated that they require funding of up to 10,000 lei, and over 50% believe they can repay the loan in full within three years at most. Although some of them might have some difficulty, 90% of the subjects stated that they can repay a loan given the current economic climate and the family's financial status. Nearly 35% of respondents stated they would call for assistance from family members in the event that they were unable to make loan payments, nearly 17% said they would opt to apply for another credit, and 4,6% indicated they would stop paying altogether.

Using the iVox platform, a statewide poll on Romanians' perceptions of financing was done by tbi bank from August to September 2023, involving 1,057 internet users in total. More than half of the participants are female, slightly over half are at least 45 years old, and over 87% reside in cities.

Publicat în Economic

Romanians continue to be vulnerable to unforeseen events that can affect their way of living but show increasing interest in ensuring better protection against risks, although the cost of insurance has risen over the past year.

In this context, tbi bank has partnered with Inter Broker de Asigurare to allow Romanians to buy insurance products of any kind through the Buy Now, Pay Later (BNPL) solution in 4 interest-free installments or longer periods with accessible interest rates. Moreover, even companies are now able to purchase RCA in installments.

Insurance of any type, including RCA, can be paid in 6 or 12 installments, regardless of the amount, the insurer chosen or the period. The policy is taken out online and can be downloaded within 15 minutes.

“In Romania there is a significant protection deficit, which means people are financially vulnerable when something happens affecting their car, home, health or life, but insurance can significantly reduce this deficit. Although Romania is still underinsured and the culture for protection is underdeveloped compared to other Central and Western European countries, trends show people are catching up as they become more and more aware of the need for protection. The partnership with Inter Broker aims to help Romanians ensure better protection and, especially in these challenging contexts, reduce financial burdens in case of unexpected situations”, said Ionut Sabadac, VP Merchant Solutions, tbi bank.

Inter Broker is one of the most important insurance brokers in Romania, with more than 10 million insurances issued, 1,4 million customers and almost 2000 insurance agents distributed nationwide. The company offers a very wide range of insurance, from RCA and Casco to home and health insurance.

“Romanians are more and more interested in buying insurance, whether it's for cars, homes, or health. The market is maturing, and people are realizing that insurance is essential in a developed economy, where the risks of losing out are becoming too great to ignore. Combining our insurance expertise with tbi bank's strong presence in the financial industry, we will be able to offer an excellent experience to our customers”, said Carmen Cotrau, Executive Manager, Inter Broker.

The protection gap for Romanians in the face of negative unwanted events stood in 2021 at 620 billion lei (€126 billion), up by 5.6% compared to 2020, shows an analysis carried out for National Association of Insurance and Reinsurance Companies in Romania (UNSAR) by a group of independent experts.

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