In 2023, Poland’s inflation rate remains in double-digits and many households are experiencing a deterioration in living conditions. The uncertain macroeconomic situation, high interest rates and the depreciation of real incomes has caused a slowdown in the consumer credit sector.
Mainstream and alternative financial service providers are both using digital technologies and artificial intelligence to improve the credit process and provide modern financial products. With the ability to process and analyse data in huge amounts, AI significantly contributes to increasing the efficiency of banking or investment processes and improves customer service.
Rising costs of living, more rigorous credit scoring criteria and the increase in interest rates have significantly affected housing loans in 2022 and for much of 2023, causing a crash in mortgage demand. Spring 2023 saw a revival in the Polish real estate market, but it has been a slow recovery process.
Buy now pay later (BNPL) is gaining popularity in Poland, with the share of BNPL in overall e-commerce estimated at 10% in 2022. The service is considered to be a strong alternative to credit cards that offers more flexibility.
Economic issues such as high inflation and real wage decline, are expected to slow down the growth of consumer lending in the forthcoming period. However, interest rates have declined slightly since September and this will reduce the still high costs of borrowing money somewhat, although interest rates are still high.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Poland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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