Introducción
The global television market is evolving, with Smart TVs becoming a centerpiece in households all over the world. Vietnam is no exception, where the demand for premium TVs is increasing exponentially. However, high upfront costs are proving to be a major barrier for many consumers specifically in the mid and low-income segments, that are also often underserved with regard to access to credit.
Financing products, built for this underpenetrated market to drive affordability for devices like Smart TVs, presents a lucrative opportunity for banks and NBFCs, often dampened by the fact that the segment has no score and no credible data that could be used to build their risk profiles.
For Vietnamese financial institutions, to expand into the Smart TV Financing product segment, or as often called TV On Loan products, Datacultr has launched its Odyssey- Device Financing and risk management platform in the country.
Market Overview: Rising Demand for Premium TVs in Vietnam
- The Vietnam smart TV market generated a revenue of USD 645.8 million in 2024 and is expected to reach USD 2,057.3 million by 2030, growing at a CAGR of 21.3%.
- In 2023, approximately 60% of urban households owned a smart TV, up from 48% in 2020.
- In Vietnam, where 85% rural population and over 58% urban population have a personal income of US $600 or below, the average cost of a premium Smart TV ranges from $700 to $1,500, making financing options critical for affordability.
Challenges in the Current TV Financing Landscape
- Low Approval Rates among thin-file and no score segments- Consumers with limited or poor credit histories struggle to secure TV on loan products.
- Lack of Flexible Plans: Many financing schemes do not cater to low-income groups or rural households.
- Inadequate Risk Management: The risk of high default rates deter financial institutions from expanding into this segment. Report by State Bank Of Vietnam shows that as of December 31, 2024, bad debt of commercial banks in Vietnam hit more than 733.9 trillion VND, an increase of 3.4% compared to the end of 2023.
How Banks and NBFCs Can Transform the TV Financing Market
- Flexible Repayment Options- Offer pay-as-you-go models or extended repayment plans tailored to customer affordability.
- Collaborate with Manufacturers and Retailers- Build meaningful subvention schemes by partnering with Smart TV brands and retailers.
- Use Digital Solutions for Risk Mitigation: Use digital debt collection solutions like Datacultr to reduce default risks and increase collections.
How Datacultr Transforms Smart TV Financing
Datacultr’s digital debt collection and risk management solutions are instrumental in making TVs on Loan more accessible and sustainable. Here’s how:
- Engaging Communication- Promotes customer engagement and education throughout the loan journey via contextual communication templates and TV locking to encourage timely EMI repayments.
- Device Lock Technology- Ensures high collection efficiency by locking financed Smart TVs in case of non-payment, reducing risks for banks and NBFCs.
- Seamless Integration- Datacultr’s technology integrates smoothly into existing financial workflows, enabling efficient loan management for Smart TV financing, and other device financing products built for smartphones and tablets
Numbers That Speak
Datacultr’s platform has successfully secured over 15 million loans across 22+ countries, establishing a strong global presence. By leveraging its risk management and digital debt collection solutions, Datacultr empowers lenders to enhance their portfolio performance and mitigate default risks.
Financiers utilizing Datacultr have experienced a 67% reduction in Non-Performing Loans (NPLs), demonstrating the platform’s effectiveness in improving loan recoveries and minimizing financial losses.
Additionally, Datacultr has contributed to a 53% improvement in loan repayment rates across emerging markets. By offering data-driven insights and repayment reminders, the platform helps lenders strengthen their debt recovery strategies, ensuring timely repayments and fostering financial inclusion.
Closing Thoughts- A Win-Win for Consumers and Lenders
Banks and NBFCs have the opportunity to lead the Smart TV financing market in Vietnam by adopting risk mitigation strategies and flexible financing options. Partnering with Datacultr ensures profitability while addressing the unmet needs of a vast consumer base.
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