Retail stores started to offer different financing models in line with the needs and expectations of the consumers nowadays and one of the biggest retail stores is one of the good examples of how retail stores and banks working together to increase the customer acquisition rates.
Besides the known consumer financing models such as cash, credit card and debit card payment options, retails stores started to offer customer loans by working together with the biggest banks. In addition to instalments applied through traditional POS machines, loans of up to 36 months that can be instantly used at stores are offered to customers as a solution to the limitations on instalments. Consumers are able to complete the application procedures within 10 minutes at retail stores without visiting a bank branch.
In order to offer its customers a new way for financing their needs, one of the biggest retail stores. That provides consumers with the technology products and solutions with the philosophy of "Technology for Everyone", in cooperation with the Tier 1 corporate banks, started to offer consumer loans to its customers at rates rivalling mortgage loans through their stores.
Aside from the interest rate applied, no additional costs are applying and upon approval, the whole process is completed within 10 minutes. Consumer financing business saw a rapid increase in the number of applicants, particularly in 2015 with approximate 90,000 new consumer loans in overall sales