With its occurrence, non-bank financial institutions, known in our country as financial companies, enabled easier access of citizens to the necessary financial support, in the form of a short-term loan, aimed to meet the unexpected financial needs, or to overcome some current financial problems. But in the same time, with their way of doing business and the introduction of modern technological solutions in the operations, the financial companies have made the movement of the entire financial system in the country and have contributed to increasing the competition, which is always in the interest of the clients.
In general, rare are those citizens who have never needed a short-term financial injection, whether it’s for home repair, emergency health care, educational needs or simply to overcome a certain period when certain unexpected situations have arisen when quick and effective way of access to finance is needed.
In the past, addressing such needs, especially in the case of small loans, was close to unfeasible, as the traditional financial system focused on approving classical loans at larger amounts with longer repayment periods and usually long procedures for approving them .
With the emergence of financial companies, whose competitive advantage lies precisely in their technological advancement, access to finance has become fully flexible and quick in terms of meeting the requirements and in terms of loan amounts, with just a few clicks on a mobile phone or computer . Namely, as part of the “FinTech” industry, which is based on the use of new technologies in operation and which certainly represents the future of the financial system in the world, financial companies through the use of modern technological solutions can provide customers with a simple way to complete all application procedures, to quickly verify the applicant’s solvency and to promptly response and obtain the required funds on the account, if the application is approved.
Additionally, with the emergence of financial companies, citizens in a legal way come to the necessary funds, at times when they need it the most, protecting them from the impulsive decisions for the unlawful provision of the necessary funds.
That there was a necessity for such an activity, evidence is the growth of the number of financial companies, as well as the number of approved loans and placed funds among the population.
In order to provide even greater quality in the work and security of the clients, the financial companies in the country recently formed an Association of financial companies in order to work together to introduce quality service standards. This will also contribute to greater transparency of the financial industry, but also to raising public awareness of the need and usefulness of non-banking financial institutions for the society as a whole.