Provident challenged over 7,7 million Romanians – do you really read everything you sign?

Bucharest, 11th of September, 2017. Provident has launched the Responsible Lending campaign through an exercise of attention to the viewers. Thus, on Tuesday, 5th of September, the disclaimer in the advert broadcasted by Provident on several national TV channels has been changed into a non-representative example: “Non-representative example: This advertisement is being watched by over 1,500,000 Romanians. We ask ourselves how many of them pay attention to the details written by financial institutions in their commercials. So, if you had the curiosity to read this text, call 021 9452 (normal rate number) and get a guaranteed prize. ”

The purpose of this exercise of attention was to measure the level of interest of viewers when it comes to offers from financial institutions, whether we are talking about credits or deposits. According to data provided by the media agency, the 15-second spot was broadcast 161 times, on 13 TV channels, with a total audience of 7.7 million viewers, between 07.00 and 02.00. During this time, 10 persons called the phone number available for the campaign. Of these, one person called to claim their promised prize in the campaign, the others used the number of times to apply for a loan, or ask for information about the products in the Provident portfolio.

This exercise of attention was the first step of the Responsible Lending Campaign, whereby Provident aims to raise awareness among consumers of financial products. In this regard, we created a section dedicated to responsible lending on the company’s website, where customers or prospective customers can find out about what a responsible borrowing decision involves, as well as details of Provident’s collaboration with over one million customers up now. We believe it is essential that every client understands the responsibilities of a loan, both of the company and of its own.

“It is important that before we sign each new credit agreement we make sure that the client understands what a loan means beyond the need at that time. Nor is it helpful to us and, obviously, to the customer, if the terms and conditions have not been explained very clearly so as to ensure that there is a possibility of reimbursement without creating a financial imbalance. A customer who will not be able to pay the rate is a client I may have not advised well and that means he will be indebted and will not recover the amount we borrow. A loan is a tango for two. I know that everyone is talking about responsible lending, but I think for us the figures show it: we reject 70% of all the loan applications we receive, 67% of our clients borrow less than the maximum amount available to them, of a loan is less than a third of the maximum amount we have in our portfolio,” said Viktor Boczán, Managing Director of Provident.

We want all our customers to have accurate and complete information about all products in our portfolio. That is why we provide them, in addition to the explanations they receive from sales representatives before signing the contract, for additional information through channels that they can easily access: the responsible Crediting page or Customer Commitment page be received by each of our customers.

We believe that engaging a financial institution to help customers understand the implications of a loan is a responsibility that underpins the principles underlying business policy. Therefore, each employee must assume this responsibility, from the general manager, to the field sales representatives.


About Provident Financial Romania

Provident Financial Romania is part of the International Personal Finance Group (IPF), one of Europe’s leading home loan providers. The Group has 2.4 million customers in 9 European countries, as well as in Mexico and Australia. IPF is one of Britain’s biggest employers in Central and South Eastern Europe and one of the most powerful international companies listed on the London Stock Exchange.

Since 2006, Provident has invested more than 300 million euros in Romania and has contributed to the state budget with taxes worth almost 90 million euros. Starting 2016, the company has become the biggest British employer in Romania and one of the largest employers in our country with nearly 3,000 employees.

Provident develops and supports various social responsibility projects – financial education programs, youth talent development, support for disadvantaged groups – in which it has invested nearly 1 million euros so far.