Consumer finance

INTRODUCTION

Consumer finance is a recognized financial invention across the world, mainly in established economies, where it constitutes important segment of banks lending range/portfolio. In the Pakistani banking segment, though, the progress of the consumer financing range is a latest experience, as banks have habitually paying attention on lending to the corporate segment and public sector entities.

In the previous 5 to 6 years, consumer banking had an extraordinary expansion in Pakistan. This extraordinary expansion has followed privatization of state-owned banks, banking reforms brought regarding via the SBP and progressively more market oriented approach principally meant by banks at a huge urban consumer base. Whether large banks or small, international or national, all of them is geared towards creation of its spot in an already cutthroat setting which is the effect of consumer banking, international banks such as standard chartered, Citibank and ABN AMRO have the hold up of the information base and finances of their overseas principals which is made them first to bring in consumer products in Pakistan.

UBL, HBL and MCB were the recently privatized banks which have engaged in consumer financing actions not only in big cities but also smaller ones too. Due to their massive branch set-up they generated high volumes of dealing but also at the identical time reducing the prices of their products and services they offer. In year 2002, HBL's consumer banking range was value less than a billion rupees but at the end of year 2004, it is value 17 billion.

A set of factors is accountable for the extensive attractiveness of consumer finance in recent years: the financial liberalization progression over the previous decade or so, has led to the formation of a banking system which is mostly owned and operated by the private segment. Secondly, the invasion of liquidity in the banking segment from fiscal year 2002, forced banks to diversify and enlarge their income base by venturing into formerly untouched areas and third, the easy monetary procedure attitude of the SBP from 2002 to 2005 provided appropriate customers with financing options at little rate to meet up their consumption demand.

Under the supervision of the State Bank of Pakistan, all banks and DFI's work. State bank of Pakistan divided the operations of the banks into four main segments which is Corporate, agriculture, SME and consumer. All those banks which operate in Pakistan should follow the regulation made by the state bank of Pakistan.

Problem definition

In a very little time span of consumer banking in Pakistan, it has made an outstanding progress and performed a very positive role in boosting our economy and also in meeting the needs and necessities of the customers. Whether large banks or small, international or national, all of them is geared towards creation of its spot in an already cutthroat setting which is the effect of consumer banking. Due to growing economy of the country and betterment in the level of household income in Pakistan have formed many more opportunities for consumer banking. But at the same time it has also some drawbacks in their regulation and also difficulties for borrowers and lenders in the current system. In this research statement the present, past and future of the consumer banking industry will be analyzed. The problem statement of my research is, "Need and Scope of Consumer Banking in Peshawar". I will only focus on this very factor and its effect on the lenders, borrowers and economic growth.

Objectives of the study

In this study, it will try to take out the problems in the present structure of consumer banking from both borrowers and lenders point of observation and also will try to find out the opportunities in consumer banking in the coming future.

  • Hurdles/problems faced in the existing system of consumer banking.
  • Consumer banking function in country economic growth.
  • Exploring opportunities in the field of consumer banking in future.
  • Local and foreign banks assessment/comparison by their services.
Scope of work

The region under attention is needs and scope of consumer banking especially in the area of Peshawar. As consumer banking segment is a fast growing sector of both local and internationals banks in Pakistan but facing issues like, problems in consumer banking system. For that reason some of the banks for the time being stop consumer financing. Beside this some other banks have not yet provided full consumer banking.

What are the opportunities in consumer banking and its result on economic growth of the country will be analyzed. But due to the time restraint and lack of experience with research study their many be some area remain uncovered.

Assumptions

For this research, I am taking some assumptions.

  • In consumer banking industry, equally borrowers and lenders are confronting problems.
  • Huge interest, incorrect policies, lack of learning, etc are the factors for the turn down of industry.
  • Consumer banking has a bundle of potential to rise in Pakistan.
Hypothesis to be tested

Ho: consumer banking is effective regarding the needs of consumers.

Ho: consumers are facing difficulties in acquiring the consumer financing facilities.

Research Methodology The population for my research consists of both genders of diverse ages who are working in banks and also from the customers 0f the bank that has an account in any of the bank of Peshawar region. In total sixty-five samples, researcher will be taking from customers out of hundred forms and thirty-five from the banks employees.

There will be different survey forms for both bank employees and customers through whom researcher can be able to identify troubles for both lenders and borrowers and their solutions in the area of consumer banking. In this research the researcher will target both local and foreign banks working in Peshawar. Along with survey forms researcher will also take interviews from managers of different banks.

All these survey forms and interviews will be from the employees working in banks and customers of the banks in Peshawar region because in this research the researcher targeted only the Peshawar region.

Sources of Data
  • Secondary source: - Most of the secondary data is collected from different published papers and from different websites on which relevant data is available. As on this area we don't have sufficient data available specifically for Peshawar, so I could only estimate/assume it from the whole Pakistan.
  • Primary source:-primary data will be collected through survey forms from both customers and employees of the banks as well as researcher will take interviews from managers of the banks.

Sample size: - My target are the customers and employees of the banks in Peshawar but its too difficult to take interviews and fill survey forms from all of customers and bank staff, so researcher will be taking a sample size of hundred (200) which include sixty-five (130) customers and thirty-five (65) employees of the banks in Peshawar as well as five (5) interviews from managers of the banks in Peshawar.

Inclusion criteria: - persons who has an account in any of the bank in Peshawar area and has understanding of consumer banking will be included and employees who are currently on services in banks of Peshawar.

Tools to be used: - I will be using two tools for taking information.

  • Survey forms/questionnaires
  • Interviews

Study plan:-

Chapter- II of the research is based on the literature review (secondary data) and industry overview which will give the researcher a base of the consumer banking industry in the Pakistan, consumer banking products and services offering by the local and foreign banks and their comparison and a short introduction of few banks.

Chapter - III of the research will be the research methodology, which consists of sample size, population, and technique of the research and tools for data analysis.

Chapter - IV of the research is all about analysis and findings from the data which the researcher collected from the customers and employees of the banks.

Chapter - V of the research will give recommendation and conclusion on the basis of the research findings and analysis.

Literature review

Consumer financing has extended in Pakistan at an extraordinary speed over most recent seven years. Banks earned record income within the generous room for credit rule provided by the SBP. The important matter in consumer financing from national economy and individual consumers point of view is, that Pakistan has the maximum interest pace spread in the world. While result of Consumer Right Commission of Pakistan analysis with situation to auto loan, it showed that the proportion of respondents whose request for car financing were discarded is higher (24%) than the borrowers who are at present availing car financing facility (14%). Also the report highlight the difficulty of credit card users, that 47 percent respondent complained that without any information providing to us they renovate in the plan of charges, and 11.3 percent respondents which suffers because of hidden charges.[1]

Fast expansion in consumer banking range of the banking sector in current years has generated an ensuing dispute. The general opinion is that consumer finance has created troubles for less financially educated customers. In Pakistani banking sector it is new trend, while two key banks take an initiate in introducing credit cards in banking segment in the mid of 90s but that was just restricted to the salaried customers and businessmen. The financial liberalization progression over the previous decade or so, has led to the formation of a banking system which is mostly owned and operated by the private segment. Secondly, the invasion of liquidity in the banking segment from fiscal year 2002, forced banks to diversify and enlarge their income base by venturing into formerly untouched areas and third, the easy monetary procedure attitude of the SBP from 2002 to 2005 provided appropriate customers with financing options at little rate to meet up their consumption demand. Providing purchasing power to the medium class customer has been the mainly important accomplishment of this product set. Not only people been capable to high their standard of existing life by buying a variety of consumption goods which were formerly treated as luxuries.[2]

Banking sector acted as a vehicle in the improvement of the economy of the Pakistan. The development in the banking segment has not just in terms of asset expansion and profitability but also in of diversification of products and risk profile. The banks have targeted some of the formerly underserved segment like consumer finance which has witnessed significant growth in the past few years. Main factors behind such a huge expansion in consumer finance might includes little interest rates, flush of liquidity, product modernism, greater than before competition, financial liberalization, and highly growing income level is the main cause of high economic growth. At the same time, indefensible consumer expansion in less strong macroeconomic environment, unsuccessful prudential and regulatory structure, not a strong risk management system and lawful infrastructure can form systemic vulnerabilities. In 2006, Consumer loans increased by 29 percent or increase of Rs72.4 billion and reached from 252.6 billion to Rs325 billion. Due to determined higher growth, the share of consumer finance in all of the loans has increased to 13.5 percent in 2006 from 9.4 percent in which was in year 2004. [3]

The increase in credit card purchases was corresponding by the expansion in credit extension to further products such as individual loans, banks overdraft, car loans, store cards, payment of utilities in debts, and increase in consumer credit via mortgage lending. All of these products have its personal unique features, so that the consumer financial segment includes a blend of credit and interest rate hazard in difficult economic and financial surroundings. Consumer credit is huge not only in monetary expressions but also large numbers of customers involved and also the impact on those who deprived of consumer credit. The enlargement in consumer credit outstanding in the last 50 years is truly stunning. In the US and Canada for total trade banking and consumer lending is huge, it cross over corporate debt by almost 50 percent with household debt in the united states crossing $7.2 trillion in the year 2000, almost double the value owed in 1990. Not all of this increase is because of borrowing on credit lines. Credit cards have become more and more important as a method of wealth transmission. In the UK, 1316 million dealings by plastic cards in 1993 of which 724 million were by credit card compared with 3728 million dealings by cheque. But in year 2002 plastic card practice had overtaken cheque practice with 4814 million dealings on plastic card of which 1687 million were by credit cards.[4]

The present era of cutthroat competition, it becomes a requirement to success to have a huge and successful selection of products and services through which the banks can encourage and then triumph their customers. In consumer banking they offer such as loans, credit cards, simple installments and many more. Not each bank could offer a credit card and not every one of the banks could provide the services so consistently that do currently. There were few international banks that attempted to provide anything remotely similar to consumer banking. International banks such as standard chartered, Citibank and ABN AMRO have the hold up of the information base and finances of their overseas principals which are made them first to bring in consumer products in Pakistan. UBL, HBL and MCB were the recently privatized banks which have engaged in consumer financing actions not only in big cities but also smaller ones too. Due to their massive branch set-up they generated high volumes of dealing but also at the identical time reducing the prices of their products and services they offer. In year 2002, HBL's consumer banking range was value less than a billion rupees but at the end of year 2004, it is value 17 billion.[5]

Commercial banks had entirely ignored consumer financing as an action Form almost fifty-four years in Pakistan, There was negligible realization of the matter that the trademark of healthy economies is not idealistically high dependence on exports but on demand nationally, and expansion of indigenous resource and industrial bases that favors domestic utilization. The big desirability in extending financing services to the passive consumer sector is the vision of earning high interest rate, because consumers are flexible targets as far as haggling over interest rates taxable to them are concerned. Banks are belatedly trying to rectify this huge macroeconomic structural inequality but given the remarkable pattern of economic developments, but their efforts to promote consumer finance. While lesser interest rates have definitely enhanced borrowers' capability to borrow and service consumer loans, the recently created demand is approaching prices of consumer durables to out of reach.

Consumer finance is an uncertain ball game. The well-known yellow cabs system was the only big test in consumer finance in Pakistan, which was definitely a bad experience for nearly all banks who took part in it. Admittedly, political twists played a giant role in the breakdown of the system but operational inadequacies of banks played a superior role in this enormous failure. A key factor in that failure was the operational deficiencies in banks, mainly in assessing an individual's future refund capability keep in view his or her varying circumstances.[6]

In Pakistan, consumer finance regardless of fast growth in early period of 2-3 years has moved towards declining. It has absolutely raised a lot of questions about its further prolongation and growth in coming years. The mainly important query is: can it work as a medium of economic development mainly at a time when exports have revealed slow growth, state saving rate is low, inflationary stress is determinedly there over the three years, national and international markets and economic group of actors have become extremely aggressive and banking sector is highly concerned to defend its capital and enhance itself with higher profits on loans than government's concern regarding boosting economic development. Lending by credit cards, public/individual loans, automobile loans, and loans designed for durables and housing finance comes out the main products of consumer finance. They formed domestic insist and lending policy by the banking sector in quite delicate ways. Consumer finance has also brought social transform through huge circular of money and easiness of income constraints for borrowing mainly among those medium class people. That was excited to become main part of rising economy and benefit from economic growth. The genuine beneficiaries of consumer finance are those people/citizens who did not have capability to purchase luxurious household items in a solo go but could pay for them due to consumer finance; the profit-making banks due to consumer finance have been earning huge interest and high returns on their investment and the economy that got momentum for growth.[7]

Industry overview

Banking industry in Pakistan

Under the supervision of the State Bank of Pakistan, all banks work. State bank of Pakistan divided the operations of the banks into four main segments which is Corporate, agriculture, SME and consumer. All those banks which operate in Pakistan should follow the regulation made by the state bank of Pakistan. SBP give regulations according to which banks supposed to work and constantly keep a pathway that banks are running according to the regulations or not.

Pakistan is on number sixth in the world being a populous state, In Asia its number fourth and in SAARC countries it's the second one, having population of 160 Million or more in which 100 Million is under the age of 25 years and a strong middle class of 30 Million enjoying a lot of benefits from consumer financing.

Banking sector has undergone an important renovation in the recent years and performed as a medium in the restoration of the economy. In the last 7-8 years, too much merger, acquisitions and privatization have made which starts from Muslim commercial bank which was privatized and then Allied bank, Habib bank and United bank from time to time privatized. In those years Standard chartered acquired Union bank and ABN Amro acquired Prime bank. All these show a huge foreign investment, better and increase performance of banking sector through which they can gain more market share and huge paid up capital which is the necessary requirement of SBP in lesser time. By the end of 2009 it is 6 billion and that was 1 billion in year 2000.

Pakistan banking sector is mainly dominated by 5 large commercial banks. Foreign banks are also in parallel operations but their main focus is only on huge multinational clients. In 1991, local banks got permitted to be formed and now there are 30 such type of banks which are serving only small to medium because of less capital in comparison to foreign banks.

Pakistan financial sector is extremely developed having 12 private, 4 public and 21 commercial banks, mutual funds, leasing companies, DFI and also Islamic venture capital. Over 1 trillion rupees of assets commercial banks have in which domestic banks approximately having 80 percent. [8]

Banks operating in Pakistan

From 1997 till june-2008, Pakistan has a total of 39 banks in which local private banks are 25, other private banks are 8 and foreign banks are 6 in number. In 2007 this figure was 40 but due to acquisition of one local private with foreign bank it decrease to 39.

Due to an extra ordinary growth and expansion in banking system of Pakistan from the last 10 years, it generate huge amount of profit and contribute a lot to the economy of Pakistan. The following table shows its growth from year 2000 till the second quarter of year 2008.

Due to an extra ordinary growth and expansion in banking system of Pakistan from the last 10 years, it generate huge amount of profit and contribute a lot to the economy of Pakistan. The following table shows its growth from year 2000 till the second quarter of year 2008.

As we can see in the above pie graph, that there is huge growth in consumer finance products and services. The middle class peoples who cannot buy luxury products in a one go so they can easily purchase it through consumer finance and can live a happy life. Through consumer finance the living standards of the people of Pakistan is become good and high.

Here now the researcher briefly explains the major products and services of consumer banking through with the help of secondary data.

Auto loans

Auto loans are the obtaining of used or brand new, local or imported cars for private or public use. Auto financing and auto leasing facilities together are offered by the majority of the banks. Salaried persons, professionals, self employed, businessmen and others who meet the provisions and conditions of the bank to meet the criteria for the finance or qualified for the loan. Some banks are as well offers together variable rate and fixed rate options for auto loans. The normal market rate for auto loans is 14-16% but its compounding interest.

Home loans

The loans taken for purchasing, building or renovating of house is come under home loans. In Pakistan home loans are offered on fixed rate as well as on variable rate. The utmost period offered by the banks for home loans is usually twenty years that's why banks suitably give loans to permanent workers of any firm to guarantee repayment ability.

Personal loans

Personal loans are usually unsecured kind of loans but in certain cases when the sum of personal loans increases the standard limit its remaining part must be protected. Personal loans contain loans for the reason of education, marriage, traveling, purchase of consumer products, furnishing, etc. usually the limit for personal loans is 500,000 Pakistani rupees.

Credit-debt cards

Credit cards simply mean cards which permit a customer to do payments on credit. Supplementary credit cards are measured to be the part of the principle credit card. Originally only foreign banks are offering credit cards in Pakistan but now numerous local banks is also providing credit card facility. Credit card is covered via three networks Master Card, VISA, and American express.

Debit cards are provided to account holders of every bank in Pakistan approximately all the banks are giving debit card facility. The sum used by the debit card holder is straightforwardly debited from the total of the card holder. Debit cards are received at all ORIX networks in Pakistan and it can furthermore be used as ATM cards which are covered by MNET network and I-link and in Pakistan

Deposit account

All the commercial banks are providing different types of deposit accounts. These accounts are in different ranges from customer to customer to fill up the requirement of each type of customer. Some of these accounts provide high interest whereas some pay low interest and few don't pay any interest. several key categories of deposit accounts are:

  • Term deposits accounts
  • Foreign accounts
  • Current accounts
  • Saving accounts
  • Business accounts
Wealth management

Wealth management is a latest variety of service recently introduced in consumer banking segment. It covers every aspects of bank's customer to secure their future; it includes financial consultancy, insurance, investments plans, tax advisory, etc. although wealth management service are mostly providing by few banks only because this a fresh service still bank's customers don't have idea at all about the wealth management.

Approximately all the banks are providing insurance services to a few of their customers but the idea of wealth management is not behind it.

E-banking

To facilitate its customers, every bank whether local or foreign is offering services of high technological e-banking. These e-banking services allow the banks customers to carry out many banking activities without difficulty and any restriction of time and place. Some of the main e-banking services offering by the banks are:

  • Phone banking
  • Plastic banking
  • Internet banking
  • Mobile banking
  • Online banking
  • ATM [11]

SBP prudential regulation for consumer Financing

The development in the banking segment has been not simply in terms of asset expansion and profitability but in addition, in terms of diversification of products as well as risk profile. Approximately all commercial bank now providing consumer financing products and services in Pakistan, so for this purpose effective regulation is must for the consumer banking. In year 2003 State bank of Pakistan provided first edition of prudential regulations in Pakistan for consumer financing.

The SBP in discussion with the Pakistan Banking Association (PBA) as well as other stakeholders has made a proper new set of regulations which cater to the definite separate requirements of consumer, corporate and SME financing. The prudential regulations will facilitate the banks to enlarge their capacity of lending and customer outreach.

Consumer financing means any financing permitted to individuals for fulfilling their family, personal or household desires. The State Bank of Pakistan has separated the financing for consumer in its prudential regulations into four key areas which are;

  • Credit cards
  • Home loans
  • Auto loans
  • Personal loans
Credit cards
  • The banks / DFIs should get sensible steps to satisfy themselves that cardholders have got the cards, whether it is personally or by mail.
  • Banks / DFIs shall give to the credit card holders, the report of account at monthly basis / intervals.
  • Banks / DFIs shall be legally responsible for all dealings not permitted by the credit card holders subsequent to they have been properly provided with a note that the credit card was misplaced / stolen. However, the banks / DFIs accountability shall be restricted to those amount incorrectly charged to the credit card holder's bank account.
  • Due date for payment should be specifically provided on the accounts statement.
  • Maximum unsecured bound beneath credit card to the borrower (supplementary cards shall be considered element of the principle borrower) shall in general not exceed Rs. 500,000/.
  • Banks / DFIs may, however, allocate a clean bound beyond Rs. 500,000 but not in surplus of Rs. 2 million to their most important customers who have amazing strong repayment capability, moderate debt load and clean track evidence.
  • Banks / DFIs may also permit financing under the credit card system in excess of Rs 500,000/- (up to Rs 2 million) to further customers as well, provided that excess amount is properly secured.
Home loans
  • Banks / DFIs shall determine the housing finance limit, both in urban and rural areas, in accordance with their inter credit strategy, worthiness and loan refund capability of the borrowers.
  • Banks / DFIs shall make sure that the entirety monthly amortization .expenses of consumer loans, comprehensive of housing loans, ought to not exceed 50% of the net disposable earnings of the potential borrower.
  • The lending bank / DFIs will make sure that the loan sum is utilized strictly for the building purpose and advance is disbursed in trenches as per building plan, loans against the safety of existing land / plot, or for the acquire of new part of land / plot, for profitable and manufacturing purposes may be allowed.
  • The housing finance capability shall be provided at a maximum debt-equity ratio of 85:15.
  • Banks / DFIs are free to enlarge mortgage loans for home for a period not more than twenty years.
  • The house financed by the bank / DFI shall be mortgaged in bank's / DFI's favor by way of equitable or registered mortgage.
  • Banks / DFIs shall either take on in professional proficiency or organize sufficient guidance for their concerned officials to estimate the property, evaluate the genuineness and reliability of the title documents.
  • The bank's / DFI's management should set in place a system to monitor situation in the real estate market (or further product market) at least on periodical basis to guarantee that its policies are associated to current market conditions.
  • Banks / DFIs are motivated to develop floating rate goods for housing finance, thereby administering interest rate risk to handle / avoid its adverse effects.
Auto loan
  • The vehicles to be utilized for commercial purposes shall not be covered under the prudential regulations for consumer financing.
  • The maximum tenure of the auto loan finance shall not exceed seven years.
  • While allowing auto loans, the banks / DFIs shall ensure that the minimum down payment does not fall below 10 of the value of vehicle.
  • In addition to any other security arrangement on the discretion of the banks / DFIs, the vehicles financed by the banks / DFIs shall be properly secured by way of hypothecation.
  • The banks / DFIs shall guarantee that the vehicle is accurately insured at all times during the term of the loan.
  • The banks / DFIs desirous of financing the purchase of used cars shall prepare uniform guidelines for determining the value of the used vehicles. However, in no case the bank / DFI shall finance the cars older than five years.
  • The banks / DFIs should ensure that a good number of authorized auto dealers are placed at their panel to eliminate the chance of collusion or other unethical practices.

Personal loan

  • The boundary per person for individual / personal loans will usually not exceed Rs 500,000/-.
  • Banks / DFIs can allocate a clean bound beyond Rs 500,000, but not in surplus of Rs 2 million to their most important customers who have astonishing strong repayment capability, moderate debt weight and a clean track record.
  • In cases, where the loans has been extended to purchase some durable goods / items, including personal computers and accessories thereof, the same will be hypothecated with the bank / DFI besides other securities, which the bank ? DFI may require on it's on.
  • In case of running finance / revolving finance, it shall be ensured that at least 15% of the highest utilization of the loan through the year is cleaned up by the borrower for minimum period of one week.

With all these regulations central bank of Pakistan bring some changes to it, which is provided to the banks and DFIs to further works under these amendments or changes. And these changes are made by the banking policy and regulations department of the state bank of Pakistan. Last time it was updated on 31st January, 2009.[12]

Reference

  1. Raza, S. (2009, April 14). "Pakistan's banking industry has tremendous potential".
  2. Butt, K. (2004). "Core function of the state bank of pakistan". State bank of Pakistan.
  3. Sharif, M. (2008). "Trends in consumer finance and implications for macro-economic indicators", business and finance review.
  4. Hudgins, P. S. (2005). "Bank Management and Financial Services". Seventh Edition, pp 521-642.
  5. Ahmed, J., Saleem, M., Ogahi, A., and Mukhtar, A. (2009, January 31). "Prudential regulations for consumer financing". Banking policy and regulations department, pp 11-15

References:

  1. Khalid, S. (2008, July 28). "Consumer financing expands at high rate". The News.
  2. Babar, S. Z., Iqbal, J., and Afzal, R. (2007-8). "Perspectives on Consumer Finance in Pakistan", Financial stability report, pp 87-88.
  3. Malik, L.F., Rizwan, M., and Ali, A. (2006). "Consumer sector", Banking system review, pp 24-25.
  4. Thomas, L.C., Oliver, R.W., and Hand, D. J. (2005). "A Survey of the Issues in Consumer Credit Modelling Research", The journal of the operational research society, Vol. 56, No. 9, pp1006-1008.
  5. Ahmad, S. I. (2005). "Consumer banking in Pakistan", Marketing association of Pakistan.
  6. Shahid, A. B. (2003, March 10). "Consumer finance: what are its chances of success?"
  7. Sharif, M. (2008). "Trends in consumer finance and implications for macro-economic indicators", business and finance review.
  8. Khalid, S. (2008, July 28). "Consumer financing expands at high rate". The News.
  9. Babar, S. Z., Iqbal, J., and Afzal, R. (2007-8). "Perspectives on Consumer Finance in Pakistan", Financial stability report, pp 87-88.
  10. Malik, L.F., Rizwan, M., and Ali, A. (2006). "Consumer sector", Banking system review, pp 24-25.
  11. Thomas, L.C., Oliver, R.W., and Hand, D. J. (2005). "A Survey of the Issues in Consumer Credit Modelling Research", The journal of the operational research society, Vol. 56, No. 9, pp1006-1008.
  12. Ahmad, S. I. (2005). "Consumer banking in Pakistan", Marketing association of Pakistan
  13. Shahid, A. B. (2003, March 10). "Consumer finance: what are its chances of success?".
  14. Sharif, M. (2008). "Trends in consumer finance and implications for macro-economic indicators", business and finance review.
  15. Raza, S. (2009, April 14). "Pakistan's banking industry has tremendous potential".
  16. Butt, K. (2004). "Core function of the state bank of pakistan". State bank of Pakistan.
  17. Sharif, M. (2008). "Trends in consumer finance and implications for macro-economic indicators", business and finance review.
  18. Hudgins, P. S. (2005). "Bank Management and Financial Services". Seventh Edition, pp 521-642.

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