The FINANCIAL -- 4Finance has issued USD 7 million to more than 3 million consumers on the global market. In Georgia the company is operating under the name of the online crediting company Vivus.ge. The company has gained leading positions on the Georgian market in just the year and half since entering the country. Consumer-oriented products, simplicity and rapidity are the main factors that have contributed to the popularity of the company in such a short time.
“4Finance is present in 17 countries. The company entered the Georgian market in 2013. Vivus.ge became a market leader in the shortest of time since entering the market. Proper marketing communication, consumer-oriented products and considering their interests - is what contributed to our success. A strong and professional team, as well as constantly innovative products, were also important to our success,” Lasha Bzarashvili, General Director at 4Finance Georgia, told The FINANCIAL.
Vivus.ge has been awarded a Golden Brand Award 2014 in Georgia. “Receiving a Golden Brand award is a big stimulus for our company. It gives us additional motive to further develop our business activities. Our company made tremendous efforts in creating consumer-oriented products and offering services with competitive terms on loans,” Bzarashvili said.
Vivus.ge services are accessible to every person,. Meanwhile, Bzarashvili said that the online service is a response to the modern technological evolution. “There is a new generation coming, and because of the digital channels and digital technologies, there is a huge impact on the needs and demands from customers. These needs and expectations from customers are influenced from another sector. Based on the products and services that they are receiving from them, people would like to have the same approach from the financial sector. The second issue is that we are talking quite a lot about a Generation Connected, or Generation Z, which is these days approaching the market. For them, coming to a bank and, for example, signing a paper contract, is something old-fashioned. So, they would like to have an approach that is directly for them. Generation Z would like to have a similar approach from financial institutions.”
The loan portfolio of 4Finance exceeds EUR 7 million, for its more than 3 million customers. Bzarashvili found it hard to name the distinguishing consumer habits between the borrowers of the different countries in which the company is operating. However, he named what unites them. “This is: demand for high quality, consumer-oriented products and comfort. In line with these demands 4Finance is always the best solution for providing financial resources to our consumers”.
The number of companies offering online services has recently started increasing in Georgia. As Bzarashvili said, this service is becoming popular not only in Georgia but in Europe and the whole world as well. “Simplicity, comfort and rapidity are the main factors resulting in the increasing demand for online services,” he added.
Vivus.ge has already got involved in a charity campaign, which is implemented in line with its CSR activities in Georgia.
“Vivus.ge established a charity company - ertad.ge. This is a social project which, with a monthly budget amounting to GEL 4,000, supports various activities in Georgia, whether culture, art, sport or others,” Bzarashvili said.
Contrary to bank loans, fast online loan issuers are not demanding collateral, which makes it risky for the company itself. “Like for consumers, it is in our interests to properly issue loans and finance consumers with solvency. Accordingly we have our system that carries out risk evaluation and minimization,” said Bzarashvili.
“Vivus.ge has always been and will continue encouraging its customers with interesting innovations and flexible offers. We launched a loyalty programme. Within this campaign the company is offering additional benefits to customers on interest rates. We will continue offering various innovations in the future as well,” Bzarashvili told The FINANCIAL.