TIDMZAIM
RNS Number : 8384D
ZAIM Credit Systems PLC
02 November 2020
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For Immediate Release
2 November 2020
Zaim Credit Systems Plc
("Zaim" or the "Group")
Significant Growth of Online Business
Zaim Credit Systems plc, the Russian focused fintech group
providing financial inclusion for consumers who are not well served
by mainstream lenders, is pleased to provide an update on the
progress of the online business for its wholly owned subsidiary,
Zaim-Express LLC, ('Zaim-Express').
Highlights:
-- Online operation now represents largest portion of the
Group's business and is continuing to grow
-- The shift to a more flexible and scalable online operations
represents the successful delivery and execution of the revised
strategy, resulting in significant growth from a low online base at
the time of our IPO last year
-- Covid-19 has accelerated migration of the business model from
offline to online having a positive impact on the business growth
and margins due to its comparatively low fixed cost base
-- Zaim-Express' business is in significantly stronger position as a result of online migration
-- Launch of Mobile App, which is expected to increase repeat
customers and grow target market penetration, scheduled for 1H
2021
-- Continued enhancements to credit scoring process anticipated
to continue to improve default rates
Siro Cicconi, Zaim's CEO commented:
"During the last several months and accelerated by the recent
pandemic related movement restrictions, Zaim has cemented its
evolution from a traditional physical store-based model to a
highly-flexible and scalable online-focused business.
We are pleased to report that our efforts are already showing
positive results beyond our expectations with the online platform
representing the most significant part of our business for the
first time in the Group's history.
This has all been generated from a near standing start for our
online business in Q4 2019 at the time of the IPO. This
transformation lays the foundation for further growth and
shareholder value through scalability and increased margins and we
look forward to updating the market regularly as to our
progress."
Background to Online Business
In recent years, Zaim has made substantial investment in the
development of a convenient online platform, allowing customers to
receive and repay loans via the internet or by phone in several
minutes without leaving their homes.
As a direct result of the continued strategy of the optimisation
of the business model, we have significantly reduced the number of
physical stores from 92 to 32 and redirected customers towards our
online product offering where we have accelerated online business
development and focused resources that would have otherwise been
deployed in the physical stores.
Online Lending - Website and Marketing Update
In recent months we have improved our consumer facing web-site
design resulting in significantly increased website visitor - to -
new application conversion rates (from 30% to 60%) and reinitiated
cost-per-action traffic to increase the flow of new clients. We
have also launched targeted advertisements, testing different
channels to attract new clients, performed competitive analysis
from a marketing standpoint and improved call center scripts that
further increased our customers' conversion.
As a result of these actions, the business is experiencing
strong growth in its online lending activity.
Zaim-Express management is currently working on a number of
further developments of the online platform including improvements
of the scoring system that should decrease overall default rate
numbers for new clients, updating collection strategy that is
expected to enable faster return of funds and improving application
functionality to increase new sites visit to new client conversion
rates. We are also enhancing search engine optimisation allowing us
to increase the flow of visitors from Google and Yandex search
platforms as well as to improve the overall company's image.
Launch of smart phone Application ("App")
Given the success of the online offering for Zaim's products and
the rapid growth in demand that we are witnessing, a new App is in
the process of being developed which should further the user
experience and increase the potential target market for Zaim.
Zaim is currently defining the development pathway and it is
currently expected to proceed to full scale launch in 1H 2021. This
is expected to increase the number of repeat customers which is a
key metric to ensure consistency of the default rate.
These developments make us confident that during 2021 we will
further accelerate the growth of the online business as the online
platform as the App is fully completed.
Enquiries:
Zaim Credit Systems Plc
Simon Retter - FD
Siro Cicconi - CEO Tel: +44 (0) 73 9377 9849
Alex Boreyko - head of corporate communications Tel: +7 925 708 98 16
investors@zaimcreditsystemsplc.com
Beaumont Cornish Limited
Roland Cornish / James Biddle Tel: +44 (0) 20 7628 3396
Optiva Securities Limited
Jeremy King / Vishal Balasingham Tel: +44 (0) 20 3137 1902
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the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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