TRANSFORMATION OF THE BANK'S CREDIT AND INVESTMENT ACTIVITIES IN THE DIGITAL ECONOMY: PARTICIPATION IN PEER-TO-PEER LENDING MODELS
Abstract
The article analyzes the main directions of the impact of digital economy on the credit and investment activity of banking institutions, namely: the transformation of existing types of financial services and the emergence of new products; improvement of banking technologies and processes; the emergence of a new intermediary in the financial market – FinTech startups. The authors carried out a comparative analysis of peer-to-peer loans and traditional bank lending in 4 groups of criteria: the nature of the mediation function; the performance of the function of assets transformation, providing liquidity and conducting payment transactions; participation in monitoring and processing of data, assessment of credit quality; participation in credit risk management. Based on comparison of banks and FinTech startups, the following advantages of banks were defined: large client base, powerful personnel potential, work experience and customer loyalty. A comparative analysis of banks, FinTech startups and peer-to- peer lending platforms made it possible to identify the main ways of adapting banks to the transformational changes in the financial market in the digital economy: acceptance of new principles of credit platforms by banks (convenience, flexibility, low cost and manufacturability) and development of partnership with Fintech-segment. The authors proposed to consider the following options for participation of banks in peer-to-peer lending models and cooperation with FinTech startups: a clear separation of activities between the bank and a technology partner with consumers of financial services (the technology partner accompanies the online platform, the bank provides a full range of financial products); close cooperation between the bank and the technological partner (joint creation of alternative traditional financial products); active exploration and use of innovative mobile and other virtual channels of customer interaction by the bank.
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