Modern trends in the development of the alternative lending market in Russia
Abstract. The article analyzes new mechanisms for placingand attracting capita I in Russia, and, primarily, alternative lending. Such types asfintech lendingand crowdfundingare considered, which are a special mechanism for providing loans without a competent intermediary, where the responsibility for assessing the borrower`s solvency falls directly on the lender. The research methodology is based on the use of graphical analysis methods, comparative analysis of empirical data, and the index method. The conducted analysis allowed the authors to identify the main trends in the development of the Russian crowdlending and fintech lending market: growing demand for online lending; development of embedded finance technologies; competition between fintech companies and traditional financial institutions on equal terms; growth in lendingvolumes in the crowdlending segment and the average loan amount in the context of an excess of creditors over the number of borrowers; as the crowdlending market develops, the level of its concentration increases; the main category of creditors in crowdlendingare individuals, and borrowers are representatives of small and medium businesses. It is concluded that alternative lending methods are notable to displace traditional lending mechanisms to a significant extent, with fintech lending being able to compete with traditional lending institutions, while crowdfunding platforms are not so much competing with traditional financing methods, but are an alternative that is particularly attractive to SMEs as lenders.
Keywords: fintech lending, crowdlending, financial technologies, alternative lending, market concentration index.
Highlights:
- it was revealed that lending as a segment occupies the smallest share of the Russian fintech market in the conditions of growth of fintech companies` performance indicators;
- there is analysis of the dynamics of the main parameters of the crowdfunding market (quarterly growth rates of the volume and number of loans issued, as well as the average loan amount on Russian investment platforms), as well as the structure of the participants of transactions on the market;
- promisingdirections for the development of fintech lendingwere identified, consisting in the possibility of integrating their functionality into other segments of alternative financing, as well as the crowdfunding market, which are based on the special positioning of the organizers of investment platforms in the credit market in the niche of retail investments in small and medium-sized business projects.
Inna A. Chekunkova, Elena I. Brichka - Rostov State University of Economics, Rostov-on-Don