Korobeynikova O.M., Korobeynikov D.A., Stefanovich L.I. CONSUMER LENDING INSTRUMENTS IN THE CONTEXT OF COVID-19

DOI: https://doi.org/10.15688/ek.jvolsu.2021.4.14

Olga M. Korobeynikova

Candidate of Sciences (Economics), Associate Professor, Department of Economics and Entrepreneurship, Volgograd State Technical University, Prosp. Lenina, 28, 400005 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-6506-8087

Dmitry A. Korobeynikov

Candidate of Sciences (Economics), Associate Professor, Department of Economic Security, Volgograd State Agrarian University, Prosp. Universitetsky, 26, 400002 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0003-4499-1566

Lyudmila I. Stefanovich

Doctor of Sciences (Economics), Professor, Department of Banking Economy, Belarusian State University, Prosp. Nezavisimosti, 4, 220030 Minsk, Belarus, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0001-8811-2194


Abstract.  The purpose of the article is to assess the use of consumer lending tools in the context of COVID-19 restrictions and predict the development directions of digital credit innovations in the consumer segment. It has been established that digital innovation in consumer lending is proceeding at a high rate, digital ecosystems, platforms and services are being formed. The qualitative side of the changes is characterized by the creation of new and modernization of traditional lending instruments produced by traditional banks and non-banking organizations. The COVID-19 pandemic has accelerated the scaling of digital technologies in lending. It was revealed that the following became widespread in the Russian market: payment by instalments, card lending, annuity target and non-target loans. Analysis of the dynamics of the consumer lending market showed that: the POS lending market in Russia is stagnating; the most popular way of consumer lending is by instalments; credit cards with instalment options are not widespread; the most innovative products are instalment plans secured by funds in electronic wallets. The development of two promising consumer lending instruments is predicted: the provision of instalments through marketplaces and digital ecosystems, which have the greatest potential for consumer lending and stimulating retail sales; card consumer lending, characterized by the replacement of the material form of instruments with virtual cards in the context of the COVID-19 pandemic.

Key words: loans, consumer lending, digital ecosystems, marketplace, instalments, credit cards, COVID-19.

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CONSUMER LENDING INSTRUMENTS IN THE CONTEXT OF COVID-19 by Korobeynikova O.M., Korobeynikov D.A., Stefanovich L.I. is licensed under a Creative Commons Attribution 4.0 International License.

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