Pandemic actualizes development of remote services in financial sector - NBU
The pandemic has actualized the development of remote services in the financial sector, in particular, non-banking financial institutions have been actively introducing necessary technologies for remote work with clients, the head of the non-banking financial services market supervision department of the National Bank of Ukraine (NBU), Oleksandr Zaletov, said.
During his speech at the II International Forum EFBM, the Faculty of Economics, Taras Shevchenko National University of Kyiv, on the topic "Changes. Adaptation. New Economy," he noted that this trend continues in 2021: in the first half of the year, 88.4% of loan agreements with individuals were concluded online against 81.6% for the same period in 2020.
According to him, growth is also observed in the volume of loans issued. So, in January-June of this year, the share of distance loans was 85.7% (73.9%, respectively).
The average amount of a loan issued in an online format is UAH 4,213. At the same time, the amount of the loan obtained in the traditional way is UAH 6,434. Of course, such loans are aimed at meeting the consumer needs of the population in the short term. The most popular loan terms are up to 30 days and from 32 days to 92 days.
Zaletov said another trend is the use of artificial intelligence in complex scoring systems that assess the borrower's solvency. However, according to him, there is also a reverse side of the coin in the use of the latest technologies: "now the maintenance of high-tech solutions is not a cheap pleasure."
The expert warned that the development of the latest technologies is definitely a positive phenomenon. At the same time, the ease of obtaining such a loan, thanks to the use of innovative solutions, low financial literacy of the population create grounds for abuse both by borrowers and by providers of such loans. This can be especially evident during the pandemic. Therefore, it is important for any borrower to timely compare the loan debt with the income part and calculate their financial capabilities, Zaletov summed up.