Rather than deal with the stranglehold of consumer loans, the government is trying to throw it on the maximum number of citizens
Andrew Polonsky
The Ministry of communications began work on the establishment of a clear mechanism of online lending. According to the plans of the Ministry in the near future to the client that receives “white” wages, do not need to visit the Bank’s office to obtain a loan. It will be enough to send the Internet application form and after verification of solvency to the funds on your card or Bank account.
Really new in this system, not so much. In microfinance organizations credit is available through a network of passport and Bank card issued in the same name. Banks, leading an active credit policy, many years of sending credit cards by mail for authenticated clients. Finally, through the system of online lending has been successfully working Tinkoff Bank.
However, in this case we are talking about universalization and the creation of a sustainable algorithm of the whole procedure.
Credit through the Pension Fund
Essentially, the scheme developed by the Ministry of communications, aims to become a natural extension of the system for banks to obtain data on clients ‘ income directly from the pension Fund, via SMS. Now, it looks like. The person applying for the loan, shall submit to the office of the Bank application with the portal of public services he receives an SMS requesting consent to receive information from his / her account to the pension Fund, and if such is received, the Bank acquires data from the Foundation for the system of interdepartmental electronic interaction (SMEV). This system is being tested from June 2015, with the participation of 32 of the Russian Bank.
However there is a caveat. Almost immediately — within 2-3 minutes — banks can receive the necessary data only on those citizens who are registered on a Single portal of public services. We have so far only 18 million. Otherwise, the Bank shall register the citizen himself, and the whole process is much delayed.
Now the Ministry of communications is going to technically modify the module that exists for this is still too complicated schemes. As a result, customers will have the opportunity to obtain data on the income of PFR and provide it to the lender. That, in turn, will be able to easily check the creditworthiness of borrowers.
To introduce and legitimize new algorithm, you will need to produce some legal action. In particular, the changes will require regulations on the use of the Unified system of identification and authentication and Provision of e-government infrastructure.
The whole complex of problems of the Ministry of communications plans to discuss at the meeting with representatives of the largest banks in the very near future.
Shine and poverty of online lending
Of course, to restore a minimum of order in the online-lending is necessary. Now, in the conditions, when clear and mandatory schemes does not exist, we have just opened unlimited opportunities for swindlers of all kinds and colors.
On the one hand, microfinance institutions have short term loans at extortionate interest rates and put the lion’s share of customers for collection agencies.
On the other hand, manipulation of clients, too, can sometimes be ahead of the boldest imagination. Many remember the story of 2008-2013, when Dmitry Agarkov, a businessman and a former police officer from Voronezh, he changed the terms of the contract with Tinkoff Bank (those written in small font), and the Bank, without looking, signed them. In this case, the parties simply swapped. Usually the credit agreement without looking at us sign clients.
After a while Agarkov — to the delight of almost the entire country — has requested the Bank 24 million rubles as compensation, they counted strictly according to the signed Bank contract. The owner of Bank Oleg Tinkov, in turn, threatened the client by the court for fraud. The case seemed deadlocked, courts are not eager to take responsibility for a precedent, and, in the end, the parties went to the world. In the end, on the Bank’s website there was a comment Agarkov: “In 2008, when I made my form and gave it to the Bank instead of the official letterhead, I was just joking… But the joke went too far. Of course, I don’t recommend this way to do other people.”
The new scheme, which prepares the Ministry of communications, although it does not preclude this kind of fraudulent manipulation, but at least is designed to make the entire procedure of online lending more transparent, at least from the point of view of banks.
Banking joy
Actually, no one admits that it is in the interests of the banks and developed a new module. For financiers there are several advantages.
<ol>
the <li>Online loans able to unload Bank offices, which may not suffer from the influx of customers, as in previous years, but still fairly loaded, at least in the cities. And in the province not you can close the offices, thus saving on rent and salaries.</li>
the <li>Online-lending can help banks to come in those regions where still the population that receives “white” income, not actively taking loans. For example, to increase its presence in rural areas or in remote areas, where the nearest branch of Sberbank to travel far, and on other banks and generally never heard of.</li>
the <li>Simplified the data processing system may trigger banks to compete with microfinance institutions — results easily accessible small loans without proper verification of the borrower. And it probably represents the most serious threat to the population.</li>
</ol>
The best reform — moratorium
Credit relationship has long become a severe problem for the majority of our fellow citizens. Many families are “hooked” on credit “needle” and don’t understand how to get out of debt bondage. Of course, it can be argued that people themselves make decisions and must bear responsibility for them. However, here only half the truth.
Every student knows that loans are a powerful engine of the modern economy. But the trouble is that in Russia the growth of the credit percentage is so ahead of income growth, any, even purely technical (no one is not going to soften the requirements for potential borrowers) simplification of access to credit is threatened by new lines of social tension. And in this case, it is surprising that the government does not seek to help the citizens to get out from under the yoke of credit, but on the contrary, as if encouraging them to make new loans. Of course, it has its own logic — the revival of consumer demand, and with it economic growth, but pays for whether it is possible problems and risks — the big question.
In our situation, the best reform online lending would be complete ban. More precisely, an indefinite moratorium to achieve certain macroeconomic indicators (choose on your taste — the reduction of inflation to 4%, the reduction of the key rate to 6%, GDP growth of 5%). Too easily available consumer loans objectively now play against the people: for the three successfully took the time and gave clients ‘ money is at least one set for the meter collectors, and this relationship is constantly growing in favor of human well-being. Plus remote conclusion of the contract — a Paradise for all sorts of hackers and other fraudsters who have access to the passport data of citizens. We really want the aggravation of social tensions?
Yes, Tinkoff-Bank will be a few sorry. Due to the eccentricity of his master he stands out from the crowd, but with the improvement of the social climate will be flying very large chips…
