Digital Technologies in Lending Small and Medium-Size Enterprises in Russia

Abstract

Purpose: The article is devoted to the assessment of changes in the forms and methods of lending Russian Small and Medium-sized Enterprises (SMEs). The purpose is to outline the role of digital technologies in the system of lending SMEs in Russia. Design/Methodology/Approach: To achieve this goal it is necessary: first, to outline the main changes in the banking industry considering digital technologies, second, to list the main banking products, how digital technologies influence the most (banks as ecosystems) and third, to describe how digital technologies are beneficial in lending SMEs. Findings: The authors defined the crucial role of digital technologies, underlined the leading role of the Russian financial sector in the world according to experts and offered the scheme of a digital banking product development. Also, the authors compared digital development in the EU and in Russia and made the conclusion towards some new opportunities to SMEs. Practical Implications: The research results may be implicated in a system of lending by means of digital products offered to SMEs and future key points of development in the digital sphere for the commercial banks, e-trade and fintech companies. Originality/Value: The main contribution of this article is in comparison between digital development in the EU and Russia, some leading role of the Russian banks in the world, description of a digital banking product development and considering the experience of the ecosystem of Sberbank for SMEs in Russia.