Abstract
In the last two decades, the world has seen a rapid growth of large technology companies, whose business model is to provide direct interaction between multiple users, as well as providing services based on large amounts of information about potential and existing customers, generation and accumulation of data on various categories of consumers, the use of network effects. The introduction of new technologies has allowed technology companies, far from the financial services market, to make payments and settlements with their customers, to provide services for capital management, insurance and lending. Until now, banks have played a dominant role in the financial services market, but with the development of electronic and information technologies, large technology companies are able to compete with them. Technology companies have certain advantages over banks, as can provide services at the expense of lower cost, as well as to develop business in the poorest areas, where banks work unprofitable. New technology companies are beginning to introduce business based on big Data platforms and technology, which implies the need to change risk management approaches. Technology companies can effectively assess the creditworthiness of borrowers on the basis of large amounts of information, reducing the need to use collateral as collateral for transactions. At the same time, technology companies can introduce new types of risks to the financial market, as they are not involved in standard refinancing procedures and only formally comply with consumer protection rules. The activities of commercial banks to date are strictly regulated, so it is more difficult for them to adjust to the platform version of doing business.
Published Version
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