Nowadays there are more than 24 trillion rubles on bank deposits in Russia. This is a significant amount of money which is not invested anywhere, thus, significantly slows down the development of the economy within the Russian Federation. There are several reasons for such situation, so let’s look at the main ones at large.
The first and the main issue is lack of trust. The middle-aged and elderly people have been through too many problematic periods and situations both during USSR period and in independent Russian Federation, so they tend to doubt any innovation and remain totally sceptical towards new technologies.
Another obstacle is that there is too little understanding and knowledge of Blockchain technology, crowdfunding and peer-to-peer lending in general. The majority of citizens have no idea what crowdinvesting and crowdlending is, and sometimes they don’t even want to learn about this rapidly changing market. Everybody got used to the notion of banks and their functions in the society, so a common ignorance towards new possibilities appears.
Furthermore, some people think that interest rates of peer-to-peer and crowdlending platforms are too high, although most of them forget that the effective rates in banks are completely the same.
Overall, we may conclude that most of the problems of peer-to-peer lending in Russia are caused by simple prejudices that have accompanied people for many years. However, we do believe that it will be possible to change such perception in the nearest future. Moreover, this process of change has already begun and Inspeer is really glad to be a part of it.