Release:
2021, Vol. 7. № 4 (28)About the author:
Vadim B. Golovko, Associate Professor, Department of Economics and Finances, University of Tyumen; General Manager of Credit Co-operation “Sibirskiy Kapital” (Tyumen); golovko.vadim.b@gmail.comAbstract:
The article provides a general description of the essence and specific characteristics of consumer credit cooperatives (CCC) as well as the assessment of degree of relevance of the issue of CCC development in the context of increasing financial accessibility in different territories of the Russian Federation. The author defines the scale of activity of credit consumer cooperation in relation to the microfinance sector, the savings and loan market of the Russian Federation as a whole and in relation to the sector of credit cooperation in other countries, including the percentage of involvement of the population of different countries in the processes of mutual financial assistance of the CCC. The historical context of the development of credit consumer cooperation in Russia is also briefly reviewed, and its quantitative parameters in the past and current periods are compared. The author determines the place of the modern institution of the CCC in the financial market of the Russian Federation in the context of the concepts of mass and niche, taking into account the specifics of the target audience and the predominant area of activity of credit cooperatives. In this regard, the following limitations and potential advantages are highlighted. The research has resulted in proposals to increase the competitiveness of the CCC in the savings and loan market. These suggestions are made in order to transform the sector towards a growth trend through the preservation of the key mechanics of the traditional service of credit cooperatives, which determine a high degree of loyalty of shareholders. The author’s ideas are combined with the addition of the practice of CCC activities with a set of modern functions, the provision of which is conditioned by both the cooperatives technological platforms and the form of organizing key internal processes. The final conclusion of the present work is that it is the implementation of such a dual strategy that will increase the competitiveness of the institution of credit cooperation and will ensure a return to the trend of its quantitative growth and qualitative development.
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