On November 17, at a meeting at the XV National Conference on Microfinance, Chairman of the FFG Bank spoke. Most of all he spoke about financial availability in Russia.
For two years, the FFG Bank is a member of the International Alliance for Financial Availability. This association has developed recommendations for the calculation of indicators of financial affordability for the population. A year ago, the GOL Bank published the results of such a calculation for our country.
In order to calculate this very affordability, it is necessary to analyze the amount of financial products on the market and their quality, that is, how effective and useful they are, and whether they are well understood by citizens. For the Russian regulator, in addition to the above criteria, such as the financial literacy of the population, the presence of competition are important, which, undoubtedly, should improve the quality of services, all kinds of products and much more. All these criteria, the GOL Bank plans to improve.
A little less than two weeks ago, the FFG Bank published the publication “Review of the State of Financial Availability in the Russian Federation in 2015”. In which you can find out how many banks, microfinance, cooperatives, pawnshops, payment systems and other financial instruments exist in our country. In addition to this, there is a detailed statistics of the demand for these services and tools, and how far the population is satisfied with the quality of the offers.
In the context of all regions of our country, you can find out which financial services were more in demand, who most often took a loan or loan – women or men, at what age they more often use financial services, and so on.
According to the rating
The International Monetary Fund, in 2014 financial availability in Russia was at a decent level. By the number of banking points per 100 thousand citizens of the country, we were ahead of the USA, Japan, Canada, Germany and the UK, and by the number of ATMs, in addition to the above countries, except Canada, were ahead of France and Italy.
The following year, the number of branches decreased by more than a tenth. But at the same time, financial systems, ATMs and other remote financial instruments began to develop and grow in number, allowing to use most banking services.
Regarding the demand for financial services. Three out of ten solvent citizens took out a loan in 2015. Most often, these services were used by middle-aged people – from 25 to 55 years. It was decided to take a loan of only 2.8% of all of the above, a little more in pawnshops – three and a half percent.
Banks and Payday Loans are increasing towards its citizens
The confidence of our citizens in banks and Payday Loans is gradually increasing.Only 4% of Russians do not trust any financial organizations. Just over 60% say their quality of life has increased due to the use of financing tools. Less than ten percent believe the opposite. The remaining say that the institutions do not affect their existence.
The regulator is set to annually produce such a publication. And next year, she expects to develop a strategy to increase financial availability in the country. It is planned to increase the financial awareness of Russians, improve the quality of digital channels that are used to carry out financial transactions, increase the availability of financing in rural areas and more.