FINANCIAL DISINTERMEDIATION: NEW CHALLENGES AND HOPES FOR BANKS
Keywords:
financial disintermediation, securitization, object-oriented financing, financing of small and medium-sized enterprises, development of information technologies in the financial system, crowd economy, blockchainAbstract
In recent decades a new trend in the development of financial intermediation has emerged, which received the name of financial disintermediation in economics. The article discusses the various forms of its manifestation. The key feature of the first stage of disintermediati on is a change in the structure of the financial system in the direction of greater focus on capital markets to the detriment of bank orientation. This stage was stipulated by the development of asset securitization, which began in the United States from the end of the 60s. It opened alternative banking options for financing and intensified competition between banks and non-bank financial intermediaries. A new type of financing has appeared - object-oriented financing. Its distinctive feature is the transfer of the rights on the allocated assets to the creditor. The article shows that in most developing countries, including Belarus, stock market development indicators are significantly lower than the world average. Therefore, the first stage of disintermedia tion largely affected developed markets. The next stage in the development of disintegration processes is associated with the revolutionary development of information technologies and has already affected the financial systems of all countries of the world. The article shows the reduction in the number of banks in both developed and developing countries due to the development of technological innovations in the financial system. The centralization of banks, on the one hand, reduces the costs of banking, on the other hand, creates more internal rules and centralized processes in banks. As a result, servicing local business, often small and medium-sized, requiring individual services, may deteriorate. The answer to the gaps in financing small and medium-sized businesses was the emergence and development of an alternative financial system based on a crowd economy, distributed registry technologies and artificial intelligence. The future of banks will depend on what banking options they can offer in rapidly changing conditions.
References
https://economic_directory.academic.ru/433
2. Экономика и право: словарь-справочник. [Электронный ресурс]: М.: Вуз и школа. / Л. П. Кураков, В. Л. Кураков, А. Л. Кураков. 2004. – Режим доступа: https://dic.academic.ru/dic.nsf/dic_economic_law/3117
3. Лупырь, А. А. Секьюритизация ипотечных активов: механизм, инструменты, подходы к управлению рисками: автореф. дис. на соискание ученой степени канд. экон. наук: 08.00.10 / А. А. Лупырь; СПбГУ. – СПб.: Изд-во СПбГУ, 2014 [Электронный ресурс]. – Режим доступа:
http://docplayer.ru/26274301-Sekyuritizaciya-ipotechnyh-aktivov-mehanizm-instrumenty-podhody-k-upravleniyu-riskami.html
4. Бэр, Х.П. Секьюритизация активов: секьюритизация финансовых активов – инновационная техника финансирования банков. Перевод с немецкого Алексеев Ю.М., Иванов О.М. / Х. П. Бэр. – М.: Волтерс Клувер, 2007. – 624 c.
5. Золотарева, О. А. Экономическое развитие: поиски новых критериев / О.А. Золотарева // Креативная экономика. – 2014. – № 10 (94). – С. 3-14.
6. Demirguc-Kunt, Asli; Levine, Ross. Bank-based and market-based financial systems-cross-country comparisons / Demirguc-Kunt, Asli; Levine, Ross. // Policy Research Working Paper. WPS2143. 1999/07/31 [Электронный ресурс]. –
Режим доступа: http://documents.worldbank.org/curated/en/259341468739463577/pdf/multi-page.pdf
7. Уилсон, У.Т. Банки и рынки капитала: какая финансовая структура оптимальна для быстрорастущих рынков? / У. Т. Уилсон // Институт исследований развивающихся рынков (IEMS) бизнес-школы СКОЛКОВО. – 2013. – Выпуск 13-07. – 35 с.
8. World Development Indicators / The World Bank [Electronic resource]. – Mode of access: http://wdi.worldbank.org/table
9. Масленников, В. В. Новые финансовые технологии меняют наш мир [Электронный ресурс] / В.В. Масленников, М.А. Федотова, А.Н.Сорокин // Финансы: Теория и Практика. 2017. – №2. – с. 6-11. –
Режим доступа: https://cyberleninka.ru/article/v/novye-finansovye-tehnologii-menyayut-nash-mir
10. Юзефальчик, И. Тенденции развития инфраструктуры финансового рынка и их влияние на финансовые институты [Электронный ресурс] / И. Юзефальчик // Банкаўскі веснік, Красавік 2018. – С. 20-29. –
Режим доступа: https://www.nbrb.by/bv/articles/10502.pdf
11. Приветствие участникам конференции «Цифровой банкинг» Первого заместителя Председателя Правления Национального банка Республики Беларусь Надольного Т.Ю. [Электронный ресурс]: Банкаўскі веснік, Май 2017. – с. 46. –
Режим доступа: https://www.nbrb.by/bv/articles/10391.pdf
12. Крис Скиннер - о цифровом будущем, власти над роботами, глобальной финансовой цепи и победой над бедностью [Электронный ресурс]. – Режим доступа: https://hightech.fm/2019/02/21/skinner
13. Banks close 2,900 branches in three years, says Which? [Electronic resource]. – Mode of access: https://www.bbc.com/news/business-44483304
14. MSME finance gap. Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets [Electronic resource]: International finance corporation 2017 – Mode of access: https://www.smefinanceforum.org/sites/defau
lt/files/Data%20Sites%20downloads/MSME%20Report.pdf
15. Клещева, С.А. Краудфинансирование как инструмент инвестирования инновационного предпринимательства [Электронный ресурс] / С. А. Клещева // Экономика и банки. – 2017. – №2. – с.40-46. –
Режим доступа: https://rep.polessu.by/bitstream/123456789/13228/1/Kleshheva_
SA_KRAUDFINANSIROVANIE.pdf
16. СЕТЬ DEBITUM. Безграничное финансирование малого бизнеса [Электронный ресурс]. –
Режим доступа: https://debitum.network/assets/files/WP-RU.pdf
References
1. Novyiy anglo-russkiy slovar-spravochnik. [New English-Russian glossary]: Ekonomika. M.: Flinta, Nauka. O.V. Sipols. 2010.
Available at: https://economic_directory.academic.ru/433. (In Russian)
2. Ekonomika i pravo: slovar-spravochnik. [Economics and law: reference book]: M.: Vuz i shkola. L. P. Kurakov, V. L. Kurakov, A. L. Kurakov. 2004.
Available at: https://dic.academic.ru/dic.nsf/dic_economic_law/3117. (In Russian)
3. Lupyir A.A. Sekyuritizatsiya ipotechnyih aktivov: mehanizm, instrumentyi, podhodyi k upravleniyu riskami: avtoref. dis. na soiskanie uchenoy stepeni kand. ekon. Nauk [Securitization of mortgage assets: mechanism, tools, approaches to risk management]: 08.00.10 / SPbGU. – SPb.: Izd-vo SPbGU, 2014. – Available at: http://docplayer.ru/26274301-Sekyuritizaciya-ipotechnyh-aktivov-mehanizm-instrumenty-podhody-
k-upravleniyu-riskami.html (In Russian)
4. Ber H.P. Sekyuritizatsiya aktivov: sekyuritizatsiya finansovyih aktivov – innovatsionnaya tehnika finansirovaniya bankov [Asset securitization: securitization of financial assets – an innovative technique of bank financing]. Perevod s nemetskogo Alekseev Yu.M., Ivanov O.M. M.: Volters Kluver, 2007, 624 p. (In Russian)
5. Zolotareva O.A. Ekonomicheskoe razvitie: poiski novyih kriteriev [Economic development: the search for new criteria] Kreativnaya ekonomika, 2014, no 10 (94),pp. 3-14. (In Russian)
6. Demirguc-Kunt, Asli; Levine, Ross. Bank-based and market-based financial systems – cross-country comparisons. Policy Research Working Paper. WPS2143. 1999/07/31.
Mode of access: http://documents.worldbank.org/curated/en/259341468739463577/pdf/multi-page.pdf
7. Uilson U. T. Bank ii ryinki kapitala: kakaya finansovaya struktura optimalna dlya byistrorastuschih ryinkov? [Banks and capital markets: which financial structure is optimal for fast-growing markets?] Institut issledovaniy razvivayuschihsya ryinkov (IEMS) biznes-shkolyi SKOLKOVO. – 2013. – Vyipusk 13-07. – 35 p. (In Russian)
8. World Development Indicators / The World Bank Available at: http://wdi.worldbank.org/table.
9. Maslennikov V.V. Novyie finansovyie tehnologii menyayut nash mir [New financial technologies are changing our world] (In Russian). Finansyi: Teoriya i Praktika. 2017, no 2, pp.6-11.
Available at: https://cyberleninka.ru/article/v/novye-finansovye-tehnologii-menyayut-nash-mir
10. Yuzefalchik I. Tendentsii razvitiya infrastrukturyi finansovogo ryinka i ih vliyanie na finansovyie institutyi [Trends in the development of financial market
infrastructure and their impact on financial institutions]. (In Russian). Bankauski vesnik, Krasavik 2018. pp. 20-29.
Available at: https://www.nbrb.by/bv/articles/10502.pdf
11. Privetstvie uchastnikam konferentsii «Tsifrovoy banking» Pervogo zamestitelya Predsedatelya Pravleniya Natsionalnogo banka Respubliki Belarus Nadolnogo T.Yu. [Greeting to the participants of the Digital Banking Conference by the First Deputy Chairman of the Board of the National Bank of the Republic of Belarus T.Y. Nadolny] Bankauski vesnik, May 2017. - p. 46. –
Available at: https://www.nbrb.by/bv/articles/10391.pdf (In Russian)
12. Kris Skinner – o tsifrovom buduschem, vlasti nad robotami, globalnoy finansovoy tsepi i pobedoy nad bednostyu [Chris Skinner – about the digital future, power over the robots, global financial circuit and victory over poverty]. (In Russian)
Available at: https://hightech.fm/2019/02/21/skinner.
13. Banks close 2,900 branches in three years, says Which? Available at : https://www.bbc.com/news/business-44483304
14. MSME finance gap. Assessment of the shortfalls and opportunities in financing micro, small and medium enterprises in emerging markets. International finance corporation 2017
Available at: https://www.smefinanceforum.org/sites/default/files/Data%20Sites%20downloads/MSME%20Report.pdf
15. Klescheva S.A. Kraudfinansirovanie kak instrument investirovaniya innovatsionnogo predprinimatelstva [Crowdfinancing as an investment instrument for innovative entrepreneurship]. Ekonomika i banki [Econ-omy and Banks] (In Russian). 2017, no 2, pp. 40-46.
Available at: https://rep.polessu.by/bitstream/123456789/13228/1/Kleshheva_SA_
KRAUDFINANSIROVANIE.pdf.
16. Set DEBITUM. Bezgranichnoe finansirovanie malogo biznesa [DEBITUM network. Unlimited financing of small business]. (In Russian)
Available at: https://debitum.network/assets/files/WP-RU.pdf.
Downloads
Published
How to Cite
Issue
Section
License
he author provides the Editorial Board of the journal for the entire duration of the exclusive rights to the Work the following rights:
1. the right to reproduce the Work (publication, publication, duplication, duplication or other reproduction of the Work) without restriction of copies. In addition, each copy of the Work must contain the name of the author of the Work;
2. the right to distribute the Work in any way;
3. the right to be included in the composite work;
4. the right to be communicated to the public;
5. the use of metadata (title, name of the author (copyright holder), annotations, bibliographic materials, etc.) of the Works by distributing and making available to the public, processing and systematization, as well as inclusion in various databases and information systems.
6. the right to transfer, on a contractual basis, the rights partially or fully obtained under this contract to third parties without payment to the Author of remuneration.
The author transfers the rights to the Editorial Board under this Agreement on the basis of a non-exclusive license.
The editorial staff is obliged to observe the copyrights provided for by the current legislation, the rights of the Author, as well as to protect them and take all possible measures to prevent copyright infringement by third parties.
The territory in which the use of rights to the Works is allowed is not limited.
The author also provides the Editorial Board with the right to store and process the following personal data with no time limit:
• Full Name;
• Date of Birth;
• education information;
• information about the place of work and position;
• information on the availability of published works of literature, science and art.
Personal data are provided for their storage and processing in various databases and information systems, their inclusion in analytical and statistical reporting, the creation of reasonable interrelationships of objects of science, literature and art with personal data, etc.
The editorial board has the right to transfer the specified data for processing and storage to third parties, subject to notification of such a fact with the provision of information about a third party (name and address) to the Author.
The withdrawal of consent to the storage and processing of personal data is made by the Author by sending a written notice to the Editorial Board.
The author and the Editorial Board of the journal bear, according to the current legislation of the Republic of Belarus, property and other legal responsibility for non-fulfillment or improper fulfillment of their obligations.
The Party that improperly performed or did not fulfill its obligations is obliged to indemnify the losses incurred by the other Party, including lost profits.
All disputes and disagreements of the Parties arising from the terms of this Agreement shall be settled by negotiation, and if they fail, the indicated disputes shall be settled in court in accordance with the current legislation of the Republic of Belarus.
The termination of this agreement is possible at any time by mutual consent of the Parties, with the obligatory signing of the relevant agreement by the Parties.
Termination of this agreement unilaterally is possible in cases stipulated by the current legislation, or by a court decision.
In all that is not provided by this agreement, the Parties are guided by the norms of the current legislation of the Republic of Belarus.
