Trends in the Development of the Mortgage Market in the Russian Federation

Abstract

The presented study examines the mortgage market in the context of the market economy and digitalization of business processes.

Aim. The study aims to analyze the impact of digitalization processes in the banking sector on the development of banking services and products, in particular on mortgage lending.

Tasks. The authors determine the main causes and factors of the development of mortgage lending in the Russian Federation.

Methods. This study uses the methods of analysis, synthesis, comparison, as well as logical and systems approaches.

Results. The increasing role of mortgage brings the assessment of the potential of mortgage lending to the forefront. Examination of the mortgage mechanism is important primarily from the perspective of potentially solving one of the most acute socio-economic problems in Russia - the housing problem. Development of electronic mortgage lending enhances the bank's competitiveness and increases customer loyalty.

Conclusions. The problem with the development of mortgage lending consists in the lack of banking applications that would fully satisfy the needs of credit institutions and the bank's customers. There-fore, banks choose to issue loans “the old way” or work with “advanced” users. Automation of business processes is one of the most promising areas for the development of banking and mortgage lending.