PERSPECTIVES OF CONSUMER LENDING IN KAZAKHSTAN

Abstract

Consumer lending is a critical aspect of the modern
economy, providing individuals with access to credit for various purposes. As
we look towards the future, it is essential to understand how consumer lending
may evolve and what factors may shape its development. This survey aimed to
gather perspectives on consumer lending in the future, including potential
trends, concerns, and preferences. It is very important because the volume of
consumer lending in Kazakhstan has increased rapidly in last 5 years.
The survey found that the majority of respondents were likely to use
consumer lending services in the future, and they expected to see more
personalized lending options, increased use of AI and machine learning in
lending decisions, and more competition between lenders leading to lower
interest rates. However, respondents also expressed concerns about potential
risks associated with lending, such as high interest rates and debt accumulation,
and were not sure on the potential popularity of alternative lending options.
When it comes to choosing a lender, respondents considered reputation
of the lenders more than other factors, it shows that goodwill of lenders more
important than other factors in choosing a lender. Finally, respondents were
divided on how the COVID-19 pandemic has impacted consumer lending, with
some expecting tighter lending requirements and higher interest rates in the
future, while others anticipated more lenient lending requirements and lower
interest rates.
Overall, these findings underscore the complex nature of consumer
lending and the importance of considering multiple factors when assessing its
development in the future.
The research paper uses qualitative research method, if more
accurately, author used a survey method to know the opinions of people about
what they think about future of consumer lending in Kazakhstan.