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    Big Data-Based Peer-to-Peer Lending Fintech: Surveillance System Through the Utilization a of Google Play Review

    Pranata, Nika; Farandy, Alan Ray | April 2019
    Abstract
    Peer-to-peer lending (P2PL) FinTech is growing rapidly in Indonesia. With its flexibility and simplicity, P2PL reduces the gap in financing that cannot be fulfilled by banks. However, the rapid development of P2PL also raises a number of problems that burden users such as unethical debt collection methods, and the imposition of excessive interest rate and other costs that potentially threaten national financial system stability. Therefore, by utilizing big data, which in this case is 40,650 reviews from 110 P2PLs obtained from Google Play within the period of March 2016–August 2018, this research builds a big data-based P2PL surveillance system based on four aspects, namely legality, review rating, debt collection methods, and level of interest rates and other costs. By using relational database, structured query language (SQL) and text analysis, we made several findings: (i) the majority of P2PL in Google Play are unauthorized; (ii) on average, authorized P2PL receives a better review rating; (iii) there are a lot of negative reviews related to unethical debt collection methods and excessive imposition of interest rate; and (iv) there are four P2PLs that required special supervision from the Indonesia Financial Service Authority (OJK). Furthermore, in accordance with the findings, the OJK should not passively wait for official reports to be filed by the public regarding violations of P2PL businesses. Through this big data-based system, the OJK can proactively find these violations, given that the system is proven to be able to act as an early warning system for the OJK in terms of P2PL surveillance.
    Citation
    Pranata, Nika; Farandy, Alan Ray. 2019. Big Data-Based Peer-to-Peer Lending Fintech: Surveillance System Through the Utilization a of Google Play Review. © Asian Development Bank Institute. http://hdl.handle.net/11540/10111.
    Keywords
    Financial & Private Sector Development
    Private Sector Investments
    Private Sector Participation
    Private Sector Projects
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Private enterprises
    Private ownership
    Government
    Infrastructure projects
    Development projects
    Financial loss
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Central local government relations
    Administration
    Decentralization in government
    Subnational governments
    Government monopolies
    Intergovernmental fiscal relations
    Investment of public funds
    Local finance
    Government services
    State governments
    Municipal government
    Bank failures
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Investment Requirements
    Banks
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Financial crisis
    Credit control
    Credit allocation
    Capital market
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    Citable URI
    http://hdl.handle.net/11540/10111
    Metadata
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    adbi-wp943.pdf (723.2Kb)
    Author
    Pranata, Nika
    Farandy, Alan Ray
    Theme
    Private Sector
    Finance
     
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2020 Asian Development Bank Institute, except as explicitly marked otherwise