The specifics of information asymmetry in the lending market in the digital economy

The digital transformation of the banking system increases the level of awareness of creditors about the solvency of borrowers, especially in the retail lending market. In this article, the author examines the change in traditional factors determining the distribution of information between the parties to the transaction, as well as the emergence of new factors related to digital technologies. These include the emergence of many “sensors” that read information about human behavior, the development of artificial intelligence technologies and digital financial ecosystems. The author concludes that the traditional approach to analyzing the consequences of information asymmetry did not take into account the fact that the bank may have more information about the payment ability of a potential borrower than itself. With information asymmetry in favor of the bank, the negative effects of information asymmetry, such as adverse selection and moral hazard, lose their relevance, but at the same time, other consequences may appear.