Problems and prospects of development of credit cooperation as a priority sector of the Russian financial market

Litvin Valeriya V.

Unstable conditions of the global and Russian financial market entail the search for new sources of financing or additional sources of profitability. In this regard, credit cooperation has rather great prospects as a competitive substitute for banking services. However, the activity of credit cooperatives in Russia is constrained by a number of negative factors limiting the number of shareholders and the amount of funds raised. The solution of these problems is quite relevant in modern economic conditions. The article analyzes the main trends and efficiency of the functioning of the credit cooperation sector in Russia and on a global scale. The main indicators of the activity of consumer credit cooperatives and agricultural consumer credit cooperatives in Russia are presented. The problems and prospects for the development of the credit cooperation sector in Russia, as well as possible ways to solve problems, are identified. The author comes to the conclusion that improving financial literacy is a determining factor in the further development of credit cooperatives in Russia. It should be carried out both at the state level and at the level of each credit cooperative in the field of improving financial literacy not only of direct shareholders, but also, first of all, of the employees of cooperatives themselves. Also, favorable prospects for the development of credit cooperation in Russia are seen in the use of digital innovative technologies.

Keywords:credit cooperative, consumer credit cooperative, CPC, agricultural consumer credit cooperative, SKPC, credit cooperation, financial market of Russia, financial literacy.