Using big data to control online lending platforms

Information technology-based lending services, commonly known as peer-to-peer (P2P) lending platforms, are growing rapidly in Indonesia. Online lending platforms are able to reduce financial gaps that cannot be fulfilled by banks and other conventional financial institutions. However, on the other hand, many people have fallen victim to them as many have violated regulations and business ethics. Generally, the victims faced unethical debt collection methods (intimidation, violation of privacy, terror, etc.) and the imposition of excessive interest rates and other charges. For example, more than 5,000 people have signed an online petition at change.org that contains complaints about the new lending practices. They have urged the Financial Services Authority (OJK), the Communications and Information Ministry and the President to resolve this issue.