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Procedia Computer Science 161 (2019) 204–214

The Fifth Information Systems International Conference 2019

The Fifth Information Systems International Conference 2019
Peer to Peer (P2P) Lending Problems and Potential Solutions: A
Peer to Peer (P2P) Lending Problems and Potential Solutions: A
Systematic Literature Review
Systematic Literature Review
Ryan Randy Suryonoa,b, Betty Purwandaria,*, Indra Budia
Ryan Randy Suryonoa,b, Betty Purwandaria,*, Indra Budia
a
Faculty of Computer Science, Universitas Indonesia, Depok 16424, Indonesia
b
Faculty of Engineering
a
andof
Faculty Computer Science,
Computer Universitas
Science, Teknokrat
Universitas Indonesia,
Indonesia, Bandar
Depok 16424, Lampung 35142, Indonesia
Indonesia
b
Faculty of Engineering and Computer Science, Universitas Teknokrat Indonesia, Bandar Lampung 35142, Indonesia

Abstract
Abstract
There is a growing Financial Technology (Fintech) business model, such as Peer to Peer (P2P) Lending. P2P Lending allows
There is a growing
individuals Financial
and businesses Technology
to borrow (Fintech)
and lend moneybusiness
to each model,
other. In such as Peer to Peer
its development, (P2P)has
China Lending.
becomeP2P Lendingwith
the market allows
the
individuals and businesses
most P2P lending platforms.toHowever,
borrow and lend
there is money
a moraltohazard
each other. In itsthis
that makes development, China
business need hasmonitored.
to be become theThis
market
threatwith the
begins
most P2P lendingofplatforms.
with verification However,
the borrower's data there
that isis not
a moral hazard that
appropriate. makesinthis
Whereas businessFintech
Indonesia need toP2Pbe monitored.
Lending hasThis threat special
received begins
with verification
attention, becauseofitstheregulations
borrower'sand datapolicies
that is have
not appropriate.
not maturedWhereas in Indonesia
yet. Besides, FintechisP2P
P2P Lending Lendingashas
considered received
a new special
business to
attention, because its regulations
flourish. Consequently, it requiresand policies have
investigation not matured
on problems fromyet.theBesides, P2P Lending
implementation of theis P2P
considered
Lending.as This
a new business
study aims to
flourish. Consequently,
identify problems in P2PitLending
requiresand
investigation on problems
present alternative fromand
technical thenon-technical
implementation of the to
solutions P2P
theLending.
problems.This study aims to
By implementing
identify problems
the Kitchenham in P2P Lending
Systematic andReview
Literature present (SLR)
alternative technical
approach fromand non-technical
the ACM, solutions
AIS, IEEE, SCOPUS,to theand
problems.
ScienceBy implementing
Direct databases,
the
thisKitchenham Systematic
research finds Literature
a rich picture, Review
creates a table(SLR) approach
of problem from the ACM,
identification AIS, IEEE,solutions.
and alternative SCOPUS, and Science Direct databases,
this research finds a rich picture, creates a table of problem identification and alternative solutions.
© 2019 The Authors. Published by Elsevier B.V.
© 2019
© 2019 The
The Authors.
Authors. Published by by Elsevier B.V.
This is an open accessPublished
article under Elsevier B.V.
the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
This is an open
Peer-review access article under CC BY-NC-ND licenseThe
(http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the scientific committee ofofThe
under responsibility of the scientific committee Fifth
Fifth Information
Information Systems
Systems International
International Conference
Conference 2019
2019.
Peer-review under responsibility of the scientific committee of The Fifth Information Systems International Conference 2019
Keywords: Fintech; P2P Lending; Systematic Literature Review
Keywords: Fintech; P2P Lending; Systematic Literature Review

1. Introduction
1. Introduction
Financial Technology is recognized as one of the most important innovations in the financial industry and is
Financial
growing Technology
rapidly is recognized
[1]. This was as one of
driven by reduced theinmost
trust important
financial serviceinnovations in theledfinancial
providers which industry
to an increase and is
in market
growing rapidly [1]. This was driven by reduced trust in financial service providers which led to an increase in market

* Corresponding author. Tel.: +62-21-786-3419; fax: +62-21-786-3415.

* E-mail
Corresponding bettyp@cs.ui.ac.id
address:author. Tel.: +62-21-786-3419; fax: +62-21-786-3415.
E-mail address: bettyp@cs.ui.ac.id
1877-0509 © 2019 The Authors. Published by Elsevier B.V.
1877-0509 © 2019
This is an open Thearticle
access Authors. Published
under by Elsevier B.V.
the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review
This under
is an open responsibility
access of the scientific
article under CC BY-NC-NDcommittee of The
license Fifth Information Systems International Conference 2019
(http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the scientific committee of The Fifth Information Systems International Conference 2019

1877-0509 © 2019 The Authors. Published by Elsevier B.V.

This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Peer-review under responsibility of the scientific committee of The Fifth Information Systems International Conference 2019.
10.1016/j.procs.2019.11.116
 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214 205
2 Author name / Procedia Computer Science 00 (2019) 000–000

appetite for alternative financing [2]. Much of Fintech is driven by a variety of technological advancements: the
availability and affordability of infrastructure (for example, the Internet, cellular technology, sensors, increasingly
mature technology applications (eg platforms, Big Data analysis), and business operations (eg sharing economy), etc
[2, 3]. According to Lee & Shin (2018), there are six developing Fintech business models, namely payment, wealth
management, crowd funding, Peer to Peer (P2P) lending, capital markets, and insurance services. Peer to Peer Lending
(P2P Lending) is a practice or method of lending money to individuals or businesses [4]. P2P Lending Prosper and
LendingClub have become fast-growing American investment markets with growth of more than 100% year to year
[5]. LendingClub announced that the total loan amount had reached more than US $ 13.4 billion at the end of 2015
[5, 6]. Several Asian countries such as Korea, China and Indonesia show that P2P Lending is a Fintech sector that is
growing rapidly from other sectors [7, 8, 9]. It was noted that, China became the market with the most peer to peer
loan platforms, amounting to around 2,300 as of March 2017 with a loan volume of CNY 9,208 [8].
China needs government support so that this industry can survive. The P2P Lending platform in China has a moral
hazard and is very easy for borrowers to falsify loan information [10]. This is affected because there are no mature
regulations related to this industry [11]. The Reg Lab concept began to emerge last year. This concept is known as the
Regulatory Sandbox. The countries such as Australia, Indonesia, Singapore, Canada and Thailand use this method to
create a place for businesses to ensure they meet regulatory requirements and accelerate product development that
benefits consumers [12].
Referring to several Information System studies, this study uses the Kitchenham Systematic Literature Review
(SLR) approach [13, 14]. This SLR method is used by Dzulfikar et al. (2018) in personalizing features on B2C E-
Commerce [15]. The stages of synthesis on SLR can also be done in various ways, including using SWOT analysis
(Strength, Weakness, Opportunity, and Threat) in the formulation of e-commerce adoption strategies on e-Library
[16]. SLR are also used in identifying the focus of the Recommendation System that influences the implementation
of e-Portfolios and classifies widely used systems approaches [17].
This mapping study aims to identify problems in P2P Lending and present alternative technical and non-technical
solutions to the problem. Research questions are arranged as a guide for conducting mapping studies and identifying
research opportunities. Based on research objectives, mapping studies are driven by research questions about what are
the P2P Lending problems and solutions to the problem? By implementing the Systematic Literature Review (SLR)
approach from the ACM, AIS, IEEE, SCOPUS, and Science Direct databases this study tries to create a problem
identification table and alternative solutions.

2. Research method

This research refers to the Kitchenham (SLR), which consists of planning, implementation and reporting steps [13].
The first phase begins by formulating the main objectives of this study. This is to identify what problems arise from
the P2P Lending industry. In the second phase, formulate a protocol review, which consists of criteria and research
questions. For the selection process, there are two criteria, namely inclusion and exclusion. To formulate a research
question, this study uses the PICOC formula (Population, Intervention, Comparison, Results and Context).
Search strategies are designed based on the selection of the main terms of each research question and use alternative
words and synonyms in each search string. The search string in this study is (fintech OR “Financial Technology” OR
“P2P Lending” OR “Peer to Peer Lending”) AND (challenge OR trend OR problem OR issue). The search focuses
on the period and source of publication. Publication searches are limited to the period 2014 to 2018. Data sources are
taken from the ACM, AIS, IEEE, SCOPUS, and Science Direct databases and then imported into Mendeley software.
At this stage, some irrelevant papers are excluded based on the title and abstract. From the appropriate paper, the
second stage of selection is carried out to determine the final paper. Explanation of the journal selection process can
be seen in Fig. 1. The inclusion and exclusion criteria from this literature study were developed based on research
questions and were used to ensure that the results obtained were reliable in accordance with the guidelines set by
Kitchenham [14]. Articles contain P2P Lending keywords, articles using English, articles including full text papers,
and published years (2014-2018). Because P2P Lending research is a multidisciplinary study, this research is not
limited to the computer field. Details of total sources, namely, ACM (1 conference paper and 1 journal), AIS (16
conference papers and 1 journal), IEEE (8 conference papers), SCOPUS (6 conference papers and 23 journals) and
Science Direct (4 conference papers and 21 journal). Finally, from 754 papers included in the quality test, 81 papers
206 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214
Author name / Procedia Computer Science 00 (2019) 000–000 3

will be included in this research map, consisting of ACM (2), AIS (17), IEEE (8), SCOPUS (29), and Science Direct
(25). In this study, data extraction was carried out by reviewing the paper with annotated bibliography. The purpose
of this annotation is to find out the relevance, accuracy and quality of the sources cited.

Potentially related papers Exclude papers based on Relevant for further

(754): ACM (10), AIS title & abstract: ACM (7), review: ACM (3), AIS
(90), IEEE (40), SCOPUS AIS (59), IEEE (17), (31), IEEE (13), SCOPUS
(399), and Science Direct SCOPUS (269), and (130), and Science Direct
(215) Science Direct (164) (51)

Exclude papers based on

Final Papers (81): ACM
full-text: ACM (1), AIS
(2), AIS (17), IEEE (8),
(14), IEEE (5), SCOPUS
SCOPUS (29), and Science
(95), and Science Direct
Direct (25)
(26)

Fig. 1. The selection process of final papers.

3. Result and analysis

Based on the SLR process and analysis of business processes at P2P Lending, problems and solutions can be
obtained in table 1. The P2P Lending platform is actually a business model that combines the Internet and finance,
collects funds in small amounts and lends them to those who need them. The loan process such as funds, contracts
and information procedures can be fully carried out through the Internet. The basic operational process of P2P loan
transactions is roughly the same as traditional processes [4]. The P2P Lending business process in general can be seen
in Fig. 2.
The first process is registration, the intention to borrow and use the application is the beginning of the use or
absence of P2P Lending applications [18, 19]. For this reason, the platform must pay attention to service quality,
information quality, structural assurance, perceived ease and usefulness of the system. On the other hand, information
integrity, security protection, subjective norms, trust tendencies, trust in platforms, awareness, reputation, risk
perception, user satisfaction, and attitudes that are built into factors that are thought to influence adoption of P2P
Lending. Concerns about requests for fake loans and delinquency intentions can be anticipated by paying attention to
individual characteristics and short interviews.

Fig. 2. The P2P Lending Business Process in general.

 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214 207
4 Author name / Procedia Computer Science 00 (2019) 000–000

There is an information asymmetry problem in the risk assessment process. The unavailability of individual credit
information affects the credit risk assessment. Some loan applications fail because of low success rate of credit risk
assessment. One factor in the low success rate of loans is triggered by gender discrimination. Big Data has been
brought to the Internet credit service company, because of the value of volume, predictability, variety of services, and
privacy protection [20]. Because risk assessment requires a method of predicting and determining loan decisions,
several studies have developed machine learning algorithms. Risk assessment success and loan decisions are
influenced by individual credit worthiness as seen from credit score information. At present, social media information
is needed to determine credit worthiness [21, 22, 23].

Table 1. Problem and Potential Solutions of P2P Lending.

Process Problem Technical Solutions Non-Technical Solutions

1. Registration 1. Lending Intention [18, 19] 1. Service Quality [19] 1. Information Integrity [18]
2. Intention to Use [7] 2. Information Quality [19] 2. Privacy Protection [18]
3. Fraudulent Loan Requests [24] 3. Structural Assurance [19] 3. Subjective Norms [18, 27]
4. Delinquency Intention [25, 26] 4. Perceived Usefulness [7] 4. Trust Tendency [18, 19]
5. Perceived Ease of Use [7] 5. Platform Trust [19]
6. Borrower Trust [19]
7. Awareness [19]
8. Reputation [19]
9. Perceive Risk [19]
10. User Satisfaction [7]
11. Attitude Toward Using [7]
12. Personal Characteristic [24, 28,
29, 30]
13. Interview [25]
2. Risk 1. Information Asymmetry [22, 31, 1. Big Data [2, 20, 32, 45, 61, 62] 1. Individual Creditworthiness [25,
Assessment 32, 33, 34, 35, 36, 37, 38, 39, 40, 35, 58, 62, 69, 71, 75]
2. Machine Learning Algorithms
41] [32, 45, 48] 2. Friendship Network [31]
2. Individual Credit Information is
3. Algorithms LightGBM and 3. Group Cohesiveness [31]
Unavailable [42] XGboost [63] 4. Group Rating [31, 41, 72]
3. Credit Risk Assessment [23, 32,
4. Prediction performance Loan 5. Loan Characteristic [26, 42, 58]
41, 43, 44, 45, 46, 47, 48, 49, 50, with Data Mining [64, 47]
51, 52, 53, 54] 6. Credit Score Information [42,
5. Fraud Detection [20, 24] 43, 49, 54, 56, 58, 73]
4. Gender Discrimination [43, 55,
56] 6. Credit Risk Prediction [20, 65]
7. Demography Information [42,
5. Loans Fail due to insufficient 7. Profit Scoring [66] 74]
Pledges [57] 8. Decision Support System [44, 8. Signaling Cost of Borrowers
6. Low Success Rate [58] 49] [32]
7. Reject Inference [59, 60] 9. Loan Evaluation and Portfolio 9. Search Cost of Lender [32]
Allocation Model [44] 10. Offline Activity Assessment [20]
10. Profit- based statistical 11. Telecommunication Patterns
discrimination [55] [35]
11. Costly taste- based 12. Mobility Patterns [35]
discrimination [55]
13. App Usage Patterns [35]
12. Text Mining [62]
14. Loan Purpose [74]
13. Hybrid Random Walk Approach
[57] 15. Social Media Information [21,
22, 23]
14. AdaBoost Algorithm [35]
208 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214
Author name / Procedia Computer Science 00 (2019) 000–000 5

Process Problem Technical Solutions Non-Technical Solutions

15. Random Forest [67, 68] 16. Social Recommendation [38]
16. Feature Selection [24] 17. Social Influence [38]
17. Imbalanced Learning Techniques 18. Physical Attractiveness [71]
[65]
18. Score Matrix [69]
19. Classification Method [46, 70]
20. Lender-Borrower
Communication Features [37]
21. Decision Tree [50]
22. Bayesian Hyper-Parameter
Optimization [52]
23. Semi Supervised SVM [59, 60]
24. Sentiment Analysis [23, 71]
3. Billing 1. Default Risk of Loans [63] 1. Notification by System 1. Loan Details [63]
2. Improper Billing [75, 76, 77] 2. Financial Status [63]
3. Abuse of Privacy Data [78] 3. Credit Status [63]
4. Personal Information [63]
5. Code of Ethics [75]
6. Data Privacy Guarantee [78]
4. Refunds 1. Lack the Risk Control Ability 1. Notification by System 1. Payment Guide Available
[43] 2. Payment Method Available
2. Failed to Pay[27, 43] 3. Punishment [26]
3. Late to Pay off [79]
5. Investment 1. Trust in Borrower [80] 1. Service Quality [80] 1. Bidding Strategy [6, 42, 62, 69,
Decision 87, 89, 94]
2. Trust in Intermediary [80, 81, 82] 2. Information Quality [80]
3. Moral Hazard [32, 83] 3. Web Design [84] 2. Successful Borrowing Request
[42, 43, 73]
4. Adverse Selection [32] 4. Website Quality [82]
3. Unsuccessful Borrowing
5. Investment Intention [27, 30, 5. Perceived Risk [84] Request [43, 73]
36, 74, 84, 85, 86] 6. Perceived Ease of Use [84] 4. Overdue Repayment [73]
6. Herding Behavior [27, 33, 87] 7. Perceived Security [84, 92] 5. Number of Bids [42]
7. Investors Blindly Seek High 8. Perceived Privacy Security [84] 6. Funding Time [36, 42, 43, 73]
Returns and Follow Suit in 9. Perceived Reputation [84]
Investment [43] 7. Message content [37]
10. Third – party Certification [84, 8. Borrower’s Reputation [18, 89]
8. Investment Recommendation [6, 91, 92]
88, 89, 90] 9. Interest Rate [36, 43, 72, 73, 92]
11. Platform Assurance [91]
9. Lender Decision [25, 28, 29, 36, 10. Borrow Amount [36, 73]
68] 12. Automatic bidding mechanism
[87] 11. Trust Propensity [30, 84, 89]
10. Continuous Investment [82, 91]
12. Reducing Information
13. Clustering [81, 93]
11. Detecting the Abnormal Lenders Asymmetry [30, 33]
[70, 83] 14. Bayesian hidden Markov model
13. A Portfolio Perspective with
(BHMM) [6]
Risk Management [51, 88, 93]
15. Matching Model [94]
14. Credit Grade [36, 53, 83]
15. Perceive Risk [82, 89, 85]
16. Perceive Social Capital [89]
17. Economic Feasibility [91]
 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214 209
6 Author name / Procedia Computer Science 00 (2019) 000–000

Process Problem Technical Solutions Non-Technical Solutions

18. Transfer Fee [92]
19. Historical Behaviors [26]
20. Trust in Platform [82, 85]
6. P2P 1. Functional Requirements of P2P 1. Module of Capital Clearing and 1. Formalize the P2P Process
Lending E-finance Platform [4] Settlement [4] model [61]
Platform 2. Platforms Have been Force to 2. Module of Signing of Electronic 2. Regulatory Sandbox [96]
Registration Close [43] Contract [4]
3. Business Operation [96]
3. Money Laundering [93] 3. Module of Credit Rating And 4. Customer Recognition and
Check Limiting [4]
4. P2P Lending Platforms Protection [96, 97]
Evaluation [92] 4. Module of Information Release 5. Capital Requirement [96]
and Matching [4]
5. Platform Performance [86] 6. Ownership and activity
6. P2P Platform Lack Sufficient 5. Module of System Management restrictions [96]
[4]
Supervision [95]
7. Investor base and restrictions
7. Fraudulent Activities [95] 6. Module of Financial [96]
Management [4]
8. Regulation [79] 8. Interest Rate Limits [96]
7. Module of Management after
loan [4] 9. Loan and Investment Duration
[96]
8. Module of Mortgage
Management [4] 10. Operational Risk Mitigation [96]
9. Module of Guarantee 11. Registration Requirements [97]
Management [4] 12. Safety [92]
10. Module of Loan Check 13. Profit [92]
Management [4]
14. Liquidity [92]
11. Module of Customer
Management [4] 15. Experience [92]

12. Module of Data Analysis [4]
13. Web Designing [92]
14. Costumer Service [92]
16. Value Added Service [92]
17. Transaction Volume [86]
18. Number of Borrowers [86]
19. Number of Lenders [86]

The level of projected credit standard is an absolute prerequisite to guarantee the proper operation of the project or
related financial platform [63]. Factors affecting online P2P borrower payments are classified into four categories:
loan details, financial status, credit status and personal information [63]. When the borrower is due, the collection
procedure is carried out by the platform. Then the system designed to be accompanied by notifications and the P2P
Lending industry is expected to establish a code of ethics to guarantee the borrower's data privacy.
The refund process failed, due to a lack of risk control capabilities [43]. In the case of late payment, the P2P Lending
platform can provide penalties in the form of additional interest that must be paid [26]. P2P Lending platforms are
recommended to provide payment guidelines and payment methods for borrowers to understand.
On the other hand, P2P Lending does not only discuss between platforms and borrowers. We know that P2P
Lending users are lenders. In this case, investment decisions are influenced by the lender's trust in the borrower and
trust in the platform [80, 81, 82]. The right investment decision is expected to reduce the wrong choices due to herding
behavior. Moral hazard issues have an impact on lenders' decisions. If the investment decision provides the appropriate
return value, the lender will make further investments [82, 91]. For developers of P2P Lending platforms, they can
pay attention to the quality of their services and information [80]. The design and quality of P2P Lending websites
can improve the perception of ease of use of the system [84]. It is recommended that P2P Lending platforms have a
bidding strategy in minimizing information asymmetry [30, 33].
210 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214
Author name / Procedia Computer Science 00 (2019) 000–000 7

The development of P2P Lending platforms allows the emergence of risks. Both cheating, money laundering, and
even shadow banking [98]. For this reason, regulations are expected to be able to formulate policies and rules before
this business is declared feasible to operate. Need for functional platform requirements and evaluation of the p2p
lending platform [4, 92]. Some modules are suggested in the study of Fang et al (2014) supported by a website design
that features customer service features [92]. Regulations can formulate a proper model process for P2P Lending
platforms.

4. Discussion

Information asymmetry is a major problem in the P2P Lending industry. Information asymmetry occurs if one
party from a transaction has more or better information than the other party. Compared to traditional banks, Peer-to-
Peer (P2P) loans are claimed to be beneficial for borrowers and lenders. However, due to information asymmetry, far
fewer investors dare to use this alternative finance [38]. Zhao et al (2014) gives advice so that investors can make the
right decisions, a recommendation system needs to be made [88]. Based on the literature review, in 2015 the idea
emerged to utilize Big Data in reducing information asymmetry [20,32].
The second problem is determining the borrower's score [27, 37, 38, 48]. To evaluate the performance of the credit
rating model [20, 65], many methods are used such as Machine Learning Algorithms [32, 45, 48], Feature Selection
[24], Algorithms LightGBM and XGboost [63], Profit Scoring [66], Score Matrix [69], Decision Support System [44,
49], Decision Tree [50], Hybrid Random Walk Approach [57], AdaBoost Algorithm [35], Random Forest [67, 68],
Bayesian Hyper-Parameter Optimization [52], Prediction performance Loan with Data Mining [64, 47], and
Classification Method [46, 70]. However, because the data collected by P2P Lending comes from third parties, the
data credibility is invalid compared to the credit score available at the Bank. Credit score service companies usually
take analysis from Cash flow data from prospective borrowers, Collateral provided (can be bills from PO / SPK /
Contract / Invoice, in the form of inventory, equipment, or land & buildings), and Credit Behavior.
Because of the invalid credit worthiness assessment, the third problem is the danger of Moral Hazard [25, 26].
Since 2016, several articles have noted that Delinquency Intention appeared [25]. Failure and late pay events occur
because of moral hazard. So in 2016, several studies sought to identify features to detect fraud [24]. In overcoming
this, it is important for the P2P Lending Platform to improve the credit score method. Research from 2016 to the
present, discussed a lot about increasing credit score predictions [46, 49, 50, 52, 53, 59, 65, 66, 69, 81].
Because the concept of P2P Lending is to bring together borrowers and lenders. Then investment decisions become
the fourth problem in this industry [88]. Some irregularities occur, such as herding behavior. This behavior shows
how investors will compete in investing actions if they hear positive rumors and otherwise sell massively if the rumors
are negative [33, 87]. Automatic bidding is an effective mechanism applied in online P2P loans. On the one hand, it
can increase investment efficiency and save time for completing auctions. This can effectively weaken the grazing
effect and produce ratio grazing behavior, which is significant for investors and platforms [87]. In addition, problems
arise about gender discrimination. The results illustrate that female borrowers are more likely to be funded than male
borrowers [55]. For this reason, P2P Lending offers several alternatives in determining investment decisions.
Algorithms for profile matching have been proposed to get effective matching [47, 57, 94].
The fifth problem is about regulation and policy. The P2P loan platform began to mushroom in China in 2006. This
platform has not been properly regulated. When a borrower denies, the platform owner must intervene and compensate
the lender. The scandal involved three P2P loan platforms in Hangzhou, Shanghai and Shenzhen, collapsing under the
burden of an extraordinary loan of 231 million Yuan, and the owner escaping liability [99]. In the past two years, there
have been more cases reported that some platforms experienced “escape” or “closure” in which platform owners fled
without leaving a trace or the platform had to be closed due to lack of cash, poor management or even fraud [99].
Huang (2018) conducted a study that China has recently established a relatively complete regulatory regime for online
loans, introducing a number of significant changes, such as restrictions on business models that can be adopted by
platforms, registration requirements, custodial requirements, information disclosure requirements, and limits loan
[97]. As with Indonesia, Regulators struggle to find the right balance between the desire to achieve Fintech benefits
for their national economy, and their need to protect the financial system and participants from risk [96].
The last problem is the feasibility of P2P Lending Platform. Apart from business operations, this industry must
complete several functional requirements [4, 96]. Important for the P2P Lending Platform to formalize the P2P
 Ryan Randy Suryono et al. / Procedia Computer Science 161 (2019) 204–214 211
8 Author name / Procedia Computer Science 00 (2019) 000–000

Lending process model [61]. In technical solutions, P2P Lending platforms must provide several modules such as
Module of Capital Clearing and Settlement, Module of Signing of Electronic Contract, Module of Credit Rating And
Check Limiting, Module of Information Release and Matching, Module of System Management, Module of Financial
Management, Module of Management after loan, Module of Mortgage Management, Module of Guarantee
Management, Module of Loan Check Management, Module of Customer Management and Module of Data Analysis
[4]. Developers of P2P Lending applications need to design Web and applications that are easy for users to understand
[92]. In addition, P2P Lending is recommended to provide customer service features [92].
The main threat to the validity of the review is the limitations of conference and journal selection. There are 81
papers published from 2014-2018 from five databases can be expanded again. This study has limitations because of
inaccuracies and biases in research taken based on automatic search. Bias can be obtained from the process of inclusion
and exclusion. The data extraction process has difficulties because many studies do not explicitly explain the problems
that occur in each process.

5. Conclusion

This study produces a table of P2P lending problem identification and alternative solutions by employing a SLR
of 81 publications. Six common themes of P2P Lending problems are identified. These are information asymmetry,
determining borrower scores, moral hazard, investment decisions, regulations and policies, and feasibility of P2P
Lending Platform. Moreover, the research finds out alternative technical and non-technical solutions by comparing
several relevant studies from various countries.
As in most areas in the field of information systems research, there are three important elements that can determine
the success of the system, namely people, processes, and technology. This research contributes to determine parties
involved in the P2P industry, such as borrowers, lenders, P2P Lending platforms, and other stakeholders. Furthermore,
six processes of P2P Lending Platforms are identified, i.e. as registration, risk assessment, billing, refunds, investment
decisions and P2P Lending platform registration. This study also explains which technologies used to determine credit
scores, application design and even modules, which are needed to build P2P Lending applications.
It turns out that there is no previous study on problems with the billing and refund process. As a result, many cases
of improper billing and awareness of privacy data can be investigated in further research [75, 76, 77]. It relates to the
feasibility of P2P Lending Platform as a significant concern. Besides, there is very limited work on analyzing positive
and negative sentiments on P2P lending by extracting relevant information from online news and social media. This
is an opportunity for further research to use text mining on online news and social media to understand the tendency
of people’s opinions on P2P Lending.

Acknowledgement

This study was funded by the PIT 9 grant from the University of Indonesia (NKB-0006/UN2.R3.1/HKP.05.00/
2019).

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