Current state of digital transformation of russian banks

The paper presents current state of digital transformation of Russian banks. The author defines the digitalization of banks as the introduction of FinTech technologies, close cooperation with Fintech-companies. Digitalization has both positive and negative consequences: cyber risks are growing, fina...

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Main Author: S. S. Matveevskii
Format: Article
Language:English
Published: Publishing House of the State University of Management 2020-12-01
Series:Вестник университета
Subjects:
Online Access:https://vestnik.guu.ru/jour/article/view/2485
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author S. S. Matveevskii
author_facet S. S. Matveevskii
author_sort S. S. Matveevskii
collection DOAJ
description The paper presents current state of digital transformation of Russian banks. The author defines the digitalization of banks as the introduction of FinTech technologies, close cooperation with Fintech-companies. Digitalization has both positive and negative consequences: cyber risks are growing, financial stability is decreasing. The analysis allowed the author to draw conclusions that the digital transformation of Russian banks is characterized by: the complex implementation of BCBS scenarios and the interaction between banks and Fintechcompanies, the emergence of neo-banks; increased competition in the banking sector; innovative opportunities for the production and sale of banking services and products, the emergence of new risks; accumulation and use of large amounts of data; the need to significantly change the information systems of banks (growth in demand for the services of IT companies); the emergence of ecosystems in which non-banking organizations are actively involved; large costs of Russian banks, which, as a rule, leads to an improvement in their financial results (as a result, medium and small banks begin to lose in the market).
format Article
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institution Kabale University
issn 1816-4277
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language English
publishDate 2020-12-01
publisher Publishing House of the State University of Management
record_format Article
series Вестник университета
spelling doaj-art-c58e301f50294f819d95f789e5932e102025-02-04T08:28:06ZengPublishing House of the State University of ManagementВестник университета1816-42772686-84152020-12-0101013113710.26425/1816-4277-2020-10-131-1371870Current state of digital transformation of russian banksS. S. Matveevskii0Financial University under the Government of the Russian FederationThe paper presents current state of digital transformation of Russian banks. The author defines the digitalization of banks as the introduction of FinTech technologies, close cooperation with Fintech-companies. Digitalization has both positive and negative consequences: cyber risks are growing, financial stability is decreasing. The analysis allowed the author to draw conclusions that the digital transformation of Russian banks is characterized by: the complex implementation of BCBS scenarios and the interaction between banks and Fintechcompanies, the emergence of neo-banks; increased competition in the banking sector; innovative opportunities for the production and sale of banking services and products, the emergence of new risks; accumulation and use of large amounts of data; the need to significantly change the information systems of banks (growth in demand for the services of IT companies); the emergence of ecosystems in which non-banking organizations are actively involved; large costs of Russian banks, which, as a rule, leads to an improvement in their financial results (as a result, medium and small banks begin to lose in the market).https://vestnik.guu.ru/jour/article/view/2485bankbigtech-companyfintechfintech-companydigital platformdigitalizationecosystemneo-bank
spellingShingle S. S. Matveevskii
Current state of digital transformation of russian banks
Вестник университета
bank
bigtech-company
fintech
fintech-company
digital platform
digitalization
ecosystem
neo-bank
title Current state of digital transformation of russian banks
title_full Current state of digital transformation of russian banks
title_fullStr Current state of digital transformation of russian banks
title_full_unstemmed Current state of digital transformation of russian banks
title_short Current state of digital transformation of russian banks
title_sort current state of digital transformation of russian banks
topic bank
bigtech-company
fintech
fintech-company
digital platform
digitalization
ecosystem
neo-bank
url https://vestnik.guu.ru/jour/article/view/2485
work_keys_str_mv AT ssmatveevskii currentstateofdigitaltransformationofrussianbanks