Trends and patterns of the banking sector digitalization
process
Due to a number of negative events for the Russian economy, the process of digitalization and implementation of financial technology (fintech) may become the main competitive advantages to determine the growth prospects of the banking business of Russia in the short and medium term. In addition to projects implemented with the support of the government and the Bank of Russia, large Russian banks are currently investing heavily in fintech and are actively implementing innovative pilot projects. The article reveals the key technologies of digital transformation in Russia are technologies such as Big Data and predictive analytics, artificial intelligence, robotics, machine learning and chat bots, distributed ledger technologies, open interfaces, optical recognition of the Internet of Things, virtual and augmented reality. The article considers the experience of the leaders in the field of digital banking in the Russian Federation – Sberbank, Tinkoff Bank, and VTB Bank. Besides, the article discusses the main trends and patterns of the digitalization process in the Russian banking sector, which include maintaining cybersecurity, introducing B2B marketplaces, digitalizing public services, developing cross-border cooperation, and creating common IT platforms. In this regard, the trend to create banking ecosystems in order to attract and maintain customer loyalty, providing both financial and non-financial services through super applications, should be noted.
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