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Journal articles on the topic 'Digitalization in the banking sector'
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1
Pawadi, Arati B. "Digitalization in Banking Sector." International Journal of Trend in Scientific Research and Development Special Issue, Special Issue-ICDEBI2018 (October 3, 2018): 45–47. http://dx.doi.org/10.31142/ijtsrd18668.
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Deshpande, Mrs Bhagyashree N. "Digitalization in Banking Sector." International Journal of Trend in Scientific Research and Development Special Issue, Special Issue-ICDEBI2018 (October 3, 2018): 80–85. http://dx.doi.org/10.31142/ijtsrd18677.
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Harchekar, Mrs Jyoti Suraj. "Digitalization in Banking Sector." International Journal of Trend in Scientific Research and Development Special Issue, Special Issue-ICDEBI2018 (October 3, 2018): 103–9. http://dx.doi.org/10.31142/ijtsrd18681.
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Belousov, A. L., and E. Yu Levchuk. "Digitalization of the Banking Sector." Finance and Credit 24, no. 2 (February 27, 2018): 455–64. http://dx.doi.org/10.24891/fc.24.2.455.
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Vaisman, Elena, and Mariya Podshivalova. "DIGITALIZATION VS EMPLOYMENT: BANKING SECTOR EXPERIENCE." Bulletin of South Ural State University series "Economics and management" 12, no. 4 (2018): 26–34. http://dx.doi.org/10.14529/em180403.
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Kholiavko, N. I., and O. M. Kozlianchenko. "Global Trends in the Banking Sector Digitalization." PROBLEMS OF ECONOMY 2, no. 48 (2021): 217–24. http://dx.doi.org/10.32983/2222-0712-2021-2-217-224.
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The article is aimed at identifying global trends in using modern information technologies in the banking sector, which were formed under the influence of digitalization of the economy. Digitalization is one of the main trends in global economy. Digital transformation has become relevant for business in various areas of economic activity, and the banking sector is not any different. The introduction of a bank card is considered to be the initial stage of the banking sector digitalization. At the present stage of development, banks have a wide range of tools to digitalize their activities, from office operations to customer service, to credit portfolio management, and to risk management. Today, the world's leading banks of various ownership forms can create digital currencies. The most widespread digital technologies in the banking sector are: mobile technologies, "big" data, blockchain, "cloud" technologies, artificial intelligence, the Internet of Things. The application of the outlined technologies allows banks to optimize work processes, reduce operating costs, provide high service rate and convenience for customers, and also generate innovations and bring new banking products on the market. Digitalization makes it possible to track the customer base in real time, to form personalized sets of services for consumers, to restructure revenues and manage the bank’s credit risks. The authors conclude that digitalization is a non-alternative way for a modern bank to develop. Digitalization, introduction of information technologies, and the creation of innovative products are the factors determining a bank's competitiveness in the modern market.
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Shifa Fathima, J. "Digital Revolution in the Indian Banking Sector." Shanlax International Journal of Commerce 8, no. 1 (January 1, 2020): 56–64. http://dx.doi.org/10.34293/commerce.v8i1.1619.
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“Digital” is the new popular expression in all sectors. With other sector, banking is additionally all around the world moving towards digitalization. Banks all things considered and over all areas are making immense investments in digital activities so as to keep up a competitive edge and convey the greatest to its customers. Selection of digitalization is significant for the banking sector. By grasping digitalization, banks can provide upgraded customer services. This provides accommodation to customers and aides in sparing time. Digitalization has transformed manual processes, transactions and exercises into digital services. Over all verticals, buyer needs have been met in entirely imaginative manners, upsetting existing enterprise esteem chains. Digitalization reduces human blunder and in this manner constructs customer unwaveringness. Today, individuals have nonstop access to banks due to online banking. Managing a lot of cash has additionally become simpler. Digitalization has additionally profited customers by encouraging cashless transactions. Customers need not store cash any longer and can make transactions at wherever and time. A few commercial banks began moving towards digital customer services to stay competitive and relevant in the race. Banks have profited in a few different ways by receiving more current innovations. E-banking has brought about reducing costs definitely and has created revenue through different channels. Commercial Banks in India have moved towards innovation by method for Bank Mechanization and Automation with the prologue to MICR based check processing, Electronic Funds transfer, Inter-availability among bank Branches and implementation of ATM (Automated Teller Machine) Channel have brought about the accommodation of Anytime banking. Solid activities are taken by the Reserve Bank of India for reinforces the Payment and Settlement systems in the banks. Indian government, banks, fintech companies have been advancing and changing the manner in which India spends its money. Simultaneously digital revolution additionally raises new challenges to the solidness and the uprightness of the financial system and the protection of buyers. Hence, the present study has been done on the digital revolution in the Indian Banking sector and the study based on the secondary sources of data.
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Litvishko, Oleg, Kamar Beketova, Bibigul Akimova, Assem Azhmukhamedova, and Gulnara Islyam. "Impact of the Digital Economy on the Banking Sector." E3S Web of Conferences 159 (2020): 04033. http://dx.doi.org/10.1051/e3sconf/202015904033.
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In the article innovations in banking and foreign experience of digitalization studies. Catalyst of banking activity main factors of development of banking innovations considered as. The study allows us to set the boundaries of the digital banking model, determine the specific features of its activities and banking services to deepen the understanding of the subjects of the banking system of modern features of the development of the banking industry allows. Presented materials identification of the level of development of banking services for orientation and theoretical basis, it may be the digitalization of banking processes in terms of the impact of their activities on the transformation credit organizations and banking systems of countries around the world aimed at improving efficiency promotes coordination.
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KUZOVLEVA, N. F., and N. V. TARASOVA. "BANKING SECTOR DIGITALIZATION: TRENDS OF DEVELOPMENT AND ECONOMIC SECURITY." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 1, no. 9 (2021): 93–98. http://dx.doi.org/10.36871/ek.up.p.r.2021.09.01.013.
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The article is devoted to the current problems of digitalization in the banking sector including ensuring of economic security in connection with introduction of digital currencies by central banks. Emphasized is special role of credit and financial organizations in development of digital banking technologies. Economic security risks of the banking sector arising in the process of introducing digital financial services are noted. The article gives an assessment of the level of development of digital transformation processes of the domestic credit and banking sector.
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Abbasov, A. M., Z. F. Mamedov, and S. A. Aliev. "Digitalization of the Banking Sector: New Challenges and Prospects." Economics and Management, no. 6 (August 28, 2019): 81–89. http://dx.doi.org/10.35854/1998-1627-2019-6-81-89.
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The presented study examines the digital banking model in the context of globalization.Aim. The study aims to analyze the nature and current state of digital banking and to determine perspective directions for its development in Azerbaijan.Tasks. The authors examine the major trends in the development of digital banking, determine its classification relative to the Russian digital banking market, and identify perspective directions for its development in Azerbaijan.Methods. This study uses general scientific methods of cognition to examine in various aspects the models of development, its trends, characteristic features, and perspective directions in Azerbaijan. Results. The progress of both Internet banking and mobile banking is closely associated with e-commerce. Out of 30 banks operating in Azerbaijan, 27 use Internet banking and 25 use mobile banking. At this point, 25% of current account transactions in Azerbaijani banks are conducted via electronic payments. According to the UNCTAD B2C E-commerce Index, Azerbaijan ranks 68th among 144 countries in terms of e-commerce development. Therefore, the most important strategic priorities for the country include improving the variety, quality, and services in the field of digital payments by consolidating the institutional and legal framework of these services, increasing the infrastructure capacity, and facilitating mass use. Expanding the scope of application of digital payments in the context of transparent economic transactions would reduce the costs associated with cash and operating losses of banks and institutions, which would in turn open up new opportunities for modern financial services, thus enhancing economic growth.Conclusions. Development of digital banking is a path toward economic transparency, shrinking of the underground economy, and an increase in tax revenues, the number of jobs, and GDP. The Central Bank of Azerbaijan (CBA) is taking systemic measures aimed at expanding the digital transformation of the banking service and payment system. The implementation and development of innovative banking products should be reflected in the strategy of every bank. Digitalization could become one of the forces driving the development of the baking system and increase the level of trust between depositors and banks, making this sector more transparent. However, there is one major obstacle: a lack of understanding that business should be urgently transformed using digital technology.
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Akimova, I. P., M. M. Begichev, and Alexander V. Vlasov. "DIGITALIZATION OF THE BANKING SECTOR: NEW CHALLENGES AND PROSPECTS." Scientific notes of the Russian academy of entrepreneurship 19, no. 3 (October 20, 2020): 70–80. http://dx.doi.org/10.24182/2073-6258-2020-19-3-70-80.
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Russian banks from the Top 30 see the future for the transformation of banking institutions with the provision of a wide range of services. These banks began to invest heavily in the development of financial IT technologies that help in the development and implementation of innovative pilot projects.
The banking sector of Russia, under the influence of the pandemic and universal self-isolation, has entered the top five most successful countries offering digital banking opportunities. The critical situation was the impetus for the introduction of IT-technologies in the banking sector.
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Quyen, Do. "Efficiency Evaluation of e-CRM System in Banking Sector under Digitalization." Journal of Advanced Research in Dynamical and Control Systems 12, SP4 (March 31, 2020): 1800–1807. http://dx.doi.org/10.5373/jardcs/v12sp4/20201665.
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Sbarcea, Ioana Raluca. "Banks Digitalization - A Challenge for the Romanian Banking Sector." Studies in Business and Economics 14, no. 1 (April 1, 2019): 221–30. http://dx.doi.org/10.2478/sbe-2019-0017.
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AbstractThe banking system has undergone several transformations since its beginning up to now, some as a result of adapting to customers’ requirements that have become increasingly sophisticated, and others as a result of the economic and political contexts that have passed, which again – have required its adaptation. Regardless of the situation, the banks have undergone a large digitization process, a process that is now in progress and which in the coming years can cause a significant change in the banking we knew about 10-15 years ago. Through this paper, I propose to analyse the situation of the banking system in terms of adapting to these challenges, at the level of Romania, in the context of the current situation at global and European level, in order to highlight both the progress achieved and the gap in comparison to the other countries, much more competitive from this perspective.
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Andrushkiv, Irina P., and Luidmila M. Nadiyevets. "Digitalization in the Banking Sector: International and Domestic Practices." PROBLEMS OF ECONOMY 4, no. 38 (2018): 195–200. http://dx.doi.org/10.32983/2222-0712-2018-4-195-200.
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Gupta, Nishu. "A study towards the digitalization of Indian banking sector." Asian Journal of Multidimensional Research (AJMR) 8, no. 2 (2019): 87. http://dx.doi.org/10.5958/2278-4853.2019.00034.x.
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Bastari, Ary, Anis Eliyana, Agus Syabarrudin, Zainal Arief, and Alvin Permana Emur. "Digitalization in banking sector: the role of intrinsic motivation." Heliyon 6, no. 12 (December 2020): e05801. http://dx.doi.org/10.1016/j.heliyon.2020.e05801.
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Budovich, Yuliya, and Irina Ryzhova. "The Impact of Scientific and Technological Progress on the Banking Sector Economic Security." Vestnik Volgogradskogo gosudarstvennogo universiteta. Serija 3. Ekonomika. Ekologija, no. 2 (July 2019): 113–21. http://dx.doi.org/10.15688/jvolsu3.2019.2.10.
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The impact of scientific and technological progress is global and ubiquitous. It is used to digitize society and complicate economic processes. Although the impact of scientific and technological progress on the development of society is currently highly appreciated, it is not easy to assess its impact on individual sectors. At the same time, it carries new risks and threats the economy of any country constantly deals with. The economy of Russia, as well as the economies of other developed countries, is subject to global changes. Each of its areas is permeated with scientific and technological progress. The Russian banking sector is also under its influence. The modern Russian banking sector is undergoing rapid digitalization of banking procedures. Positive effects of this activity are noted. However, digitalization is a controversial and long process. On the one hand, transaction costs are decreasing, on the other hand, new threats that increase risks are emerging. In addition, scientific and technological progress affects not only interbank procedures and protocols, but also interbank relations. Besides, changes within the banking sector have a direct impact on the socio-economic situation of citizens. The article considers the external and internal threats affecting the banking sector security and reveals causal relationships of their origin. The authors also propose measures to improve the banking sector economic security.
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Mukusheva, A. G. "Financial Technologies in the Banking Sector: Prospects and Security." BULLETIN OF THE KARAGANDA UNIVERSITY. ECONOMY SERIES 101, no. 1 (April 30, 2021): 92–102. http://dx.doi.org/10.31489/2021ec1/92-102.
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Object: Annually financial technologies have an increasing impact on the banking sector. The article provides definitions of the term "financial technologies" by international organizations, foreign, Russian and Kazakh experts. In the context of the fourth industrial revolution, the relevance of the topic is justified by a sharp increase in the development of financial technologies and spread of digitalization in the banking sector. The purpose of the research is to survey the impact of digital technologies on the financial sector. Methods: The main categories of financial technologies in the world and in Kazakhstan, in particular, are considered. The strengths and weaknesses, opportunities and threats of financial technologies in the banking sector are analyzed. Findings: Digital transformation paves the way for a wide range of mobile data deployments that require ongoing security. In addition, the active development of information technology should stimulate the financial sector to be flexible and apply innovative approaches in all areas. The material also provides the prerequisites and reasons for digitalization in the area of banking services. Conclusions: The transition of traditional types of banking services to a new level of technological development shows a direct relationship between the development of financial technologies and data security. In this regard, it seems relevant to effectively allocate priorities, taking into account the characteristics and specifics of each subject of banking activities. In an increasingly competitive environment, the most rational and digitally oriented strategy of the bank is becoming important.
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Guliev, Igbal A., Alisa O. Khubaeva, Elena A. Chernysheva, and Irina V. Kolesova. "The influence of digitalization on Chinese banks: new financial technologies in a plan economy." E3S Web of Conferences 291 (2021): 04001. http://dx.doi.org/10.1051/e3sconf/202129104001.
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Nowadays, digitalization has become one of the most significant global development trends. The Chinese banking system, which has only recently been subjected to liberal reforms, is poorly researched in the viewpoint of the digitalization and financial technology impact on it. In this context, it is interesting to identify the main digitalization features in the PRC banking system and to identify this system’s elements which are most susceptible to digitalization influence. The authors set the task to identify how digitalization changes the PRC banking system, in particular, how it affects shadow banking. The major challenges of the article are the high share of the closed data on the Chinese financial sector, the unclarity of the shadow banking activities in the country and their overall negative influence on the economy of PRC and Asian economies and the highly theoretical nature of the digitalization research of banking in the scientific community. The main article’s results consist in that the main differences between digitalization and fintech are determined; it was also proved the Chinese banking system is more adaptable to changing conditions, and the authors suggested the main measures to reduce the shadow banking’ share in China. The main contribution of the article is the revelation of the possible solutions to the problems of shadow banking in China through the use of the new financial instruments of the digital era.
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Babukin, Georgy Maksimovich. "DIGITALIZATION AND ARTIFICIAL INTELLIGENCE IN BANKS: A STEP INTO THE FUTURE." Chronos: economy sciences 6, no. 1(29) (March 3, 2021): 6–9. http://dx.doi.org/10.52013/2712-9713-29-1-2.
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The author of the article emphasizes the importance of using digitalization and artificial intelligence in banks. The transition to such a model in a particular area will be a serious driver of growth for them and a catalyst for the use of AI technologies. Innovations in the field of digitalization of the banking sector are considered. The plan for the development of the digital ruble project was studied. The introduction of the fast payment system (SPB) is considered. The application of artificial intelligence in the banking sector is studied. The forecast of revenues of the artificial intelligence market is made.
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Pavlov, P., E. Zashchitina, and A. Karagodin. "New formats of doing business under the influence of digitalization." Mezhdunarodnaja jekonomika (The World Economics), no. 10 (October 1, 2020): 10–23. http://dx.doi.org/10.33920/vne-04-2010-02.
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The article discusses new formats for doing business by companies that appear in connection with digitalization in all economic spheres of activity. The presented results of the study allow, on the basis of considering the impact of digitalization on the global economy, to analyze the change in business models of companies by industry (most attention is paid to the banking sector, trade, energy sector, the automotive sector) and to compare the volumes of revenue and profi ts of companies that actively use the advantages in their activities. digitalization of business, and companies that are late with their implementation or abandon them.
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Prigoda, L. V., M. V. Alikaeva, and Z. Cekerevac. "Banking ecosystems and marketplaces: digitalization trends." New Technologies 16, no. 6 (February 20, 2021): 132–38. http://dx.doi.org/10.47370/2072-0920-2020-16-6-132-138.
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The article considers peculiarities of the activities of the main participants in the financial market, in particular banking in the context of digitalization and the introduction of artificial intelligence tools. At present, artificial intelligence (AI) technologies have a significant impact on human life, both in the process of instant transfers and in conversational interfaces. This affects the financial services sector, and its members are the most active in introducing disruptive AI innovations. Therefore, in order to increase the level of competitiveness, modern banks should act as locomotives in addressing issues of implementation, use of digital technologies and acceleration of methods of remote work. The COVID-19 pandemic has made its own adjustments to the concept of interaction of financial institutions with customers, for most of whom remote services have become an integral part of everyday life. The increasing demand for telecommuting services of financial institutions stimulates the creation of digital platforms that take into account both the processes of global digitalization and the changed demands of consumers in the context of a pandemic. This article provides an analytical overview of trends, obstacles and prospects for the integration of financial ecosystems and marketplaces in the Russian market. The necessity of using an integrated approach in developing the rules for the functioning of financial ecosystems in the formation of an adequate development strategy, which will ensure the creation of a fair competitive environment in the financial market, has been substantiated. The aim of the research is to identify the main trends and patterns in the financial services market, as well as to determine the vector for further development of financial ecosystems formed using artificial intelligence tools. To achieve this goal such general scientific methods as theoretical generalization, analysis and synthesis, comparative analysis, systems approach, etc. have been used.
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Pirogova, Oksana, Nadezhda Savelyeva, and Tatiana Timkina. "Digitalization trend in business." E3S Web of Conferences 284 (2021): 07008. http://dx.doi.org/10.1051/e3sconf/202128407008.
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The aftermath of the pandemic in 2020 shocked the country’s economy, but at the same time, the desire to keep the business allowed, in record time, to completely rebuild the usual patterns of behavior in the implementation of business processes across all sectors of the economy. The inability to go to work, solve everyday issues, carry out a commodity-money exchange, allowed the remote service model to burst so rapidly. The construction of a mechanism for the formation of work on the basis of electronic platforms, software products, Internet sources made it possible to form a single development trend - digitalization. This process is inextricably linked with the Internet, the digitization of the actions of all market participants. In this article, using the banking sector as an example, the main problems of modern digital services are considered, based on which the main directions of innovation are put forward, as well as promising areas of investment are substantiated.
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Таштамиров, М. Р. "DIGITALIZATION AND FINANCIAL ACCESSIBILITY OF THE BANKING SECTOR OF THE CHECHEN REPUBLIC." Вестник ГГНТУ. Гуманитарные и социально-экономические науки, no. 4(22) (December 25, 2020): 33–44. http://dx.doi.org/10.34708/gstou.2020.66.80.004.
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Цифровые преобразования региональных социально-экономических систем определяют долгосрочные тренды экономического роста и финансовой стабильности отдельных территориальных образований. Глобальные тенденции по «оцифровке» экономических и финансовых отношений накладывают свой отпечаток на вектор регионального развития национальных экономик. Подобные вопросы являются актуальными в том числе и для России. В этой связи данная статья направлена на выявление особенностей и проблем в процессах цифровизации региональной банковской системы и рынка банковских услуг по показателям диджитализации и финансовой доступности Чеченской Республики. Рассмотрена необходимость и основные факторы цифровой трансформации обособленной экономики. Определены понятия цифровые финансы и финансовая доступность, а также отражена связь между данными сферами в современных условиях. Проанализированы показатели информатизации Чеченской Республики. Также проведена оценка обеспеченности Региона банковскими услугами. Выявлена степень взаимосвязи между индикаторами информатизации региона и уровнем цифровизации рынка банковских услуг с точки зрения доступности сети Интернет и развитости дистанционного банковского обслуживания. Digital transformations of regional socio-economic systems determine long-term trends in economic growth and financial stability of individual territorial entities. Global trends in the “digitization” of economic and financial relations impose their imprint on the vector of regional development of national economies. Such issues are also relevant for Russia. In this regard, this article is aimed at identifying features and problems in the digitalization processes of the regional banking system and the banking services market in terms of digitisation and financial accessibility of the Chechen Republic. The necessity and main factors of digital transformation of isolated economy are considered. The concepts of digital finance and financial accessibility are defined, as well as the connection between these areas in modern conditions. Indicators of informatization of the Chechen Republic were analyzed. The Region’s banking services were also assessed. The degree of interaction between indicators of informatization of the region and the level of digitalization of the banking services market in terms of Internet accessibility and the development of remote banking services was revealed.
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Pogăciaş, Celina, and Raluca Dovleac. "Implementation and impact of Industry 4.0 and Quality 4.0 in the banking sector." MATEC Web of Conferences 342 (2021): 09008. http://dx.doi.org/10.1051/matecconf/202134209008.
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The digitalization of banking services refers not only to the application of new technologies, but also involves a completely different approach and way of thinking for all actors involved. Given the dominance of the technological environment and unprecedented customer expectations, banks in Romania have concluded that the practices of quality management can be implemented for banking activities, inspired by the actions of international banks that have entered the national market. Knowing and anticipating customer needs and expectations as they evolve, by focusing on achieving and maintaining a maximum degree of satisfaction to retain customers is a primary objective for all banks. It is strategically relevant that the impact of Industry 4.0 on the transformation of the banking sector does not jeopardize security, which fuels the need for a balance between competition, innovation, security and customer satisfaction. In addition to the accelerated digitalization processes in the banking sector, the human factor will continue to play a key role in the future, as the focus will remain on the bank’s customer, security and trust. The aim of the paper is to explore the possibilities of implementing Quality 4.0 and Industry 4.0 in banking systems and their impact by studying the literature.
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Diener, Florian, and Miroslav Špaček. "The Role of ‘Digitalization’ in German Sustainability Bank Reporting." International Journal of Financial Studies 8, no. 1 (March 9, 2020): 16. http://dx.doi.org/10.3390/ijfs8010016.
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The financial services sector, particularly with respect to today’s banking industry, is aiming to make a digital transition. Sustainable reporting is a holistic new reporting approach in banking and has only become partially mandatory for the sector. Thus, this paper makes a contribution to the current analysis approach and further development of the German Sustainability Code as well as associated legal approaches. It concerns the assessment of mandatory sustainable reporting in the light of constantly changing market conditions and stricter legal requirements for stakeholder data responsibility. In specific, it focuses on a digital evolving business environment and is intended to provide an insight into the perception of the topic of digitalization in the banking sector. The assessment is based on the structure of the German Sustainability Code. Based on 113 bank reports, a multiple regression analysis of 1410 codings of the keyword ‘digital’ is carried out. The results show that banks partly and not fully address digital issues in their reporting. It transpires that the emphasis is on seven criteria, while social elements are totally ignored. The paper shows a structural inequality within sustainable bank reporting with regard to digitalization. It also shows that issues are not adequately addressed and covered in legal reporting standards and that the provision of information to stakeholders on specific issues is largely undefined.
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Singh, Renu, and Garima Malik. "Impact of Digitalization on Indian Rural Banking Customer: With Reference to Payment Systems." Emerging Economy Studies 5, no. 1 (April 7, 2019): 31–41. http://dx.doi.org/10.1177/2394901519825912.
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Moving on from the physical clearance of the cheques to the CTS technology, from brick and mortar model of the banks to the internet banking and mobile banking, launch of BHIM and UPI application, digitalization has become a buzz word in today’s era. Information Technology today has a crucial role to play in an efficient banking system, and Indian banks have placed a strong infrastructure to leverage its benefits by moving on to contextual banking and open Application Programming Interface. Though riddled with lot of risk, banking services have steadily moved forward with digitalization to offer customer services at their fingertips and laptop screens. With Indian Banking Industry competing the world class technology, the rural banking customers still face challenges in embracing digital payments. The article attempts to present the opportunities and challenges recently emerging in the rural banking sector with special emphasis on digitalization and to analyze the importance of digital literacy in today’s banking scenario. This study provides the insights of the digital technology and ways adopted by banks in rural India and to understand the perception and behavior of rural customers toward these services.
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Bhasin, Narinder Kumar, and Anupama Rajesh. "A Study of Digital Payments." International Journal of Virtual Communities and Social Networking 10, no. 1 (January 2018): 46–64. http://dx.doi.org/10.4018/ijvcsn.2018010104.
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The challenges and emergence of a global economy and a Digital First World has created financial disruptions in e-commerce and e-business around the globe. The collaborations of banks with Fintech companies have led to digitalization being an important component of their business and marketing strategy. The application of e-banking has been demonstrated as an effective cost reduction, risk management and provides quick services to the customers. Nowadays, e-banking services have already ensured opportunities to reduce expenditures on physical structures. However, in some previous studies it has been showed that e-banking has helped banks and financial institutions to reduce costs, increase revenue, and increase customer experience. With the growth of digital banking in India, it is significant to analyze the actual situation of customer satisfaction in the banking sector. This article evaluates the various new digital banking technologies in the banking sector of India which have gained momentum after various banking reforms like the digital financial inclusion, demonetization and GST implementation. It also identifies the relationship between the increasing trends in the usage of electronic banking and a customer paradigm shift from traditional cash and paper-based cheque payment systems and evaluates various challenges and opportunities in the implementation of digitalization. This research was carried out using multiple methodologies.
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Akhmetova, A. R., and T. A. Subtselnaya. "Digital Strategies for the Transnationalization of the Banking Business: International Experience and Russian Practices." Economics and Management 27, no. 7 (September 1, 2021): 557–68. http://dx.doi.org/10.35854/1998-1627-2021-7-557-568.
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Aim. The strengthening of globalization processes goes hand in hand with the intensification of international trade in goods and services, the structure of which depends on the decisive influence of new technologies that change the nature of cross-border cooperation. This determines the goals for studying the development of transnational banking with allowance for digitalization, which serves the purpose of maintaining economic relations at this level.Tasks. The authors consider digital technologies in banking as a resource that ensures the successful implementation of banking strategies aimed at reaching the transnational level of operation.Methods. This study uses theoretical and general scientific methods of systems, logical, structural, and comparative analysis.Results. It is established that changes taking place in the transnational banking business are primarily associated with the decreasing growth of the banking sector in developed countries and the increasing financial influence of countries with transitional and developing economies, including Russia.Conclusions. Based on a review of the international and Russian experience of digitalization in the banking sector, it is concluded that an efficient strategy for the development of transnational banking involves the integration of digital and non-digital resources. The goal of this process is to develop a brand-new service for providing access to innovative banking products and services, allowing the bank to remain competitive.
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Rubanov, Pavlo M. "Transformation of the Banking Sector in the Digital Era." Mechanism of an Economic Regulation, no. 4 (2020): 110–18. http://dx.doi.org/10.21272/mer.2019.86.11.
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In the context of global digitization of the economy and development of alternatives to banking services, the transition to open platforms and their integration with the FinTech sector becomes relevant. The article identifies four levels of integration between banks and FinTech companies: traditional banking, digital banking, open banking and Open-X banking. At the current stage, the first three models coexist. Traditional banking includes classic banking services (loans, deposits, payments) for individuals and corporate clients, as well as investment banking. Digital banking involves the use of various channels of banking services for clients, among which the digital channel plays a significant role. The analysis of digital banking let to define its main features in terms of the financial services consumers and the bank. Open banking is based on the bank’s ability to engage non-banking intermediaries ecosystems and third parties to the banking service provision and to interact with them through such technologies as application programming interfaces (API). In the research of the оpen banking the main reasons for the cooperation of FinTech companies with banks are considered. These include inhanced visibility by partnership with an established brand, achieving economies of scale, etc. The highest level of integration of banks and FinTech companies and the future development trend of the banking sector is Open-X banking. The main features of Open-X banking include: sharing rather than sole ownership; information is a primary resource instead of tangible assets; partnerships between market actors are formed instead of developing the product independently or purchasing ready-made software solutions; focus on providing a positive customer experience from working with the bank instead of offering a specific product. Key words: banking sector, banking services, digital banking, digitalization, FinTech, integration, open banking.
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Yuzvovich, Larisa, Maria Sharafieva, Natalia Mokeeva, and Gulmira Nasyrova. "Digitalization of the Residential Mortgage Market in Crisis Conditions: Main Factors and Drivers of Development." SHS Web of Conferences 93 (2021): 02004. http://dx.doi.org/10.1051/shsconf/20219302004.
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The industrialization of the residential mortgage market during the pandemic has undergone significant changes, like all sectors of the economy, including the banking system. During the transformation, a positive dynamics has been noted in the volume of loans, which contradicts the usual scenarios for the behavior of the mortgage market in the period of the unstable macroeconomic situation in recent years. The crises of 2008 and 2014 showed the vulnerability of the banking system and the market for residential mortgage market, the lack of timely measures to prevent drastic consequences for the banks and the state. At the moment, it is important to understand what drivers triggered the growth in the volume of residential mortgage. The research analyzed the reasons that had a key impact on the mortgage market and the banking sector during the covid-19 pandemic. As a result of the study, the main factors that help to draw up directions and digital algorithms for further development have been highlighted and classified.
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SMIRNOV, V. V., and K. A. GUTENKO. "MAIN TRENDS IN DIGITAL BANKING AND FINANCIAL INDUSTRY." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 4, no. 5 (2021): 106–14. http://dx.doi.org/10.36871/ek.up.p.r.2021.05.04.013.
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The financial sector has faced many challenges over the past year. Like many other industries around the world, the financial sector has lost its workforce and many businesses have been forced to close. However, such a challenge has paved the way for the strengthening of existing trends. This article will look at the main global trends in the financial and technology sector in “turbulent” 2020 and the post-covid period. Particular emphasis is placed on a new generation of technological innovations in the form of artificial intelligence and cloud technologies. The nature of innovation within the banking ecosystem is assessed, the current state of financial institutions' branch presence, and the issue of changing attitudes towards social responsibility amidst massive digitalization in the financial sector is highlighted. All data has been taken from studies and surveys of prominent large financial institutions and statistical aggregators.
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Shamraev, Andrey V. "INTERNATIONAL APPROACHES TO THE RE-GULATION OF VIRTUAL BANKS, ALGORITHMIC TRADE AND ARTIFI-CIAL INTELLIGENCE SYSTEMS IN FINANCIAL TRANSACTIONS." Banking law 6 (December 10, 2020): 58–72. http://dx.doi.org/10.18572/1812-3945-2020-6-58-72.
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This paper reviews certain legal aspects of automatic and autonomous financial transactions. International approaches to regulation of key areas of digitalization in the financial sector, such as virtual banking, algorithmic trading of financial instruments and the introduction of artificial intelligence systems, are considered.
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Lysyak, Olena, and Oksana Sahaidak. "REALITY AND PROSPECTS OF INTERNET BANKING AS A DIRECTION OF DIGITALIZATION IN UKRAINE." Scientific Notes of Ostroh Academy National University, "Economics" Series 1, no. 21(49) (June 24, 2021): 76–81. http://dx.doi.org/10.25264/2311-5149-2021-21(49)-76-81.
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The article covers the state of the digitalization process in Ukraine, the advantages of its implementation in the information and telecommunications spheres. The experience of foreign countries in digitalization is briefly analyzed. Some features of the functioning of the best Internet banks of the state are revealed: PrivatBank, UkrSibbank, FUIB. There is a clear trend of banks moving from branches to the Internet, when users are gradually, but persistently, accustomed to all currency transactions through special applications in smartphones. It is noted that the minimum set of any successful digital bank should be the following functions: card limit management, control of current account balances, deposit, payment of utilities, transfer of funds to accounts in other banks. It is indicated that already at this stage of digital transformation the Ministry of Finance has created a "Catalog of the best Internet banking in Ukraine", in which any Internet user in Ukraine has the opportunity to compare and choose Internet banking according to their requirements and preferences. The main advantages, threats and key problems of digitalization of the banking sector in Ukraine are listed.
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Holmlund, Maria, Tore Strandvik, and Ilkka Lähteenmäki. "Digitalization challenging institutional logics." Journal of Service Theory and Practice 27, no. 1 (January 9, 2017): 219–36. http://dx.doi.org/10.1108/jstp-12-2015-0256.
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Purpose The purpose of this paper is to explore the mental models of top executive team members in a selected retail bank. The focus is on how each executive team member makes sense of the market situation and changes with regard to customers and customer-bank interactions in the current situation where earlier bank practices are at risk of becoming obsolete. Design/methodology/approach All members in the executive team were interviewed individually in August 2014 on how they reason about challenges in the service business. The study uses an abductive research approach. Findings The mental models were largely dominated by internal bank issues, and adjusting the services to changing customer preferences was considered a main challenge. The research analysis showed that the executive team members identified the same business challenges, but their interpretations of the meanings and implications of the challenges were different. Mental models tend to be hidden and stable and are seldom explicitly elaborated. There was a distinct spread in mental models in terms of content. Limited focus was on customers as the starting point for business development and renewal. Research limitations/implications The study was conducted in the retail banking setting, which is currently affected by many changes. The study, however, was limited to executive members in one bank. Practical implications The foremost implications of this study relate to sensitising executive members and teams to their mental models and exposing different core challenges related to customers and customer relationships in the retail banking sector. Originality/value The value of the study is it sheds light on top executives’ prospective sensemaking of current business challenges by addressing individual mental models. The study represents a novel approach in the strategic service management literature.
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KOVALENKO, Viktoriia. "Digital transformation of the banking sector of the economy of Ukraine." Fìnansi Ukraïni 2021, no. 3 (April 19, 2021): 84–98. http://dx.doi.org/10.33763/finukr2021.03.084.
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The article considers the main digital transformational changes in the banking business. The current state of banks' use of financial digital technologies is analyzed, and the factors of digital transformation that affect their financially stable development are singled out. It is determined that the digitalization of the world economy over the past decade has posed new challenges to the banking system, which are caused by increased competition in the financial services market. The factors of emergence of financial intermediaries of the new generation and the need for digital transformation of contemporary banks are described. It is proved that the digital transformation of the banking sector of the economy is due to the development of financial technologies, digital marketing channels and innovation. Three main holistic proposals for FinTech development have been identified. The digital transformation of the banking business is changing not only the supply to customers. It is changing the contours of the business and staffing requirements. Such tools as ATMs and self-service terminals, telephone banking, SMS banking, Internet banking and mobile banking represent the evolution of customer access channels to banking services based on the use of information and communication technologies. The article considers the basic scheme of transformation of a classical bank into a dynamic system of a digital bank by gradually forming the directions of digital distribution. Further digital transformational changes in the banking business should be aimed at the vectors of financial education of consumers of banking services, regulation of the cryptocurrency market in Ukraine, definition of common standards of regulation and supervision of banks and non-banking institutions in the area of digital financial services.
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Savchenko, M., and Yu Negolyuk. "Democratization of the banking system under conditions of digital technologies development." Galic'kij ekonomičnij visnik 68, no. 1 (2021): 103–11. http://dx.doi.org/10.33108/galicianvisnyk_tntu2021.01.103.
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The importance of the transformation of the banking system as a strategic object of state development under digitalization conditions is substantiated in this paper. The influence of digital technologies on the financial sphere is analyzed and the factors stimulating its change are given. The basic conceptual institutes of the given subject are investigated, the objective and purposes of work are outlined. The main tasks are set and their studies as well as a perfect research are substantiated. The works of previous scientists, both national and foreign, on this problem are analyzed, their contribution and conclusions are evaluated, the reasons for the importance of further research and analysis of the given problem are indicated. The directions of transformation of banking activity organization in the world and Ukraine are considered. The key positions of Ukraine in the introduction of modern technologies and support of new industries in the banking sector are demonstrated. The rating positions of the country in comparison with world indicators are shown and its competitiveness and readiness for restructuring under conditions of digitalization of financial system instruments is estimated. Ukraine's declining position in the ranking of digital transformation indicates shortcomings in the adequacy of funding in this area in the country's budget, low levels of innovation and lack of state support, and therefore requires decisive action by the government in order to improve this situation. Promising areas for banking system restructuring and attracting innovative tools, such as: the introduction of artificial intelligence, modern interfaces and electronic document management are defined. The need to transform the banking system of Ukraine in order to improve its economic performance and the general state of the state economy is substantiated in this paper. The model of banking system transformation under the digitalization conditions taking into account the adherence of accurate sequence and rational use of modern technologies under conditions of countries entrance to Industry 4.0 is presented. The importance of the state support attraction and improvement of the legal base for faster and more effective implementation of innovative products in banking sector is substantiated. On the basis of the investigation, it can be stated that the development and implementation of digital technologies in the banking sector of Ukraine is very important for the improvement of economic and social indices, as well as more rational use of resources for effective management of tools in this area in the transition to digital economy.
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Kaigorodova, Gulnara, Alfiya Mustafina, Guzel Pyrkova, Mariola Grzebyk, and Larisa Belinskaja. "Digitalization of the insurance business: Systematization of net effects through the example of Russia." Insurance Markets and Companies 12, no. 1 (February 19, 2021): 32–42. http://dx.doi.org/10.21511/ins.12(1).2021.03.
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The pace of digitalization of the insurance industry lags behind similar processes in the banking sector. The main tasks that a Russian insurer solves when using IT technologies are the automation of business operations and the formation of an online system of interaction with customers with the main focus on sales.The purpose of this study is to systematize the effects achieved by insurance market participants when introducing IT technologies and identify incentives to accelerate the insurance sector digitalization. The goal of digitalization of Russian insurers should be the formation of a client interface with a full cycle of services; the transfer to a qualitatively new level of business processes while ensuring the required level of protection; formation of fundamentally new and timely renewal of the existing insurance products. The priority areas of IT technologies used by Russian insurers are identified: cloud computing, chat bots, and information resources that provide online interaction with customers. Factors that have a stimulating effect on the digitalization of the insurance sector are identified: cost reduction, acceleration of business processes, improvement of the quality of customer service and increased competitiveness. The problems and risks of insurers that restrain the use of IT technologies are formulated: high costs of digitalization, lack of qualified personnel, cyber risks, moral and ethical problems.
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Shcherbakova, Natalia. "Digital Technologies in the Russian Banking Sector: Main Features and Associated Risks." Bulletin of Kemerovo State University. Series: Political, Sociological and Economic sciences 2021, no. 1 (March 31, 2021): 136–46. http://dx.doi.org/10.21603/2500-3372-2021-6-1-136-146.
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The present paper features Russian loan banks that use new information and digital banking technologies. The research involved various methodological approaches, including a systematic approach to the analysis of modern banks. The method of comparative analysis made it possible to interpret various indicators of the activities of loan banks. The method of dynamic analysis helped to identify the main trends in the development of the Russian banking sector. The research objective was to identify the main trends and key problems in the digitalization of the Russian banking sector and the risks that accompany the process. The author believes that digital technologies will increase the country's competitiveness and boost its economic development. Digital economy involves the introduction of new technologies in the banking sector, e.g. e-money, digital signature, contactless payment, blockchain technology, the Internet of things, etc. The usual approaches to customer service are being replaced by advanced practices, as the traditional bank is gradually turning into a multifunctional IT company. However, cyber risks are also growing, and their management requires new approaches.
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Winnefeld, Christoph H., and Anja Permantier. "FinTech - The digital (R)Evolution in the German Banking Sector?" Business and Management Research 6, no. 3 (September 20, 2017): 65. http://dx.doi.org/10.5430/bmr.v6n3p65.
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During the last years, the German banking sector has faced major changes due to significant progress in the technological sector and hence an increased digitalization in many areas. Changing consumer behavior and customer needs force credit institutions to adjust to these developments in order to maintain their competitiveness. An enlarged number of new financial technology (FinTech) corporations started providing financial services comparable to the ones conventional banks offer. In this context, especially the topic of robo-advice is becoming more and more relevant. Robo-advisors can be defined as digital platforms that provide automated, algorithm-driven financial planning services with little to no human supervision. In our article, we investigate robo-advisors as part of the FinTech movement and in particular analyze the eligibility of digital investment advisory service as potential alternative to conventional asset management. We specifically emphasize the influence that FinTech companies and innovations have on the German banking sector.
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V. Vaganova, Oksana, Natalya I. Bykanova, Irina L. Mityushina, Al-Saadi Mohanad, and Raheem Salim. "INTRODUCTION OF THE LATEST DIGITAL TECHNOLOGIES IN THE BANKING SECTOR: FOREIGN EXPERIENCE AND RUSSIAN PRACTICE." Humanities & Social Sciences Reviews 7, no. 5 (October 24, 2019): 789–96. http://dx.doi.org/10.18510/hssr.2019.7599.
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Purpose: The article is devoted to topical issues of strategic development of commercial banks in the context of digitalization of the economy, requiring the introduction of new financial technologies in the financial and credit sphere. The paper describes a number of new digital technologies based on artificial intelligence; open API, biometric identification system, Big Data, Blockchain, cloud technologies, as well as how these technologies are used in the Bank's work with customers.
Methodology: The study of the chosen topic is based on the methods of generalization and comparison, analysis and synthesis, the method of groupings, as well as models of banking management used in practice by modern domestic and foreign banks.
Result: The article analyzes the experience of foreign countries in the use of these technologies in the banking sector and substantiates the need for an early transition of the Russian banking sector to a more innovative model of functioning. In conclusion, the paper identifies opportunities and ways for the further development of digital technologies in the banking sector.
Applications: This research can be used for universities, teachers, and students.
Novelty/Originality: In this research, the model of Introduction of the Latest Digital Technologies in the Banking Sector: Foreign Experience and Russian Practice is presented in a comprehensive and complete manner.
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Turitsyn, Igor, and Dmitry Turitsyn. "Russian-Chinese cooperation in the banking sector: historical experience and realities of the digitalization era." OOO "Zhurnal "Voprosy Istorii" 2021, no. 01 (January 1, 2021): 121–35. http://dx.doi.org/10.31166/voprosyistorii202101statyi20.
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The article provides an overview of the main milestones in the evolution of Russian-Chinese cooperation in the financial and banking sector since the end of the 19th century. It is shown that its history has long traditions. Special attention is paid to the problems of developing cooperation in the 2010s.
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Hassan, Shazia, Yasmeen Muhammad Javed Iqbal, and Wajeeha Ghias. "Organizational Learning and Competitive Advantage in Banking Sector of Pakistan." Global Social Sciences Review II, no. I (June 30, 2017): 79–90. http://dx.doi.org/10.31703/gssr.2017(ii-i).05.
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Organizational learning is one of the major characteristic of high performing work systems. Organizations are depicted as intelligent organizations when they focus on constant organizational learning. In the dynamic era of digitalization, securing a competitive advantage over competitors has moved beyond the effective utilization of organizational resources to effective management of organizational knowledge. This research aims to study the impact of organizational learning as a competitive advantage in the banking sector of Pakistan. OLCA (Organizational learning and Competitive Advantage) model is applied and empirical evidence is collected from the banking sector of Pakistan. Reliability analysis, correlation, Mean, standard deviation, linear regression and step wise regression analysis are used to collect the statistical viewpoint. The results of the study show positive and reliable scores. The result of the study confirms the OLCA model comprehensions in the selected sector of study. The study concludes that rather focusing on increasing the resource efficiency to gain competitive advantage, organization must focus on organizational learning as a resource to gain a lasting competitive advantage.
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Mandron, Viktoria Valerievna, Nikita Sergeevich Budaev, Alice Aleksandrovna Pototskaya, and Tatiana Nikolaevna Sidorina. "Transformation of digitalization system of business processes at VTB Bank, PJSC." Vestnik of Astrakhan State Technical University. Series: Economics 2021, no. 2 (June 30, 2021): 70–79. http://dx.doi.org/10.24143/2073-5537-2021-2-70-79.
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The article is focused on the increasing role of modern information technologies in banking sector. Today, the informatization process includes not only developing a safe and modern infrastructure, networks, data processing centers, but also creating the so-called digital economy on the basis of this infrastructure, which will bring new sources of income to the state and the people. The banking sector of the Russian Federation is most actively involved in the process of solving this problem. The development of automated business processes in VTB Bank (PJSC) is considered in detail. There is presented an overview of the bank's information technologies in such key areas as artificial intelligence, big data analysis, machine learning, virtual and augmented reality, optical recognition, robotics, robotization of process, blockchain, and chat bots. The dynamics of the main indicators of a financial institution activity is analyzed, an assessment of indicators characterizing the dynamics of changes in capital, net profit and profitability of the bank is presented. It has been stated that the strategic directions for the development of business processes in VTB Bank (PJSC) are constructing an advanced operational and technological platform, increasing the level of digitalization of the banking business, leadership in the financial services market in a number of ecosystems, developing a highly productive organization and culture, as well as growing the customer-centricity of business models. The block diagram of the VTB Bank transformation for 2020–2022 and the target version of the IT architecture of the bank have been illustrated. Changes in the IT architecture are one of the stages of the bank's digital transformation strategy. According to the objectives of the strategy of VTB Bank (PJSC), 100% of financial services should become available to customers online.
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Astapov, K. L., and Yifan Liu. "Implementation of Platforms’ Strategy by Financial Companies in China and Russia." Administrative Consulting, no. 8 (September 30, 2020): 112–22. http://dx.doi.org/10.22394/1726-1139-2020-8-112-122.
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The global trends underline importance of e-commerce, development payments system as well as alternative banking services. China is considered as one the leader in digital transformation. In that regard development of Tencent in the previous decades and the strategy of the company give understanding, how new financial services evolve from traditional approach to platform model. We believe that payment systems as well as other financial platforms would play more important role, competing with traditional banking system and determining landscape of financial system in future. At the same time strategies, based on digital platform, are also actively implemented by Russian financial sector. But competition of new financial organizations with traditional banks are more difficult in our country, because some banks (including Sberbank, Tinkoff) are started building their own platforms. Platform’s strategies are usually effective in mass market, because they are based on cost efficiency model. Nevertheless, some platform could be implemented in premium sector too and in the article, we developed private banking platform strategy for a large Russian bank, which might present strong competitive advantages in the nearest future. Current epidemic enforces digitalization processes, including premium sectors.
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Matveevskii, S. S. "Current state of digital transformation of russian banks." Vestnik Universiteta, no. 10 (December 11, 2020): 131–37. http://dx.doi.org/10.26425/1816-4277-2020-10-131-137.
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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).
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Prokopowicz, Dariusz. "THE PROCESSES OF CONSOLIDATION AND CONCENTRATION OF CAPITALAS IMPORTANT DETERMINANTS OF ECONOMIC GLOBALIZATION PROCESSES AFFECTING THE ECONOMIC DEVELOPMENT OF THE BANKING SYSTEM IN POLAND." International Journal of Legal Studies ( IJOLS ) 4, no. 2 (December 30, 2018): 217–44. http://dx.doi.org/10.5604/01.3001.0013.0017.
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The systemic transformation and socio-economic, which was initiated in Poland since 1989, are related with the intensified globalization processes that take place in various economic and social spheres of economy, including banking. Financial institutions as well as commercial banks are the entities which are not only subjects to theglobalization processes, they co-create these processes. The key attributes of globalization include deregulation processes, digitalization and internationalization, ie. global determinants, which were correlated with the adaptation of the financial system functioning in Poland to the European Union standards. To adjust internal procedures, product offerings and techniques of ICT operating in Poland banking to EU standards one has to consider the processes of consolidation and concentration of capital. These processes are applied in the commercial dimension of the financial system, including the banking sector since the mid-90s. Financial systemthat currently exists in Poland and includes the banking sector is among the best adapted to the EU standards. It is simultaneously one of the most globalized sectors of the economy. The key date for this issue concerns the year 2004, when Poland entered the European Union market structures. Currently, it is assumed that the process of globalization of financial markets and the banking system in Poland, apart from the consolidation processes and adjustments has been determined by such factors as administrative and supervisory goals of the central banking and supervisory bodies in the financial system and adjusting banking norms of law to the standards of Western highly developed countries.
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Rudakova, Olga S., and Gleb A. Turzhanskii. "Analysis of Challenges of Digitalization in Banking Sector on the Example of Russia." Banking Services, no. 2 (2021): 11–19. http://dx.doi.org/10.36992/2075-1915_2021_2_11.
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Bychkova, I. I. "Digitalization of banking activities in the E-COMMERCE market: new opportunities for the development of the credit and financial sector at the present stage." Scientific bulletin of the Southern Institute of Management, no. 2 (June 25, 2020): 42–50. http://dx.doi.org/10.31775/2305-3100-2020-2-42-50.
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The article analyzes the changed consumer preferences in the conditions of COVID-2019 coronavirus disease, and also defines the prospects and directions for further development of digital banking services in the e-commerce market. Proposals are formulated to increase the level of user satisfaction with digital banking services in the conditions of self-isolation in the e-commerce market. The social consequences in the banking sector should be reflected, accompanying the digital transformation, in the shifting points of consumer preference and banking services aimed at providing services. Ignoring these changes will inevitably lead to lost financial benefits for Russian banks in the e-commerce market, as well as the emergence of new non-banking players. The practical value lies in offering new niches for using digital banking services within the framework of changing customer preferences.
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Shalaev, Ilya Andreevich. "Analysis of the russian practice of information support innovative activity of financial and credit organizations in the field of cloud technologies." Mezhdunarodnaja jekonomika (The World Economics), no. 3 (March 1, 2021): 219–30. http://dx.doi.org/10.33920/vne-04-2103-05.
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This article is devoted to the analysis of the Russian practice of information support of innovative activities of fi nancial and credit organizations in the fi eld of cloud technologies. The role of cloud technologies in the banking sector is evaluated, which in the process of information technology modernization allow banking systems to quickly develop and launch new solutions and services. The results of the sociological survey «Defi nition of the concept of cloud technologies by employees of the banking sector» are presented. The task of considering the use of various types of clouds in credit institutions is highlighted. Also, the prospects for the use of cloud technologies are presented, since a large amount of resource costs for entering information into operating systems remains an obstacle to improving production effi ciency. In addition, the task is to identify the most convenient and rational use of the cloud space for the progressive activities of fi nancial and credit organizations. The problem of technical channels of information leakage and their role in ensuring the economic security of a credit institution is described in detail. Special attention is paid to the assessment of the eff ectiveuse of innovative information technologies in the banking system in the conditions of digitalization of the economy during the pandemic; the aims and principles of the policy of digitalization of the banking sector, analyzes the factors infl uencing this development, basic problems and prospects of this direction. The promise of using cloud projects lies in the fact that they will significantly reduce various costs, ensure maximum data confidentiality, and act as a guarantee of security for customers. Such technologies will be considered by credit institutions as a priority way to develop IT infrastructure. The use of cloud technologies for the analysis of information support for innovative activities of fi nancial and credit organizations will allow to modernize the data storage system, simplify the systems of settlements with customers and other organizations, as well as reduce the cost of servicing various accounts. The above explains the relevance of this topic.