Digital Banking in Russia: The Mainstream of Fintech

Ученые записки Международного банковского института. 2017. No. 20. P. 44–55.

Sigova M. V., Хон О. Д.

Russian banks participating in the recent global technological competition on financial markets do follow the way of FinTech adaptation. Probably, such path is slower than those in developed systems, and thus puts Russian banking to struggle the double-edged sword. On the one hand, bulky conservatism threatens to skip breakthrough ideas and solutions. But, on the other, excess intents could lead the dismiss in bank risk management, so as an acute lack of social responsibility. The aim of this paper is to study the evolution of the concept «digital banking» in books and papers published in English worldwide, so as challenges and future trends of digital banking in Russia.

The attitudes to digital banking in Russia express a common vision regarding technological changes through over the world. On the one hand, costs reduction and shorter length of service providing withal to the strong completion encourage markets to be more attentive to FinTech solutions. Meanwhile, the possible lack of cybersecurity’s quality so as warns of conventional jobs elimination require the threefold context: strong responsibility of business; well-education customers; extreme flexible and interdisciplinary regulation.

Ключевые слова: mobile banking, fintech, digital banking, internet banking, virtual banking, online banking, Цифровой банкинг, интернет-банкинг, мобильный банкинг, виртуальный банкинг, онлайн-банкинг