Digital transformation of Russian banking institutions: assessments and prospects

Abstract

The area of banks activity goes far beyond the borders of the banking sector and increasingly penetrates the functioning of the whole variety of material and non-material services. Analysis of key areas and assessment of the capabilities of domestic banking institutions in the process of transition to a new business model of "digital" Bank, show that the characteristic trends are: focus on remote services; competition for banking products of innovative digital solutions; investing in artificial intelligence technologies and reducing cyber risks. The Bank, like any other financial service provider, should create financial processing capabilities that can be integrated into customer interaction systems. Major players in the digital financial economy are already taking initial steps in this direction in form of creating omnichannel platform, a modern ecosystem of remote servicing of corporate clients, the integration of banking business with social networks, the accelerated introduction of blockchain technologies in customer relations with banks. However, these innovations are fragmented and reproduced only by individual banking institutions. On the example of Sberbank and Gazprombank innovations, technological solutions that have become sufficiently operational and replicated in the activities of business partners are characterized. The study contains estimates and reference directions in system adaptation of banks to new requirements and features of the transformation traditional business of universal credit institutions in to the new model forms of digital Bank with corporate-investment content.

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