Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)

Digital Transformation of the Russian Banking Sector in Terms of Pandemic

Authors
Natalya Bykanova, Daria Gordya, Tatiana Ten
Corresponding Author
Natalya Bykanova
Available Online 17 December 2020.
DOI
https://doi.org/10.2991/aebmr.k.201215.002How to use a DOI?
Keywords
digital transformation, digitalization, digital banking, financial ecosystem, COVID-19 pandemic
Abstract
The article discusses the issues of development and implementation of digital technologies in the banking sector in the context of a pandemic. The concepts of “digitalization” and “digital transformation”, which underlie the transformation processes of banking activity, are defined. The authors have identified the most popular remote banking channels during COVID-19 pandemic. The extent of the impact of the pandemic on the Russian banking industry and the main electronic banking products and services contributing to the transformation of the banking business are noted. Among the most promising are virtual and digital cards, the introduction of a simplified digital signature, and the development of open banking. The most competitive participants in the banking services market − fintech companies and virtual banks − have been identified. In addition, special attention is being paid to promising areas of their development through the introduction of digital platforms and ecosystems. Particular attention is paid to the analysis of digital transformation strategies of such large banks as Tinkoff Bank, Sberbank, VTB. The authors of the article emphasize that the pandemic has accelerated the development of the banking industry towards digital banking and the creation of digital platforms, especially financial ecosystems, which are complex platforms designed to serve the financial and non-financial needs of customers. The main reasons for the increased interest from banks in relation to ecosystems are due to competition in the market of traditional banking services, the search for additional sources of income, and diversification through the sale of non-banking services.
Open Access
This is an open access article distributed under the CC BY-NC license.

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Cite this article

TY  - CONF
AU  - Natalya Bykanova
AU  - Daria Gordya
AU  - Tatiana Ten
PY  - 2020
DA  - 2020/12/17
TI  - Digital Transformation of the Russian Banking Sector in Terms of Pandemic
BT  - Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)
PB  - Atlantis Press
SP  - 5
EP  - 10
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201215.002
DO  - https://doi.org/10.2991/aebmr.k.201215.002
ID  - Bykanova2020
ER  -