INTRODUCTION OF THE LATEST DIGITAL TECHNOLOGIES IN THE BANKING SECTOR: FOREIGN EXPERIENCE AND RUSSIAN PRACTICE

Main Article Content

Oksana V. Vaganova
Natalya I. Bykanova
Irina L. Mityushina
Al-Saadi Mohanad
Raheem Salim

Keywords

Digital Economy, Banking Sector, Financial Technologies, Artificial Intelligence, Open API, Biometric Identification System

Abstract

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.

Downloads

Download data is not yet available.

Metrics

Metrics Loading ...
Abstract 38 | PDF Downloads 31 XML Downloads 1 ePUB Downloads 2

References

1. Carol, Co. Fintech does not disrupt banks, they just fill in gaps, Computerworld Hong Kong Fourth. Deloitte Digital., 2018. EMEA Digital Banking Maturity 2018. Deloitte Development LLC. URL: https://www2.deloitte.com/content/dam/ Deloitte/global/Documents/About-Deloitte/central-europe/ce-digital-banking-maturity-study-emea.pdf
2. Deloitte Digital., 2018. EMEA Digital Banking Maturity 2018. Deloitte Development LLC. URL: https://www2.d eloitte.com/content/dam/Deloitte/global/ Documents/ About-Deloitte/central-europe/ce-digital-banking-maturity-study-emea.pdf
3. Developing the Digital Economy in Russia, World Bank., 2016. URL: http://www.worldbank.org/en/ev ents/2016/12/20/ developing-the-digital-economy-in-russia-internationalseminar-seminar-1(In Russian)
4. Digital Dividends, World Development Report., 2016. URL: http://documents.worldbank.org/ curated/en/8969714 68194972881/pdf/102725-PUB-Replacement-PUBLIC.pdf
5. Ernst&Young. 2017. EY FinTech Adoptign Index., 2017. URL: http://www.ey.com/Publication/vwLUAssets/ey-fintech-adoption-index-2017/$FILE/ ey-fintech-adoption-index-2017.pdf
6. Ja. Barberis, S. Chishti., 2017. FINTECH. Guide to the latest financial technologies. M.: Al'pina Pablisher, 2017, 105 p.
7. Kholyavko, A., Kantyshev, P., 2017. In Russia, the first payment for the blockade was held on November 29, 2017. URL: //www.banki.ru/news/ bankpress/ (In Russian)
8. Leventsov, V.A., Radaev A.E, Nikolaevskiy N.N., 2017. The aspects of the «Industry 4.0» concept within production process design/. St. Petersburg State Polytechnical University Journal. Economics. 10 (1): 19—31. DOI: 10.18721/JE.10102 23 (In Russian)
9. Order of the Government of the Russian Federation. dated 28.07.2017 №1632-R "On approval of the program "Digital economy of the Russian Federation".(2017): URL: http://www.consultant.ru/document/con s_doc_LAW _221756/ (accessed: 30.09.2018) (In Russian)
10. Ragimova, S., 2017. Banking from the mind.. URL: http://www.banki.ru/news/bankpress/?id=9534112/.( accessed: 02/09/2017)
11. Russia's Alfa Plans to Take on Rival Tinkoff by Creating a Digital Bank., URL: https://themoscowtimes.com/articles/alfa-bank-plans-to-create-a-digital-bank-59164 (accessed: 05.10.2017) (In Russian)
12. Skinner, K. Walue, Web., 2018. how FINTECH companies use blockchain and mobile technologies to create Internet of values / Kris Skinner; per. s angl. N. Yatsyuk. — M.: Mann, Ivanov i Ferber,416 p. (In Russian).
13. The development of open interfaces (open API) in the financial market., 2017. URL: https://www.cbr.ru/Content/Document/File/36006/api_survey.pdf (In Russian)
14. The overview of international market of biometric technologies and their application in the financial sector., 2018. URL: https://www.cbr.ru/content/document/file/36012/rev_bio.pdf (In Russian)
15. Vaganova, O. V., Bykanova, N.I., Grigoryan, A. S., Cherepovskaya, N. A., 2018. Directions of development of bank technologies applied in the Russian market of retail credit services. Revista Publicando, 15 (2): 1365-1377.- URL: https://www.rmlconsultores.com/revista/index.php/crv/article/ view/1457
16. Flandreau, M. (Ed.). (2005). Money Doctors: The experience of international financial advising 1850-2000 (Vol. 26). Routledge. https://doi.org/10.4324/9780203987599
17. Castells, M. (2004). The network society A cross-cultural perspective. Edward Elgar. https://doi.org/10.4337/9781845421663
18. Sauvant, K. P. (2005). New sources of FDI: the BRICs-outward FDI from Brazil, Russia, India and China. J. World Investment & Trade, 6, 639.
19. Kramsch, C. (2014). Teaching foreign languages in an era of globalization: Introduction. The modern language journal, 98(1), 296-311. https://doi.org/10.1111/j.1540-4781.2014.12057.x
20. Gowan, P. (1995). Neo-liberal theory and practice for Eastern Europe. new left review, 3-3.
21. Ögütçü, M. (2002). Foreign direct investment and regional development: sharing experiences from Brazil, China, Russia and Turkey. Universitäts-und Landesbibliothek Sachsen-Anhalt.
22. Dodgson, M., Gann, D. M., & Salter, A. (2008). The management of technological innovation: strategy and practice. Oxford University Press on Demand.
23. Georghiou, L. (Ed.). (2008). The handbook of technology foresight: concepts and practice. Edward Elgar Publishing.