Transformation of the banking sector in the context of the economy digitalization
Abstract. The role of commercial banks in the economic sphere is very high today. Globalization has not passed by this area, affecting the main activities of financial institutions, changing them beyond recognition over the past decade. Commercial banks, in turn, build their activities so that the needs of clients are realized. At this stage, it is important to note that the application of digital technologies creates some problems: low awareness of the population and illiteracy of the older generation, which give rise to fraud and opportunism; the introduction of new technologies should take place in a single and integral way, changes in only one cell can negatively affect the entire system as a whole; labor personnel should be ready for changes, because not all employees can accept novelty and get out of their own comfort zone. For a more detailed consideration of these issues, an analysis of the digitalization of the banking sector was carried out, its assessment at the present stage. Both the negative sides of the transformation factor, which means digitalization, and the positive ones are shown. With the help of them, further development prospects and ways that will allow improving the new digital environment are determined.
Keywords: digitalization, transformation, ecosystem, commercial banks, technologies, digital environment, investments, banking industry
Highlights:
♦ the banking sector in Russia is one of the developing sectors on the way to a digitalized world;
♦ the effectiveness of the application of digital technologies is achieved with a small time lag;
♦ achieving risk minimization is possible only with the help of the main regulator - the Central Bank.
Natalia A. Isaeva, Elena S. Materova - Samara State University of Economics, Samara, Russia