Identification and analysis of factors determining the readiness degree of the Russian Federation financial sector to the digitalization processes

Nowadays, the rapidly growing technology market and the digitalization process that covers all areas of economic activity have a strong impact on financial markets. Changes in the financial sector occur both within the financial market objects themselves and in the processes of interaction with each other and clients. These changes are related to the application of new digital technologies, including distributed accounting technology, big data analysis, cloud computing, artificial intelligence, biometric technologies, augmented / virtual reality. These technologies are related to processes such as customer use of banking applications, remote payments, planning, lending and financing, trade and investment, insurance, security, regulatory operations and communications between financial market participants and customers.

Such financial sector processes as fintech, regtech, investtech, creditech, inshurtech, cybertech, opertech, robotech, analytech, which reflect the digital aspect of the traditional processes of this market segment, have been described in the article. The article includes materials obtained in the course of the OECD’s work over the past few years on a number of related topics, including “Innovation in financial services”, “Digitalization and Finance”, which complements the study with additional relevant materials of international level. Technological innovations in the field of finance have been considered and their impact on the processes listed above has been evaluated. A detailed description of each of the nine processes contains the rationale and examples of the use of digital technologies, as well as the degree of integration and impact on these processes. The relevance of this topic is due to the fact that today there are no publications in domestic and foreign sources on the identification, analysis and evaluation of factors that affect the financial sector of the economy due to the lack of statistical and analytical information. In this regard, the conclusions made are of both scientific and practical interest not only in Russia, but also in other countries with developing and developed economies.

1. Belyaev M.K. and Erokhova A.D. (2019), “Artificial intelligence in the operational activities of the Bank of the future” [“Iskusstvennyi intellekt v operatsionnoi deyatel’nosti banka budushchego”], Nauchnyj zhurnal “Problemy natsional’noi strategii”, no. 2 (53), pp.147–162.

2. Goikhman M., Grishaev D., Tszin L. and Dyakonova M. (2019), “Human resource management in China (in the financial sector)” [“Upravlenie chelovecheskimi resursami v Kitae (v finansovoi sfere)”], E-Management, no. 2(3), pp. 22–28.

3. Malyshkin N.G. and Khalimon E.A. (2018), “Analysis of level of the Russian digital economy development” [“Analiz urovnya razvitiya tsifrovoj ekonomiki Rossii”], Vestnik universiteta, no.8, pp. 79–86.

4. Skinner K. (2018), Digital human: the Fourth Revolution of Humanity Includes Everyone [Chelovek tsifrovoj: chetvertaya revolyutsiya v istorii chelovechestva, kotoraya zatronet kazhdogo], Mann, Ivanov i Ferber, Moscow, 294 p. [In Russian].

5. Shishkova A.V. and Nikitin S.A. (2017), “Artificial intelligence technologies and robotics in inclusive education: application project and ethical aspects” [“Tekhnologii iskusstvennogo intellekta i robotizatsiya v inklyuzivnom obrazovanii: proekt primeneniya i eticheskie aspekty”], Proceedings of the I-st International Scientific and Practical Conference “Step to Future: Digital Economy and Artificial Intelligence”. State University of Management [Materialy I-oi Mezhdunarodnoi nauchno-prakticheskoi konferentsii “Shag v budushchee: tsifrovaya ekonomika i iskusstvennyi intellect”]. Gosudarstvennyi universitet upravleniya, Publ. House SUM [GUU], Moscow, pp. 296–306.