Analysis of digital profile of the financial market: a methodological approach of Russian Central Bank

Elena A Pyatina,Alesya N Khabibulina,Nataliya А Tyuleneva,Tatiana G Ilina,A Vankevich,T Ilina

doi:10.1051/shsconf/20208001023

Elena A Pyatina, Alesya N Khabibulina + Show 4 more

Open Access

https://doi.org/10.1051/shsconf/20208001023

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Abstract

Currently the processes of digitalization have a strong impact on all spheres of society. Fundamental changes are observed in the economy due to digital expansion, implementing and usage of various modern technologies. The financial market as an essential part of the economy was the first thing that had to be digitalized. The Central Bank of the Russian Federation is actively engaged in the development of financial technologies in the financial market. Financial technologies can affect the availability of financial products and services, which in the future will contribute to sustainable development and increase the competitiveness of the entire financial sector. The Central Bank of the Russian Federation as a megaregulator monitors the financial market and currently a comprehensive system of relevant indicators is being formed. It is to assess the specifics of different profiles of the financial market, reflecting its most important characteristics, including the level of digitalization. It has been recognized to take a closer look at the description of such a concept as the digital profile of the financial market. To describe the entire financial market, we need comprehensive methodological approach that would reflect its characteristics. The research was conducted on the basis of studying the existing experience of analyzing the market of financial and technological services, its features, as well as methods and indicators for assessing the level of digitalization of the financial sector. The article proposed the concept of a digital profile of the financial market and developed a methodological approach for its analysis in order to implement the functions of the Central Bank of Russian Federation.

Highlights

The role of the state in digital transformation is to create conditions that will allow rapid and effective implementation of innovative technologies in both the financial and non-financial sectors of the economy, while ensuring a high level of confidence and security in such technologies from the nation and domestic organizations
According to the draft law prepared by the Ministry of Communications of Russia, there is a concept of a digital profile of a citizen of a country or organization
The main goal of creating such infrastructure that provides access to the digital profile is the exchange of information between citizens, organizations, public authorities and local governments, which is one of the tasks envisaged by the national project "Digital economy"

Summary

Introduction

The role of the state in digital transformation is to create conditions that will allow rapid and effective implementation of innovative technologies in both the financial and non-financial sectors of the economy, while ensuring a high level of confidence and security in such technologies from the nation and domestic organizations. When studying the materials of the digital agenda of the EAEU and analytical reports of the EDB, it was determined that at the supranational level, the digital profile currently includes a limited list of indicators that are not able to reliably and most objectively reflect the real state of the virtual financial market.

Results

Conclusion