Digital Strategies for the Transnationalization of the Banking Business: International Experience and Russian Practices

Abstract

Aim.The strengthening of globalization processes goes hand in hand with the intensification of international trade in goods and services, the structure of which depends on the decisive influence of new technologies that change the nature of cross-border cooperation. This determines the goals for studying the development of transnational banking with allowance for digitalization, which serves the purpose of maintaining economic relations at this level.Tasks.The authors consider digital technologies in banking as a resource that ensures the successful implementation of banking strategies aimed at reaching the transnational level of operation.Methods.This study uses theoretical and general scientific methods of systems, logical, structural, and comparative analysis.Results.It is established that changes taking place in the transnational banking business are primarily associated with the decreasing growth of the banking sector in developed countries and the increasing financial influence of countries with transitional and developing economies, including Russia.Conclusions.Based on a review of the international and Russian experience of digitalization in the banking sector, it is concluded that an efficient strategy for the development of transnational banking involves the integration of digital and non-digital resources. The goal of this process is to develop a brand-new service for providing access to innovative banking products and services, allowing the bank to remain competitive.