Innovations in the banking sector: challenges of 2020

Abstract

In the article authors examines the current state of the banking system of the Russian Federation and the main trends in its development. This study analyzed the global payment services market in 2019, its potential and possible development directions. Changes related to the transformation of business models of the banking sector are considered and their comparative analysis is carried out. The classification of the main threats and challenges faced by the banking system in the context of COVID-19 was also carried out. Special attention is paid to the factors that have a significant impact on the development of the banking sector in the current economic, social and political conditions. Given the particular vulnerability of the financial sector, the state's policy of implementing large-scale regulatory easing for companies belonging to this sector of the economy is particularly relevant. This will allow banks to gradually adapt to the changed situation and maintain financial stability. It is concluded that the situation faced by the banking sector in 2020 in connection with COVID-19, has become a kind of catalyst for its accelerated development. Today, the main strategy of banking is not only the ability to meet the needs of consumers, but also to be able to anticipate and shape them. In order to accelerate innovation, the company buys FINTECH projects, startups, or creates its own IT departments to develop its own products or technological solutions. When searching for a new value for the consumer, an important factor was the customer experience, which is reflected not only in the benefits of the service or product provided, but also in the convenience of receiving it. Therefore, another of the main trends of modern Russian banking is its transition to online mode.
 In the article authors examines the current state of the banking system of the Russian Federation and the main trends in its development. This study analyzed the global payment services market in 2019, its potential and possible development directions. Changes related to the transformation of business models of the banking sector are considered and their comparative analysis is carried out. The classification of the main threats and challenges faced by the banking system in the context of COVID-19 was also carried out. Special attention is paid to the factors that have a significant impact on the development of the banking sector in the current economic, social and political conditions. Given the particular vulnerability of the financial sector, the state's policy of implementing large-scale regulatory easing for companies belonging to this sector of the economy is particularly relevant. This will allow banks to gradually adapt to the changed situation and maintain financial stability. It is concluded that the situation faced by the banking sector in 2020 in connection with COVID-19, has become a kind of catalyst for its accelerated development. Today, the main strategy of banking is not only the ability to meet the needs of consumers, but also to be able to anticipate and shape them. In order to accelerate innovation, the company buys FINTECH projects, startups, or creates its own IT departments to develop its own products or technological solutions. When searching for a new value for the consumer, an important factor was the customer experience, which is reflected not only in the benefits of the service or product provided, but also in the convenience of receiving it. Therefore, another of the main trends of modern Russian banking is its transition to online mode.