Special Aspects of Financial Technologies and Financial Services in Russian Banking Sector: Strategic Trends and OTSW Analysis

Abstract

AbstractThe article reveals the content of the concepts «financial technologies» and «financial services» and emphasizes their importance in the strategic development of the banking sector. The features of financial technologies and services as instruments to stimulate innovation in the financial sector are reflected. For this purpose, a clear distinction is made between the concepts of «financial technologies» and «financial services». The research methodology is based on taking into account the dependence of the process of improving banking services on progress in financial technologies. The analysis of the development strategy of the Russian banking sector was carried out by reviewing the initial stages of its development (according to the methodology of V. L. Kvint). The results of the analysis of trends and patterns as well as the OTSW analysis of the development of the banking sector in Russia in the context of the introduction of financial technologies are presented. Based on the materials of the research, the authors come to the conclusion that the future of the Russian financial market (including the banking sector) depends on the answers to the questions posed by financial technologies, since the digitalization process is increasing the availability and ease of use of financial service, creates new challenges and complicates the old one. Most financial service providers have already understood their need for digital technology and have begun to develop and implement appropriate strategies. The rest of the financial market participants need to create asymmetric response strategies for more effective development of their products and services. In conclusion, the work formulates strategic recommendations for creating and improving a favorable environment for financial technologies in the financial market.KeywordsFinancial technologiesFinancial servicesStrategy conceptStrategic trendsOTSW analysisBusiness model transformationBanking ecosystems