UDC 336.71
DOI: 10.36871/ek.up.p.r.2023.11.03.021
Authors
Denis V. Ponomarev,
Sergey P. Koltchin,
Plekhanov Russian University of Economics, Moscow, Russia
Abstract
Banking is going through a transformation: from physical branches to the use of information technology and big data, as well as highly specialized human capital. Even before this transformation started, banks and markets had become intertwined, with an increasing share of intermediation activities becoming market-based. In their core activities, such as payment and advisory services, banks face stiffer competition from other intermediaries, increasingly digital. Changes in the use of technology to develop new services and business models are taking place with the growth of the FinTech sector, which can be understood as the use of innovative information and automated technologies in financial services.
Keywords
digitalization, retail banking, financial technologies, development strategy.
