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Digitization of financial services and the role of FinTech in the banking sector

16 January2019
Digitization of financial services and the role of FinTech in the banking sector

The expert discussion “Digitization of financial services: a new round in the development of FinTech” was held at the jubilee 10th Gaidar Forum. The discussion was moderated by Ruslan Vesterovskiy, Deputy Chairman of the Central Bank of the Russian Federation, and Sergei Myasoedov, Director of RANEPA IBS. They outlined the issues of discussion: changing the role of banks, the introduction of FinTech innovations, the prospects of RegTech, SupTech.

FinTech remains in the top of the news for the fifth year in a row. Can we discuss what business models are effective, and what are just bright PR moves? How does the introduction of technology to improve financial performance change the relationship with the client? The experts of the discussion - representatives of the largest banks and corporations in Russia, government officials, leaders of FinTech academic programs tried to find answers to these and many other questions.

Opening the discussion, Ruslan Vesterovskiy, Deputy Chairman of the Central Bank of the Russian Federation, highlighted the existing prerequisites and the trends of digitization. “Today we are witnessing the loss of monopoly by banks for the provision of traditional services, the growth of the role of non-financial organizations. All this determines the development of FinTech innovation,” Ruslan Vesterovskiy said. The expert also drew attention to the priorities in the field of financial services, including legal regulation, transition to electronic interaction, cooperation within the EAEU.

Sergei Myasoedov, Director of RANEPA IBS, asked Alexander Vedyakhin, First Deputy Chairman of Sberbank, a series of questions that were interesting to all the participants of the discussion: “Is FinTech able to absorb banks? What are the prospects for the development of RegTech, SupTech in Russia?” Alexander Vedyakhin convinced all the participants of the discussion that, up to now, FinTech has not been able to absorb any Russian Bank. At the same time, he noted the trend of banks’ partnership with startups and technology companies in the field of FinTech innovations. Sergei Myasoedov explained that RegTech and SupTech are technological solutions that allow banks and financial companies to comply with regulatory requirements much more efficiently. He also commented that SupTech includes technologies that help regulators optimize and restructure their internal oversight processes in line with the digital transformation of the financial sector and the economy as a whole.

Alexey Zhdanov, Deputy Chairman of the Board of Rosselkhozbank, in his speech, compared the predictions and realities of the introduction of digital technologies. He is skeptical about the forecast of the death of the classical network of offices and branches and confirmed the trend towards increased interbank competition.

Tatyana Zharkova, Managing Director of FINTECH Association, analyzed the development of the digital economy in Russia. “The share of the digital economy in Russia’s GDP is 3.9%. Our country ranks 39th in the world in terms of digitization. We are seriously behind the leading countries in terms of the introduction of Fintech innovations,” the expert commented.

Anna Morozova, Head of the Center for Corporate Programs of RANEPA, Academic Director of FinTech Master’s Degree Program, reviewed the development of higher education in the field of financial technologies in Russia and abroad. The expert highlighted the competent advantages of the Russian FinTech programs: the skills of integrated assessment of the effectiveness of FinTech projects and the introduction of FinTech products in the framework of integration into traditional companies of the financial sector.

The experts noted that FinTech is a new financial industry that uses technology to improve financial performance. The development of the FinTech market in Russia is going slower than in other countries. Concluding the discussion, the experts gave practical recommendations to accelerate the development of FinTech: increase of financial literacy, development of relations between classical banking institutions and FinTech, training of highly qualified personnel.

Kyrill Vailunov, RANEPA

 

All records of live broadcasts from the Gaidar Forum 2019

10th Gaidar Forum Organizers:

The Russian Presidential Academy of National Economy and Public Administration (RANEPA);
The Gaidar Institute for Economic Policy (Gaidar Institute);
The Association of Innovative Regions of Russia (AIRR).

The general partners of the Gaidar Forum are Gazprom and Gazprombank; strategic partners include Prosveshcheniye publishing house, Coca-Cola, Pharmstandard group, ACIG Group of Companies, the Russian Textbook Corporation, SANOFI, Novartis, Johnson & Johnson, Russian Railways, MSD, and Mastercard; EY, Cisco and Russian Direct Investment Fund are partners. This discussion’s partners are Philips, Cherkizovo and RVC.

The general information partners of the Gaidar Forum include the Rossiya 24 TV channel, Forbes global media company, RBC and TASS news agencies. The official information agency is Rossiya Segodnya. The general radio partner is Business FM. The strategic information partners are Kommersant Publishers, the RT TV channel, Interfax and Gazeta.RU. The main information partners are Profil weekly, FederalPress news agency, and Invest Foresight online magazine. The international information partners are Sputnik and Cision. Other media partners include PRIME news agency, Rossiyskaya Gazeta, RNS news agency, Radio Ekho Moskvy, News.Ru, Polit.ru, Parlamentskaya Gazeta, the PRO BUSINESS TV channel, Strategia magazine, AK&M, BRICS, Ekonomika i Zhizn weekly, National Banking Journal, Expert Tatarstan magazine, the Smart Country information platform, Financial One, Naans Media, and the Public Administration scientific political journal.

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