Current Trends in Digitalization of Banking Business in Russia

Currently, digital technologies are being actively implemented in all sectors of the economy, including the banking industry. This process is influenced by various factors that either stimulate or limit its development. The subject of the research is innovative digital developments that can help banks become more efficient and competitive; protect them from risks, and improve the quality of their banking services. The object of the study is digital banking, a promising form of banking service provision. The relevance of this research is due to the rapid digital transformation and the introduction of innovative technologies, which are radically changing the paradigm of customer service and risk management. The purpose of the work is to identify current trends in the digital banking, to systematize the benefits of digital technologies and to identify key areas of banking practice that are affected by them. The study of the development of digital banking business models is based on the methods of chronological cognition and expert assessments. The scientific article is interdisciplinary in nature, based on the fundamental works of leading domestic and foreign economists, as well as analytical materials from the Bank of Russia. The author concludes that banks are conquering new markets by providing mainly remote services and contactless payment options. The scientific novelty of the paper lies in the author’s interpretation of the process of digitalization in the banking industry, highlighting the various stages of its development and providing a comprehensive analysis of Russian digital banking practices. The practical significance lies in the development of recommendations for optimizing the digital transformation of banks, which is useful for financial professionals and developers of digital solutions. A promising area for further research is a more in-depth study of the factors that hinder digitalization and the methods for minimizing them.