Banking ecosystems in Russia: startups, products, services

  • Svetlana V. Khokhlova Russian Academy of National Economy and Public Administration under the President of the Russian Federation
  • Ivan Yu. Afanasiev Russian Academy of National Economy and Public Administration under the President of the Russian Federation
Keywords: financial technologies, commercial banks, business models, financial technology startups

Abstract

Recently, the practice of introducing innovative financial technologies into banking practice has intensified. The term "financial technology" is actively used in the field of finance and IT to refer to activities in the field of financial services. These technologies are used by financial and credit organizations to effectively manage the financial aspects of their clients' business, including new programs, processes and business models. In addition, financial technologies are the basis for all online transactions - money transfers, loans, etc. Optimization of relations between representatives of the banking sector and financial and technological start-ups is the achievement of long-term development goals related to the introduction of innovative working methods, new banking products and services to increase and expand the customer base and increase its competitiveness. In the article, the authors explore the features of the development of banking ecosystems, represented by financial technologies, aimed at increasing competitiveness and reducing customer costs in the future.

Date of receipt of the article to the editor: 2022-04-24.

Date of acceptance of the article for publication: 2022-05-29.

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Author Biographies

Svetlana V. Khokhlova, Russian Academy of National Economy and Public Administration under the President of the Russian Federation

Ph.D. in Economics, Associate Professor, Department of Theory and Practice of State Control, Institute of Public Administration and Management,

Address: 119606, Vernadsky Avenue, 84, Moscow, Russia

Ivan Yu. Afanasiev, Russian Academy of National Economy and Public Administration under the President of the Russian Federation

Postgraduate Student, Department of Theory and Practice of State Control, Institute of Public Administration and Management

Address: 119606, Vernadsky Avenue, 84, Moscow, Russia

E-mail: iafanasiev1997@mail.ru

References

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PDF Downloads: 292
Published
2022-06-29
How to Cite
Khokhlova, S. V., & Afanasiev, I. Y. (2022). Banking ecosystems in Russia: startups, products, services. In the Center of Economy, 3(2), 66-71. Retrieved from https://www.vcec.ru/index.php/vcec/article/view/63
Issue
Vol. 3 No. 2 (2022): In the Center of Economy
Section
Finance, monetary circulation and credit
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