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Digital transformation of the financial services market in Russia: Trends and specificity

Author

Listed:
  • Maksim S. MARAMYGIN

    (Ural State University of Economics)

  • Galina V. CHERNOVA

    (Saint Petersburg State University)

  • Lyudmila G. RESHETNIKOVA

    (Tyumen State University)

Abstract

The paper investigates the issues of the financial services market’s digitalization that are essential for the development of digital finance theory and effective practice of the process. The methodological basis of the study rests upon the theories of financial intermediation, service marketing, general risk, philosophical categories of condition and necessity. The information base includes the data of the World Bank and the Bank of Russia. The authors discover the necessary and sufficient prerequisites for digitalization of the financial services market. The specific features of a financial service that form the prerequisites required for its digitalization is of primary importance. The basis of the sufficient prerequisites is the needs (interests) of the financial market’s actors in the provision (acquisition) of various qualitative financial services premised on economic and ergonomic grounds and technical capabilities of their implementation. Having analysed the financial services market in Russia, the authors reveal the country’s role in the global digitalization process. The study identifies the groups of risk of digital financial services by the criterion “the source of risk”, the levels and objectives of risk management of consumers of digital financial services. The issues of the digital financial services market raised in the paper are topical for government projects to transform the priority economic industries and the social sphere through the introduction of digital technologies and an adequate system for regulating the financial services market.

Suggested Citation

  • Maksim S. MARAMYGIN & Galina V. CHERNOVA & Lyudmila G. RESHETNIKOVA, 2019. "Digital transformation of the financial services market in Russia: Trends and specificity," Upravlenets, Ural State University of Economics, vol. 10(3), pages 70-82, July.
    • Handle: RePEc:url:upravl:v:10:y:2019:i:3:p:70-82
    DOI: 10.29141/2218-5003-2019-10-3-7
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    References listed on IDEAS

    as
    1. Peter Gomber & Jascha-Alexander Koch & Michael Siering, 2017. "Digital Finance and FinTech: current research and future research directions," Journal of Business Economics, Springer, vol. 87(5), pages 537-580, July.
    2. Peterson K. Ozili, 2018. "Impact of digital finance on financial inclusion and stability," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 18(4), pages 329-340, December.
    3. V. G. Khalin & G. V. Chernova, 2018. "Digitalization and Its Impact on the Russian Economy and Society: Advantages, Challenges, Threats and Risks," Administrative Consulting, Russian Presidential Academy of National Economy and Public Administration. North-West Institute of Management., issue 10.
    4. Thakor, Anjan V., 1999. "Information technology and financial services consolidation," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 697-700, February.
    5. Ozili, Peterson Kitakogelu, 2018. "Impact of Digital Finance on Financial Inclusion and Stability," MPRA Paper 84771, University Library of Munich, Germany.
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    Citations

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    Cited by:

    1. Georgy B. Kleiner & Maksim A. Rybachuk & Venera A. Karpinskaya, 2020. "Development of ecosystems in the financial sector of Russia," Upravlenets, Ural State University of Economics, vol. 11(4), pages 2-15, September.
    2. Ivan D. Kotliarov, 2020. "Digital transformation of the financial industry: The substance and trends," Upravlenets, Ural State University of Economics, vol. 11(3), pages 72-81, July.

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    More about this item

    Keywords

    financial services market; digitalization; digital financial services.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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