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Controlling the innovation activity of banks in the context of digitalization

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  • Andrey Yu. Egorov

  • Alexander M. Karminsky

Abstract

This article explores and systematizes systemic issues in strategic innovation monitoring at commercial banks in the Russian Federation amid digital transformation. The objective is to identify structural and methodological shortcomings in existing approaches to innovation management and develop a theoretical and practical model for their optimization. Based on an analysis of internal documents and financial statements of credit institutions, key issues were identified: the fragmentation of monitoring functions among various departments, such as risk management, information technology management and development, and sustainable development and corporate governance committees. An analysis of financial statements and corporate documentation at Russian commercial banks, as well as literature, suggests that a shift from the dominance of retrospective financial metrics to the use of metrics that take into account non-financial components is advisable. Based on an analysis of corporate documentation and financial statements from leading Russian banks, organizational models were reconstructed, revealing an imbalance in the KPI system, manifested by the dominance of retrospective financial metrics and a shortage of specialized innovation indicators. This is shown to be particularly important given the lack of specialized key innovation indicators, the underestimation of the intangible effects of innovation, and the underdevelopment of forecasting tools. Specific recommendations are proposed as the main area of optimization, including: 1) institutionalizing the controlling function through a responsibility center for controlling innovation; 2) developing a balanced scorecard that takes into account the specifics of various types of innovation; 3) implementing forecasting tools based on scenario analysis and simulation modeling. The practical significance of the study lies in the formulation of measures aimed at overcoming fragmentation and increasing the strategic relevance of controlling innovation.

Suggested Citation

  • Andrey Yu. Egorov & Alexander M. Karminsky, 2026. "Controlling the innovation activity of banks in the context of digitalization," Economics of Contemporary Russia, Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences, vol. 29(2).
    • Handle: RePEc:ack:journl:y:2026:id:1135
    DOI: 10.33293/1609-1442-2026-29(2)-64-73
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    References listed on IDEAS

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    1. Back, Yujin & Praveen Parboteeah, K. & Nam, Dae-il, 2014. "Innovation in Emerging Markets: The Role of Management Consulting Firms," Journal of International Management, Elsevier, vol. 20(4), pages 390-405.
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