| Digital transformation of the financial services market in Russia: Trends and specificity |
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Authors: Maksim S. MARAMYGIN Dr. Sc. (Econ.), Professor of Finance, Money Circulation and Credit Dept. Ural State University of Economics Galina V. CHERNOVA Dr. Sc. (Econ.), Professor of Risk Management and Insurance Dept. Saint Petersburg State University Lyudmila G. RESHETNIKOVA Cand. Sc. (Econ.), Associate Professor of Finance, Money Circulation and Credit Dept. 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. Keywords: financial services market; digitalization; digital financial services. |
