This article discusses approaches to understanding the essence and specifics of digitalization in various areas of the economy, including the banking sector. Possible directions for the implementation of the principles of digital innovation in the framework of banking in Russia have been substantiated. The practice of introducing innovations into the operating activities of a credit institution is considered on the example of one of the Russian banks. Conclusions are made about the prospects for the impact of digitalization of national currencies on the digital innovation of modern banks
digitalization, banking sector, innovation, digital currency, technologies, blockchain, digital asset
Introduction
Nowadays, the development of digital technologies creates a serious help for the development of economic activities of enterprises of the national economy. It is impossible not to note that absolutely in all sectors of the economy, economic entities are actively introducing various innovative models, thereby trying to minimize their own costs and increase work efficiency. In modern conditions, the digitalization process comes to the rescue, which implies the widespread introduction of digital technologies in various spheres of life of the population and organizations. This newfangled trend has not bypassed the banking sector either. BigData digital technologies make it possible not only to optimize the activities of the banking institution itself, but also provide interested researchers and analysts with access to large-scale databases, thereby forming a single database of all operations carried out by the bank's clients within the framework of banking services.
The incredible speed of development of the very concept of "digitalization" and its derivatives, such as "digitalization of the economy", "digitalization of industry", "digitalization of the social sphere", etc., is primarily due to the emergence of devices that are able to collect, analyze, evaluate and organize huge amounts of data. Since the volume of processed, analyzed and stored information in the banking sector is very large, the launch of the Digital Economy National Project allowed the Ministry of Finance of the Russian Federation to expand the fundamental principles of ensuring the processing, storage and protection of personal data of all bank users. In addition, digital technologies facilitated the transfer of this data, providing information to all interested participants and analysts of the financial market.
Purpose of the study - to establish the role and significance of the category of "digitalization of the economy", to determine the possibilities and directions of its implementation within the banking sector of Russia, and also to study how the innovation of Russian banks affects this process.
Materials and methods
The methodological basis of the work is based on the principles of dialectical logic, the unity of logical and historical approaches, as well as a systematic approach to the functioning of banking institutions in the new conditions. In this work, the methods of expert assessments, economic and financial analysis, structural and functional analysis, etc. were used.
Results and discussion
The digital economy as a general phenomenon lays down a statement about the key value of data presented in digital format. Such implementation of modern technologies and practices at various levels: state, corporate and private increases the competitiveness of the country and its enterprises, as well as the quality of life of the population. In addition, digitalization ensures stable economic growth not only by intensifying production and financial processes, but also by increasing the speed of informatization of the subjects, which make it possible to promptly make appropriate optimization decisions. The innovative breakthrough provided by banks in the past few years due to the digitalization of their technologies has completely changed the attitude of customers - enterprises and households - to information and the opportunities that this opens up.
The introduction of innovative technologies in the field of IT allows banks, among other things, to increase their own competitiveness, attract new customers and optimize all ongoing internal banking processes and procedures.
By banking innovations we mean the result of innovative banking, expressed in the form of a new or modernized product, service, process, organizational form or technology, created with the aim of increasing the efficiency of using the resource potential of a commercial bank [3].
In our opinion, there are five possible directions for the implementation of the principles of digital innovation in banking:
1. Product innovations, implying the improvement of an existing product through its introduction to the online sector;
2. Process innovations that form a new method of production, technologies and operations on the Internet and with the help of modern computer technology;
3. Market innovation (this type is rarely found in the banking sector and is often used in industry. But, despite this, it implies the expansion of existing market niches using modern technologies);
4. Marketing innovation is based on the development of digital technologies in order to increase advertising coverage;
5. Management innovations are associated with changes in the organizational structure of the bank in the course of mastering digital technologies.
If in the recent past it was mainly the leading banks that resorted to identifying and implementing innovative proposals, but now, in the course of their business activities, other Russian banks are increasingly resorting to digital innovation. Indeed, thanks to the timely introduction of innovations and the improvement of the quality of the products and services provided, the bank will be able to retain the loyalty of existing customers and attract new ones, including young people who actively use digital technologies. A modern bank client expects that the search for information about a product or service will be simple, the information itself - understandable, and that bank employees will be able to promptly provide him with assistance in the design of the product/service. These expectations, in turn, stimulate the management of banks to further expand the use of digital technologies in their own activities.
In accordance with the above definition, the innovation developed by the bank must be evaluated from a cost point of view. The assessment, in turn, depends on the expected time of obtaining the actual economic effect and the degree of risk of the possibility of obtaining it. To make the right management decision in the process of introducing an innovation, it is worth calculating the costs of its implementation, evaluating business processes, and linking the innovation with the strategic goals of a commercial organization.
It is also impossible to deny that the widespread digitalization of the banking sector significantly affects the strategy of its development both within a single bank and the entire sector. This influence can be determined by the following factors:
1. The level of financial stability and solvency of the bank;
2. Target audience;
3. The main direction of the bank's product policy;
4. Technical equipment, etc.
When implementing the bank's innovative strategy, first of all, it means building a personalized organizational and economic mechanism. This is due to the dominant influence of the bank's technological base, which is often inconsistent with scientific and technological progress in small credit institutions. As a result of the optimization of this area of technology, banks are able to keep records and analytics of data on the loan portfolio in the most complete way, as well as make informed decisions on the implementation of the established policy.
At the moment, the development of product innovations in the banking sector also has a special influence on the bank's growth and development strategy. These include the analysis of big data, machine learning, in-depth analytics, artificial intelligence, roboadvising, blockchain, etc. These technologies allow the creation of fundamentally new services, thanks to which more and more banking transactions go online and do not require the physical presence of the client in branch of the bank.
Let us consider the practice of introducing innovations into the bank's operating activities using the example of "Tinkoff Bank" JSC. Within the financial structure of the bank, there are several divisions dealing with innovations:
- Tinkoff Investments - online broker;
- Tinkoff Development Center - a division for the development of new fintech services;
- Tinkoff Mobile - online telecom operator;
- Tinkoff Insurance - an insurance company, etc.
Tinkoff Investments, as of early 2021, is the largest broker in Russia in terms of the number of registered accounts. The number of users on the Moscow Exchange reaches 3.5 million, that is, 35% of the total amount of retail investors on the market. According to this indicator, the bank under study is ahead of even the service of "Sber", the largest in the Russian market. In terms of the number of active users, Tinkoff is the largest broker on the MOEX exchange. The presented data indicate the importance of the bank for the financial sector of the country. Such fantastic indicators have been achieved thanks to innovative solutions taken in the development of a trading terminal through which users make their transactions on the market. The terminal is a mobile application. The user experience of the authors shows that the application of the specified bank is the most intuitive and easy to learn. The bank managed to create a unique product on the Russian market that includes a number of training registers for inexperienced investors.
It should be noted that all the services provided by the bank are united by a common idea of interacting with the user exclusively online. This type of interaction allows you to significantly automate the processing of user requests through methods of big data, machine learning and neural networks. It is the factor of digitalization of innovative activities that allowed "Tinkoff Bank" JSC to take a leading position in the rating of banks in terms of customer loyalty in 2020 with a value of 17.9 p., Significantly overtaking Raiffeisenbank, which is in second place (10.2 p.) [7].
As a result of our research, we found that a modern bank is a system of services for various spheres of human and organizational life, which allows us to satisfy any client's request and leave it within the framework of the servicing bank.
In addition to the transition to online, there is another new trend in the banking sector, which is already firmly entrenched in the financial world. It's about blockchain and digital assets. These technologies have received serious development over the past 5 years and it is no longer advisable for banks to ignore them.
The central banks of 3 states, such as China, Sweden and Russia, in 2021 announced and launched the use of national digital currencies in test mode. This innovation at the macro level will make it possible to make a qualitative change in the banking sector of the countries represented. As a result of increasing the level of security of payment systems, simplifying access to funds, accelerating settlements and making settlement services cheaper for users, commercial banks in these countries will have to receive additional preferences for digital innovation.
We expect that in the future, the introduction of such digital technologies on the scale of both one state and international communities will provide significant qualitative changes in the existing banking sector, which will contribute to the national economy's emergence in leading positions in terms of servicing cash settlements and will open up prospects for creation and implementation of other digital assets.
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