Banking in Russia: answering global banking trends

The whole economy, including the banking market, is nowadays involved in a continuous process of change and development. With the growth of internet penetration rates and implementation of IT-innovations, many sectors of national economy aim to reach a new level of customer service and play along with the latest technical and informational trends. This goal is even more important when speaking about banks, based on the fact that without following the latest trends and modern service standards, a bank can suffer a loss of customers and profit, face trust issues and, as a result, become unviable in the existing competitive environment. This article gives an overview of the Russian banking market, including a comparative analysis of Russian and foreign banks. It also describe some of the main worldwide trends in banking and gives the examples of the similar processes in Russian financial sector. The main goal of the article is to answer the question: do Russian banks follow the modern standards of customer service?