The history of digitalization of banking in the Russian Federation

Banking activity has undergone significant changes over the past decades due to the active introduction and dissemination of digital technologies in most areas of activity of financial organizations. The digitalization of the economy has a significant impact on all financial institutions. For more effective development of the digitalization of the economy, competent management of processes in banking is necessary. Innovations in the banking industry relate to intangible assets. However, they are the foundation for the formation of the material base of financial organizations, as well as contribute to the formation of other long-term development vectors. These include the development of new technologies in the banking sector, the identification of new risks and threats to banking activities for the formation of an effective management model of the banking industry, the formation of more capital of the bank, the provision of more personalized services to customers to increase loyalty. The transformation of innovative activity of banks has not only positive aspects, but also brings new threats to the national banking system. In this regard, there is a need to search for and develop a safer and more effective method of forming and managing banking activities in the context of rapidly developing digitalization.