Features of competition in the banking sector

The development of banking activity is one of the most important and priority issues of the banking system, as well as the requirements of the legislation of the Russian Federation. Banking competition has a number of specific features that differ from other industries of the national economy, and deserves a separate generalization. Being a strategic element of the economy, the banking sector is characterized by a heightened focus on the financial market liberalization, the complexity of banking products and services provided by market participants and high risks.