Prospects for the development of fintech in the Russian banking system

Currently, in the Russian banking system, there is both competition and cooperation between traditional banks and fintech companies in such areas as payments, lending. The factors hindering the development of fintech are the peculiarities of the Russian banking system, as well as the low level of financial literacy of the majority of the population. The author of this article notes a number of circumstances characterizing the development of fintech in the banking system.