Upgrading Strategic Development of Digital Sphere in Banking

Abstract

In today’s world digital transformation becomes a key factor of developing the banking sector. Introduction of digital technologies provides an opportunity to banks to raise efficiency of work, improve the quality of client servicing and extend the range of services being rendered. However, in spite of serious progress in the field of digitalization in banking processes, there are a number of factors that can hinder further development of this trend. The goal of the research is to assess the current standing of digitalization in banking, to identify key factors hindering its development and to elaborate lines of upgrading strategic development of the digital sphere in banking. The author analyzed available investigations and publications dealing with digital bank transformation and comparative analysis of current strategies of digitalization in the Russian banking sector and worked out stages of upgrading strategic development of the digital sphere in banking. The research used the following methodology: comparative analysis, benchmarking and collaborative tests. The author came to the conclusion that overcoming today’s barriers on the way to digitalization requires a complex approach that includes building a personnel reserve of IT-specialists, increasing the degree of import substitution of banking software, teaching clients to work with new technologies, making-up effective systems of cyber-security, optimization of costs and raising additional financing.