Digital Transformation of the Financial Services Market in Russia

The effectiveness of the digital transformation of the Russian economy is largely determined by its financial sector. In turn, in modern research, the issue of the influence of digitalization of the financial system on the entire value chain of financial services remains insufficiently studied, while at the same time facilitating the intensification and deepening of relations with customers. The article explores the features of digitalization of financial services associated with its intangible nature, heterogeneity of estimates. The methodological base of the study includes the theoretical principles of the digital economy and the concept of business models taking into account the specifics of the activities of financial organizations. Retrospective and prognostic research methods made it possible to identify the main tools for digital transformation of the financial services market: virtual banks; financial and technical companies; international and national electronic money systems; digital currency; online loans; payment services of IT platforms; crowdfunding and crowdinvesting; “End-to-end” digital technologies”; external electronic document management services. Based on the results of the study, a generalized conclusion was made about the existence of serious problems of a technical, economic and social nature, their dominance in the financial services market was noted along with existing economic problems. Recommendations have been developed to improve the regulatory framework that protects the interests of agents involved in creating the value of financial services. Scientific novelty is reflected by the proposed conceptual business model of digitalization of financial and credit institutions, the management areas of which may include: improving operational efficiency, introducing innovations (smart technologies), managing customer relationships, and ensuring structural flexibility (“bank as a network”). The theoretical and practical significance of the study lies in the fact that the results of the study can serve as the basis for solving persistent problems associated with the digitalization of financial services, changing business models in the financial sector of a market economy.