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Digitalization of regional banks: Is it a perceived need or a tribute to fashion?

Vol. 25, Iss. 2, FEBRUARY 2019

Received: 10 December 2018

Received in revised form: 25 December 2018

Accepted: 11 January 2019

Available online: 28 February 2019

Subject Heading: Banking

JEL Classification: G21

Pages: 312–325

https://doi.org/10.24891/fc.25.2.312

Zver'kova T.N. Orenburg State University, Orenburg, Russian Federation
tnzverkova@mail.ru

https://orcid.org/0000-0002-6540-6154

Zver'kov A.I. Orenburg State University, Orenburg, Russian Federation
orenbank@bk.ru

ORCID id: not available

Subject Nowadays, under aggressive promotion of digital products by banks and digital technology companies, medium and small regional banks express a strong interest and willingness to move towards digitalization. They also make attempts to automate remote banking services and search for new areas and financial investments in digital transformation.
Objectives The study aims to summarize and systematize the existing approaches to the definition of digitalization and define its key components and areas, to investigate the possibilities of regional banks to change their business models with regard to digital transformation and searching for possible forms of partnership with financial technology companies.
Methods The study draws on methods of comparison, analysis and synthesis, expert evaluation, and generalization.
Results At present, regional banks do not have financial resources and technological capabilities to go digital. Medium-sized and small banks will have to either specialize in certain areas of digital banking intermediation or merge with other banks orFintech startups.
Conclusions It is crucial for regional banks to focus on transition from primitive forms of banking products to standardized, renewable customer-oriented digital products and services, rather than to aim at blind following the all areas of digitalization.

Keywords: digitalization, regional bank, financial technology, digital product

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