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ИД «Финансы и кредит»






Finance and Credit

Financial services of banks and outsourcing of functions. Risk specifics and regulation

Vol. 30, Iss. 6, JUNE 2024

Received: 25 January 2024

Received in revised form: 8 February 2024

Accepted: 22 February 2024

Available online: 28 June 2024

Subject Heading: Banking

JEL Classification: G21, G28, G32, K12

Pages: 1310-1330


Inna A. KRUGLOVA International Banking Institute named after Anatoliy Sobchak, St. Petersburg, Russian Federation


Valerii A. DOLBEZHKIN International Banking Institute named after Anatoliy Sobchak, St. Petersburg, Russian Federation


Shota A. EGUTIIA International Banking Institute named after Anatoliy Sobchak, St. Petersburg, Russian Federation


Subject. This article examines the prospects for outsourcing of financial functions and the problems of banks caused by objective risks and the lack of legal status of outsourcing.
Objectives. The article aims to identify the key objective factors of the development and risks of outsourcing based on new digital technologies in the financial sector and assess the feasibility of segregating outsourcing contracts in the legal field to improve regulatory practice.
Methods. For the study, we used an interdisciplinary approach, contextual analysis, and comparison.
Results. The article formulates a set of key factors that stimulate the development of outsourcing of functions in the financial sector and cause an increase in the importance of risks for the banking business. It presents the author-developed approach to distinguishing the terms Financial Service, Financial Function and Microservice as part of a financial service. The article specifies possible benefits for the bank in the legal definition of an outsourcing transaction.
Conclusions and Relevance. Outsourcing of financial functions is an objectively necessary way to strengthen the competitiveness of banks in the digital economy, and some of the presented problems of banks related to outsourcing of functions can be solved by introducing a specific form of outsourcing agreement into the legal field. The material of the article is of practical importance for the risk management of the financial sector, as well as specialists in the legal support of regulation of the financial sector of the economy.

Keywords: bank, outsourcing, financial functions, microservice, digital economy


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