+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Regional Economics: Theory and Practice

Challenges to banking: The modern Russian specific nature

Vol. 20, Iss. 7, JULY 2022

Received: 10 June 2019

Received in revised form: 16 September 2019

Accepted: 30 September 2019

Available online: 14 July 2022


JEL Classification: G20, G21, G23

Pages: 1295–1321


Vladimir V. STREL'NIKOV Don State Technical University (DSTU), Rostov-on-Don, Russian Federation

ORCID id: not available

Subject. This article discusses the emerging challenges to banking activities, which determine both general global trends and certain Russian particularities.
Objectives. The article aims to identify the main challenge to Russian banking activity adapted to the new technology requirements, which can become a bottleneck in the national economic development.
Methods. For the study, I used the methods of statistical, comparative, logical, and functional analyses, expert assessment, generalization, and a systems approach.
Conclusions and Relevance. The emerging new financial relations in terms of widespread adoption of digital technologies are increasingly affected by previous government constraints. This can cause a disruptive effect for Russian banking. The systemic nature of the State factor impact on the development of the banking sector and the increasing integration of the financial space in a wide variety of new technology platforms and ecosystems are sufficient grounds to recognize the trend of governmentalization of banking activities a major and contradictory challenge. New instruments are therefore needed to prevent the expansion of statism of banking activities in banking and non-banking ecosystems and platforms. The results of the study can be used to develop new principles for the advancement of banking activities in the creation of Russian banking and non-banking ecosystems.

Keywords: banking, digitalization, financial technology, banking ecosystem, non-banking ecosystem


  1. Chang R.I., Petrov A.Ya., Torbeev E.I., Limarev P.V. [Digital technologies in banking service: Russian and international experience]. Vestnik Moskovskogo universiteta im. S.Yu. Vitte. Seriya 1: Ekonomika i upravlenie = Moscow Witte University Bulletin. Series 1: Economics and Management, 2018, no. 2, pp. 42–49. (In Russ.) URL: Link
  2. Vinnikova I.S. [Social and economic barriers of development of Internet banking in Russia]. Sovremennye issledovaniya sotsial'nykh problem, 2015, no. 6, pp. 584–591. (In Russ.) URL: Link
  3. Galazova S.S. [Financial stability and economic development]. Finansovye issledovania, 2017, no. 4, pp. 23–30. URL: Link (In Russ.)
  4. Vershinina A.A., Zhdanova O.A. [Peer-to-peer lending in the economic and financial system of Russia]. Transportnoe delo Rossii = Transport Business in Russia, 2017, no. 4, pp. 6–8. URL: Link (In Russ.)
  5. Komel'kov M.V. [P2P lending: An alternative approach to the debt market]. Nauchnye zapiski molodykh issledovatelei = Scientific Notes of Young Scientists, 2017, no. 5, pp. 52–57. URL: Link (In Russ.)
  6. Bozieva I.A. [The tools to overcome the backwardness of Russian innovation]. Ekonomika I biznes: teoriya i praktika = Economy and Business: Theory and Practice, 2017, no. 12, pp. 51–54. URL: Link (In Russ.)
  7. Sadyrzhanov B.E. [The development of digital technologies in the activity of commercial banks]. Nauchnye zapiski molodykh issledovatelei = Scientific Notes of Young Scientists, 2018, no. 3, pp. 50–55. URL: Link (In Russ.)
  8. Grushin I.Yu. [The BlockChain is a solution to the problems of registration of real estate]. Moskovskii ekonomicheskii zhurnal, 2018, no. 2, pp. 48–60. (In Russ.) URL: Link
  9. Nurmukhametov R.K., Stepanov P.D., Novikova T.R. [Blockchain technology and its application in trade finance]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2018, vol. 11, iss. 2, pp. 179–190. (In Russ.) URL: Link
  10. Rothbard M.N. Vlast' i rynok: gosudarstvo i ekonomika [Power and Market: Government and the Economy]. Chelyabinsk, Sotsium Publ., 2016, 418 p.
  11. Mau V.A. Sochineniya v 6 t. T. 2. Gosudarstvo i ekonomika: opyt postkommunisticheskoi transformatsii [Works in 6 vol. Vol. 2. The State and economy: Experience of post-communist transformation]. Moscow, Delo ANKh Publ., 2010, 408 p.
  12. Geets V.M. Obshchestvo, gosudarstvo, ekonomika: fenomenologiya vzaimodeistviya i razvitiya [Society, State, economy: phenomenology of interaction and development]. Moscow, Ekonomika Publ., 2014, 630 p.
  13. Soldatenkova I.V. [About the question of the nationalization in the Russian banking sector]. Izvestiya Tul'skogo gosudarstvennogo universiteta. Ekonomicheskie i yuridicheskie nauki = Izvestiya Tula State University. Economic and Legal Sciences, 2017, no. 4-1, pp. 191–200. URL: Link (In Russ.)
  14. Vernikov A.V. [National Champions and the Competitive Structure of the Russian Banking Market]. Voprosy Ekonomiki, 2013, no. 3, pp. 94–108. URL: Link (In Russ.)
  15. Popov M.V., Trifonov D.A. [Problems of bank lending to the real sector of economy]. Vestnik Saratovskogo gosudarstvennogo sotsial'no-ekonomicheskogo universiteta = Vestnik of Saratov State Socio-Economic University, 2018, no. 2, pp. 156–161. URL: Link (In Russ.)
  16. Chadaeva T.V. [Analysis of the problems of the banking system in Russia and ways to improve its competitiveness]. Diskussiya = Discussion, 2016, no. 4, pp. 82–88. URL: Link (In Russ.)

View all articles of issue


ISSN 2311-8733 (Online)
ISSN 2073-1477 (Print)

Journal current issue

Vol. 20, Iss. 7
July 2022