Russian Banking Sector Under the Influence of Fintech Innovations

Abstract

The article highlights the main changes and prospects for the development of the banking industry under the influence of the development of financial technologies, which largely determine the future of the banking sector, dictating new formats of interaction with customers. Financial technologies stimulate the direction of evolution of the market of banking products and services. In this regard, the main purpose of this article is to reveal the features of classification and development of banking innovations in Russia, as well as to identify the problems associated with their implementation. The article analyzes the current development of the banking system, the essence of banking innovations, classification of banking products, opportunities and prospects for innovation in the banking sector. The main conclusions of this work are the advantages and disadvantages obtained by all participants in this process.