Much attention has been given to the fact that Russia is considered as a top 5 country in terms of digital banking in Europe. Until now, however, most of this digital attention has been placed on the retail segment of banking. Now, many Russian banks are starting to work on making the corporate segment digitized as well. Much as with the retail segment, the goal of this is to make an easy-to-use experience that lets the customer drive.
Russian banks, however, are just beginning this journey, and there is much to be done for this segment to fully enter the digital world. The corporate segment has different needs, needs that are not as widely understood by those with an IT background as retail needs are. For instance, FinTech startups for this segment of banking are virtually non-existent. Moreover, there are challenges that need to be overcome, including introducing technologies to work with Big Data and advanced analytics, standardizing the processes involved in corporate banking, ensuring security and transparency, and providing a unified technological solution that allows for any transaction to be made quickly and conveniently.
Despite the massive amount of work to be done, digitization is most certainly inevitable, and the corporate banking segment in Russia should begin to notice steps towards their full digitization within the next 1.5-2 years.