{"id":14205,"date":"2019-12-10T06:57:14","date_gmt":"2019-12-10T06:57:14","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14205"},"modified":"2019-12-10T06:57:14","modified_gmt":"2019-12-10T06:57:14","slug":"key-innovations-changing-russia-s-financial-services-industry","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/key-innovations-changing-russia-s-financial-services-industry\/","title":{"rendered":"Key innovations changing Russia\u2019s financial services industry"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Digital transformation of the Russian financial sector already has a solid base. And with more and more Russians taking advantage of remote service channels and becoming connected to regular internet access, there is tremendous growth potential for digitalization in Russia. In order for this to come to fruition, there are three main areas in which Russian financial sector players should continue innovating:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Products<\/b><span style=\"font-weight: 400;\"> \u2013 the drivers of product innovations in the financial services industry are data analytics, machine learning, artificial intelligence, robo-advising and blockchain. Based on the implementation of new technologies that fully-utilize these advances, fundamentally new products, services and other opportunities can be explored and created to provide real value to consumers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Processes<\/b><span style=\"font-weight: 400;\"> \u2013 the main benefits of digital transformation for traditional players are cost reduction and faster operations. Even though this can be a somewhat risky and costly investment, even small players can find benefits from such innovations if they approach implementation in a smart way that is focused on core competencies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Business<\/b> <b>models<\/b><span style=\"font-weight: 400;\"> \u2013 creating an ecosystem, developing fruitful partnerships with other companies and creating fundamentally new lines of business all represent great opportunities for Russian financial institutions. To do this, they need to explore cooperation with technology companies as well as other forms of cooperation, especially with aggregators of user data (e.g. social media, telecom networks).<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.rbc.ru\/trends\/innovation\/5d63fd8f9a7947e067daea90\">Source<\/a><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14205 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='U.K. software company to test innovative regtech platform in Armenian financial sector'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/u-k-software-company-to-test-innovative-regtech-platform-in-armenian-financial-sector\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/business-adviser-analyzing-financial-figures-denoting-the-progress-in-the-work-of-the-company_1423-97-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8601\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8601'>\n\t\t\t\tU.K. software company to test innovative regtech platform in Armenian financial sector\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Yandex Money, Phinex Plus launch trust management service'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/yandex-money-phinex-plus-launch-trust-management-service\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/09\/yandex-money-phinex-plus-launch-trust-management-service-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13634\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13634'>\n\t\t\t\tYandex Money, Phinex Plus launch trust management service\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Payme application launches online loans in Uzbekistan'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/payme-application-launches-online-loans-in-uzbekistan\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/online-payment-design_23-2147697568-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9872\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9872'>\n\t\t\t\tPayme application launches online loans in Uzbekistan\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Digital transformation of the Russian financial sector already has a solid base. And with more and more Russians taking advantage of remote service channels and becoming connected to regular internet access, there is tremendous growth potential for digitalization in Russia. In order for this to come to fruition, there are three main areas in which &hellip;<\/p>\n","protected":false},"author":5,"featured_media":14238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,12],"tags":[49],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14205"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=14205"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14205\/revisions"}],"predecessor-version":[{"id":14206,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14205\/revisions\/14206"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/14238"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}