The Impact of Digital Innovations on the Development of Retail Banking Products

Student: Anastassiya Zhdanova

Educational Programme: Economics (Bachelor)

Year of Graduation: 2024

Digitalization has become a focus across all industries, and digital business is among the top three priorities according to the CIO Agenda Industry Insights report (Gartner, 2018). The ICT sector and the internet economy are considered integral components of the overall economy, with different countries showing varying degrees of correlation between ICT adoption and economic growth: strong in the US and China, and weak in Senegal and the Philippines (OECD, 2014). A comparative analysis by McKinsey (2018) shows that Russian banks outperform European banks in the development of mobile applications (Mityaeva M.A., Chechik A.I., 2019). At the same time, the growth of digitalization in Russia increases business effects by 57%, financial effects by 40%, and implementation effects by 58% (Kacharava T., 2021). Thus, this study is relevant in examining the impact of digital innovation on Russian banking. Translated with DeepL.com (free version)

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