Impact of Financial Technologies on the Banking Sector

Authors

  • Kolesova I. V. Sevastopol State University, Head of the Financial Monitoring Program, Candidate of Economic Sciences, Associate Professor, Sevastopol
  • Girzheva Y. S. Sevastopol State University, student of the first year of the Master's program, profile "Financial Monitoring", Sevastopol

DOI:

https://doi.org/10.18502/kss.v3i2.1545

Abstract

This article considers the impact of new financial technologies on the banking sector. The research is based on Russian and foreign documents together with the opinions of authoritative experts, which is used to identify the risks that financial technologies bear for banks. Financial technologies are developing at a rapid pace and market participants need to adapt to them, so identification of risks that accompany them is an urgent problem for the banking sector and the economy as a whole.

Keywords: financial technologies (finteh), risks, banking sector

References

Report on the development of the Fintech branch in Russia in 2017 // ”Fintech Observatory” URL: http://fintech-ru.com/development-industry-integration–2017

Fund for the development of Internet http://www.tadviser.ru/index.php initiatives URL:http://www.tadviser.ru/index.php

The penetration of financial and technological services in Russia and the world // ”Ernst & Young” URL: http://www.ey.com/ru/en/newsroom/news-releases/ey- news-fintech-index-russia -rus-2017

International standards on combating money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction. Recommen- dations of the FATF. URL: http://www.mumcfm.ru/biblioteka/mezdunarodnye- dokumenty/fatf

The Central Bank of China established the Fintech Committee // ”PaySpace” URL: https://psm7.com/news/ centralnyj-bank-kitaya-uchredil-fintech-komitet.html

The Basel Committee saw in fintech the risk for banks // RosBusinessConsulting URL: http://www.rbc.ru/finances/04/09/2017/59ad67f

Digitalization of the economy is a fundamental trend // Plas URL: http://www.plusworld.ru/professionals/ tsifrovizatsiya-ekonomiki-yavlyaetsya osnovopolagayushhim-trendom

The Central Bank and VTB called on banks to unite in the face of the finteha // Futurebanking URL: http://futurebanking.ru/post/3335

Sound Practices: Implications of fintech developments for banks and bank supervisors // ”Bank for international settlements” URL: https://www.bis.org/bcbs/publ/d415.pdf

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Published

2018-02-15

How to Cite

I. V., K., & Y. S., G. (2018). Impact of Financial Technologies on the Banking Sector. KnE Social Sciences, 3(2), 215–220. https://doi.org/10.18502/kss.v3i2.1545

Issue

Vol. 3 No. 2 (2018): III Network AML/CFT Institute International Scientific and Research Conference "FinTech and RegTech"

Section

Articles