Influence of Modern Financial Technologies (Fintech) on the Institutional Composition of the Russian Banking System

Abstract

The aim of the work was to identify the impact of modern financial technologies (fintech) on the institutional structure of the Russian banking system. The paper used a qualitative analysis of the development of fintech in the banking system of Russia. The active participation of the state was revealed (including the Bank of Russia), the creation of associations and joint business projects, the growth in fintech financing, primarily by large Russian banks, the transition of large Russian banks to the use of new business models and the production of new banking services, increased sales personalization banking services, reducing risks in banking and increasing its productivity, reducing both banks and their branches. The use of the multiple regression apparatus made it possible to identify an inversely proportional dependence of the number of internal structural units of Russian credit organizations on the volume of payment orders received via the Internet and using subscriber mobile communication devices. The multiple regression equation allows us to predict the dynamics of structural units of Russian credit organizations. It is concluded that with the development of fintech, the number of structural divisions and the number of traditional jobs of bank employees are sharply reduced. At the same time, the demand for fintech specialists is increasing.