Problems of Application of Innovative Digital Technologies and Artificial Intelligence in the Russian Banking Sector

The  presented  study examines the  problem of  application of  innovative digital  technologies  and  artificial  intelligence  in  the  Russian banking sector.

Aim. The  study aims   to examine the   significant problems of  application of  innovative digital technologies and  artificial intelligence  in  the  Russian banking sector.

Tasks. The  authors explore directions for the  digital  modernization of  the  banking sector  and  show trends in  the  transition of  banks into  the  digital  segment.

Methods. This  study uses  the  methods of  systems analysis, econometric analysis, evolutionary-institutional theory, and  historical  approach.

Results. The  issue of  application of  artificial intelligence  in  the   field  of  banking services and   the specific aspects of  such  application with regard to this type of  activity are examined. Digital transformation of  the   banking sector in  Russia is  analyzed. The  major problems of  implementation and development of cross-cutting platforms and  technologies in  the  banking industry are identified, showing  the  importance of their application at the  current stage of development of the  country’s financial sector as  a  factor in  the   improvement of  supervisory and  control activities and  reduction of  risks. Examples of  the   application of  banking tools using artificial intelligence are provided based  on  the experience of  Russian and  foreign banking institutions.

Conclusion. Application of  artificial intelligence in  the  banking sector is  a  powerful tool that could reduce the  time required for data  processing and  improve the  quality  of  services. With the  development of  automated collection, processing, and  analysis of  information  using advanced digital technologies and  platforms, the  quality of  data starts to have  an  increasing impact on  the  efficiency of management  decisions.

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