Digitalization of socially oriented retail banking products and their security

The  presented  study examines over  five  years of  experience in  the   development  of  socially oriented retail  banking products  and  their transition towards  remote service channels.

Aim. The  study aims  to structure the  major stages in  the  development of  market relations and  digitalization  of  the  economy,  including the  banking sector.

Tasks. The  authors identify key  problems and  activities in  the   application of  technological and  administrative measures resulting from the  transition of customers of credit institutions towards remote service channels for socially vulnerable segments  of  the  population.

Methods. This   study uses   general methods to  analyze the   development  of  such   socially important banking services as  mortgage lending, bank  cards, loans to  public employees, and  education loans. Results. The  problems of digitalization of socially oriented banking products consist in  the  low extent to  which banks use  their customer  base  and  knowledge about clients.  In  Russia, there is  a  need  for insurance against  fraudulent  activities with funds deposited  in  customer  accounts.  Digitalization  of the  financial component is impossible without the  implementation and  promotion of new  technologies in  the  banking sector.

Conclusions. The  government should take active part in  the  development of  social responsibility by establishing  special programs, prizes, awards, and  tax  incentives. To  substantiate  the  sustainability of  the  commitments made  towards socially responsible behavior,  banks need  to constantly maintain internal control over  compliance with the   current strategy for the   development of  digitalization of socially oriented  retail  banking products  and  their security.

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