1. The digital economy and innovations in the financial sector
Olga Skorobogatova
Deputy Governor, Bank of Russia

2. Framework for development of financial technologies in Russia
Economic challenges
Trends of the financial market
Financial market participants modify their business models and aim at development of financial services ecosystems
Necessary development and growth of non-material industries
Banks give up their monopoly position in financial services
Creation of favorable conditions for development of digital economy
Banks look toward partnerships with startups and technology companies
Development of competitive financial market
Growth of the number of accelerators and volume of venture capital investments in fintech startups
Financial institutions
62%
72%
account for digital transformation in their business strategy
expect the increase of the number of partnerships with Fintech companies in 3–5 years

3. Key technologies in financial sector
Big Data and data analytics
Mobile technologies
Artificial intelligence
Cybersecurity
Robotics process automation
Biometrics and identity management
Distributed ledger technologies
Public cloud infrastructure *
* The most relevant technologies according to the results of the survey of the Heads of financial institutions and fintech companies
Source: PwC: Global FinTech Survey 2017

4. Основные драйверы развития инновационного финансового рынка
Demand for innovative financial technologies and products
Human resources of new standard
Human capital
Финансовые продукты и услуги
Demand
Competitive financial products and services
Technologies
Access to funding
Government regulation
Innovative and disruptive technologies
Creation of favorable regulatory environment
Access to financial resources for innovative projects
Source: research of EY for the roadmap of ASI/STI FinNet

5. Growth of popularity of fintech services in Russia
Consumer expectations
FinTech Adoption Index
Ease of account opening
24-hour access to services
39%
22%
14%
Access to a variety of products and services №
Country
Level of FinTech аdoption 1
China
69% 2
India
52% 3
Russia
43% 4
Great Britain
42% 5
Brazil
40% 6
Australia
37% 7
Spain 8
Mexico
36% 9
Germany
35% 10
South Africa
Dynamics of fintech services development
Number of remote payments increased 1.6 times in 2016 in compared to 2015 and 1.8 times compared to 2014
Number of mobile payments increased by 90% in 2016 with the total volume of 84.1 million transactions
Mobile apps of Russian banks times exceed European banks in terms of functionality
Creation of conditions for the development of the digital economy
Achieving leading positions of Russia
Sources: Bank of Russia, EY, McKinsey