Digitalization of Business Sector and Commercial Banks Interaction in the Russian Federation

Abstract

Based on the analysis of the Bank of Russia statistics, as well as data collected by the National Research University Higher School of Economics, the authors of the article identified 12 trends describing the business and banking sector interaction in the context of digital environment development. Based on questioning business sector and commercial banks representatives, the identified trends were ranked according to the degree of importance for each of the groups of respondents, which helped to identify their development priorities. Moreover, it helped to indicate one of the most important problems of digitalization of commercial banks and business sector interaction. Thus, it has been pointed out that credit institutions, characterized by a high degree of digitalization at present time, can become a tool for the diffusion of innovations for the business sector, in the case of corresponding business sector adaptive capabilities. The authors proposed a set of measures to increase the digitalization of economic interaction between credit institutions and the business sector.