Digitalization of Banking Products and Services as a Driver for Structural Transformation in Russia’s Financial Sector: Experience and Outlook // BSU bulletin. Economy and Management. - 2026. №2. . - С. 27-36.

Digitalization of Banking Products and Services as a Driver for Structural Transformation in Russia’s Financial Sector: Experience and Outlook

DOI: 10.18101/2304-4446-2026-2-27-36 UDK: 336.7

The article analyzes the impact of digital technologies on the transformation of the banking sector, driven by the rapid development of the digital economy. Innovation is a key factor in financial industry modernization, since it increases competition and expands the availability of financial services. Digital transformation, while serving as the foundation for

increased operational efficiency and improved customer experience, is associated with significant risks to cybersecurity and personal data protection. Key digital technologies contributing to the development of the modern banking sector include the unified biometric system (UBS), mobile banking, artificial intelligence, open APIs, and digital currency. The study focuses on the digitalization of banking products and services as a driver for structural transformation in Russia’s financial sector, and identify promising areas for its further development.

digitalization, mobile banking, open APIs, artificial intelligence, unified biometric system, digital currency, cybersecurity, digital technologies, ecosystem, banking sector.