EDN: VWJMCY
DOI: https://doi.org/10.65891/2949-1983-2024-20-4-30-35
Authors:
MOZHANOVA Irina Ivanovna (Volga Region State University of Service)
Abstract.
The sanctions imposed by foreign countries in 2022 have significantly affected the economic activity of all subjects of the Russian economy. Commercial banks were among the first to fall under their negative impact. Blocking of international settlement systems, disconnection from SWIFT – the main interbank financial communication channel, limiting the functionality or completely suspending the operation of banking mobile applications and services, the departure of foreign vendors from Russia, bans on the supply of imported equipment and software - this is a modest list of what became external shocks for the domestic banking sector. In the recent past, banks tried to avoid the regulator's requirements for import substitution, since in most cases they were afraid of a possible decrease in the functionality and performance of new equipment, problems of a seamless transition to it, as well as additional time and financial losses, and uncertainty in the timing of the processes of changing information services. This article is devoted to current issues of import substitution implementation in the banking sector, consideration of key problems hindering digitalization and the introduction of domestic IT technologies as one of the priority areas of the country's economic development. The role of the banking system as a financial security buffer is typical for any state, since the efficiency of the entire economy of the country depends on its stability and resistance to external crises. The article analyzes the current state of import substitution processes in the financial and banking sector, the main advantages of domestic information technologies, the use of which in the future will provide Russian banks with technological independence, high productivity, stability and sustainable competitiveness.
Keywords:
banking sector, import substitution, technology stack, modern IT services, commercial banks, software
