FINOPOLIS 2021/22. Day 1: collaboration and competition
On the first day of the Forum of Innovative Financial Technologies 2021/22, its participants discussed, as key topics, prospects for the development of Russian technologies, a tougher competition in the domestic innovation market and the opportunities for commercial collaboration in creating platform solutions.
The Bank of Russia Governor Elvira Nabiullina noted that Russia is a recognised leader of digitalisation in finance. ‘Many people attributed our rise to the fact that we started later than others, that is, we learnt from mistakes and experience of other countries, studied and improved technologies. It is no secret that many solutions were based on foreign technologies. However, the main thing is that our wonderful professionals and available financial resources have facilitated the digital leap,’ Elvira Nabiullina explained.
Sanctions and the exit of large foreign IT companies have posed new challenges for the Russian market. According to its participants, they have managed to withstand this blow thanks to digital services and solutions launched by the regulator. In these conditions, it is important to continue to develop digital infrastructure, increase customer confidence and invest in people. ‘I personally believe that a competitive environment and a focus on results undoubtedly foster innovation,’ the Bank of Russia Governor stressed. In her opinion, joint efforts of financial market participants and collaboration with state institutions will allow Russia to reach new levels of development and will promote the emergence of new products and services. ‘Our customers enjoy technological services and it is important not to disappoint them,’ she added.
The forum participants paid special attention to the independent national digital infrastructure and discussed the projects to be implemented to keep its autonomy. ‘We were aware of problems that might arise, and we have built our infrastructure so that Russia could be independent in terms of digital and technological development in many areas. However, the fact that we have had to face so many ‘waves’ was a big challenge for us that is still to be tackled,’ said Olga Skorobogatova, First Deputy Governor of the Bank of Russia.
To maintain competition and ensure equal access to databases, it is necessary to improve the Digital Profile system, introduce open APIs and develop end-to-end identification and other projects that will support the exchange of customer data and offer more customer-oriented services.
At the thematic sections, the forum participants touched upon the development of competition between traditional and digital banking, discussed changes in the IT industry and cybersecurity in the financial sector, and also shared their experience in the application of artificial intelligence and biometrics.