Russia entered the top 10 countries in terms of banking system digitalization

Deloitte Global spoke to 318 banks in 39 countries as mystery shoppers

The company's experts and analysts have found that Russian banks are among the world leaders in terms of digitalization of their services.

Russian banks improved their performance indicatorsprocedures for opening accounts, onboarding new clients, managing payments, making transfers, using bank cards, as well as in the field of cross-selling. Also a trend among Russian retail bank clients is the greater popularity of mobile applications compared to Internet banking. However, despite the high average level of digitalization of Russian banks, getting into the top 10 world leaders was possible primarily thanks to the largest retail players. In general, the level of digitalization in the Russian banking system is still very heterogeneous. 

Ekaterina Trofimova, partnerDepartment of Risk Management and Head of Services for Financial Institutions and Consulting in the Field of Corporate Governance and Rating Consulting at Deloitte CIS

Having analyzed more than 1,000 functionalfeatures and technical characteristics, Deloitte experts identified four groups of banks according to the degree of their digitalization: Latecomers, Adopters, Smart Followers and Champions.

About 10% of banks fell into the “Champions” category,Among them, three are Russian. Their key benefits (among many other service options) were the following functionality: opening a debit card online, tracking the percentage of completion of the client questionnaire and pop-up error messages that indicate problems when filling out the online form. Nine Russian banks are included in the “Advanced Followers” ​​category, and three more are classified as “Followers”.

The authors of the study named the current epidemiological situation in the world as one of the key factors in accelerating the digitalization of banking operations.

According to Plug and Play expert ElizabethDonskoy, in the near future banks will focus on cyber security, mobile banking, digital payments, user identification. In addition, they will increasingly improve their robotic advisors. At the same time, the expert emphasized that, unlike other countries in Russia, it is banks, and not venture capital companies, that are the drivers of the introduction of digital technologies.

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