International forum for public authorities, financial and real sector of the russian economy April 18-19, 2018

Associate professors of the School of Finance Natalia Gorelaya and Pavel Malyshev took part in The digital Finance section of the St. Petersburg digital forum, which took place on April 18-19, 2018.representatives of banks and FINTECH companies discussed new opportunities for work in the digital economy. All participants agreed that the world of Finance has changed dramatically today, so the transformation of traditional institutions and the growing penetration of information technology in the field of Finance is inevitable

As the Deputy Chairman of the Board of "Uralsib Bank" Maxim Belousov noted in his speech, banks have been successfully using information technologies for data storage and processing, solving deterministic problems, reducing the volume of routine work for a long time. But now they are faced with the task of creating and using artificial intelligence – a higher-level system that is able to navigate independently in a situation where it is impossible to foresee everything, clearly describe the conditions where it is necessary to make decisions in the course of changing conditions in a large flow of information.

In order to replace the traditional scoring models, artificial intelligence must learn to make independent credit decisions in respect of corporate clients at different stages of business development (modernization of production, access to new markets), or for private borrowers, taking into account their life situations (tuition fees, purchase of real estate, etc.).)
However, you should not discount the traditional conservative approach of people to everything that is connected with money. Banks should understand the client's need for physical presence in the office, personal communication with the Manager and confidentiality, that is, to take into account the human factor in all its manifestations.

The representative of "Rosbank" Denis Sotin drew attention to the fact that today banks operating in the paradigm of "profit – risks – requirements of the regulator" are ready to invest in the creation of new tools and solutions that allow them to reduce costs, minimize losses and comply with the rules of the game in the market. However, the problem is that not all the proposed technologies have a business idea that can be monetized.

Today, banks and other financial market participants, realizing that new technologies not only challenge the traditional model of their business, but also give the industry new opportunities to generate income, choose a new path of development, forming digital ecosystems. First Deputy Chairman of the Board of Sberbank Lev Khasis said that Sberbank will continue to invest in the development of various technologies both within the Bank and throughout the country.