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Problems of the Development of Innovative Banking Technologies in Russia on the Example of Payments in Social Networks

Student: Huilin Zhou

Supervisor: Efim Galitsky

Faculty: Graduate School of Business

Educational Programme: Marketing (Master)

Year of Graduation: 2021

In this work there are 7 tables, 18 figures, 76 literary sources, 3 applications. Key words used in the thesis are banks; banking services, payment systems; innovative technologies, social networks; model of the reaction of Russians. The object of the research is the activities of Russian commercial banks in the provision of retail banking services. The subject of the research is innovative technologies in the field of payment retail banking services. The work contains an introduction, 3 chapters, conclusion and appendices. The introduction contains a goal aimed at identifying the problems of the development of innovative retail payment banking technologies in Russia, and the development of directions for the development of the retail banking sector through the introduction of modern innovative payment technologies. Research methods; methods of a systematic approach and complex analysis, methods of generalization, comparison and juxtaposition of theoretical and factual material; questionnaire survey, expert analysis and the Binary Logistic Backward Stepwise (Wild) method. The first chapter reveals the theoretical principles of the development of innovative retail banking technologies. The second chapter analyzes the development of innovative retail banking technologies in Russia and a comparative analysis of the development of innovative payment instruments and payment systems in Russia and China. In the third chapter, the problems of the development of innovative retail payment banking technologies in Russia are identified, the main directions for the development of the retail banking sector through the introduction of modern innovative payment technologies are identified, and a model of the reaction of Russians to the opportunity to make payments directly in the social network is developed. In the conclusion, the main findings are presented: The main problems of payment systems of Russian banks are a large share of cash settlement forms, an undeveloped level of development of infrastructure networks for accepting payment cards and other payment instruments, a low level of interbank interaction, a shadow economy, risks and fraud. And also there is a low level of implementation of modern new electronic systems, compared to the developed countries of the world (including China). The main direction of development of innovative retail payment banking technologies in Russia is determined by the development of more advanced technologies of retail payment banking technologies both among bank customers and in the field of electronic commerce. As part of the development of the retail banking sector through modern innovative payment systems, it was recommended that Russian banks join the sharing economy system based on the experience of Chinese companies, which will allow banks to attract more retail customers, compete with other financial institutions and ensure the efficiency of their activities. Our model of the reaction of Russians to the ability to make payments in networks describes with quite acceptable accuracy the influence of the main factors on the propensity of Russians to make payments in social networks. On average, the proportion of correct predictions for the above logistic model is 82%. Thus, we, in general, confirmed the hypothesis of the study, which is that if you focus the attention of Russian bank clients on a small number of correctly selected incentives, you can attract them to use innovative banking services, since it is a balanced retail banking market that can become the basis for proportional development and ensuring the socio-economic stability of the country, if it is based on innovative technologies in the field of payment systems on the example of countries that are more sustainable in economic development, which include, for example, China.

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