Business programme

The Future of Banks: The Transformation of Business Opportunities

16 Jun , 11:00–12:15
The New Economic Order: Responding to the Challenges of the Time
In partnership with Promsvyazbank

In recent years, banks have seen a slump in their profit margins, which have been significantly impacted by low interest rates, a high level of competition and activity among major banks to build ecosystems, and the prospects for the introduction of a digital rouble. There has been an intensive outflow of deposits from banks to the stock market. In the new economic realities, the overall trend of declining bank profitability remains an issue. For example, restrictions on the acquiring commission are diminishing the attractiveness of card products, while high interest rates are reducing lending volumes, including mortgage lending. With this in mind, banks need to solve the long overdue task of technological transformation, primarily as it pertains to the import substitution of foreign software and the replacement of computer equipment. What can the banking system expect in these new economic conditions? Which technological innovations are essential given the current sanctions, and which ones, on the contrary, will fade away? Are there ways to reduce costs for banks by building common technological infrastructure and the digitalization of the industry?