Specific Impact of Digital Transformation in Economy on Bank Strategy Administration

Abstract

Strategy administration is an essential link in the outline of credit organization management, its optimality impacts the efficiency of bank functioning on target markets in general and its competitiveness in particular. Economy digitalization acts as an external macro-factor in respect of the bank and its management system and the influence of this factor is quite strong. These circumstances cause the necessity to adapt strategies of the bank development to new conditions. The goal of the research is to assess macro-environment of the Russian bank sector. The following methods were used in the research: comparative analysis, statistic analysis, benchmarking, classification and ranging and PEST-analysis. The research identified stages of strategic transformation of the banking system under the influence of digitalization and showed the impact of digital transformation in economy on bank strategy administration. The authors came to the conclusion that innovation strategy included in corporate strategy of the bank assumes a high degree of using advanced information technologies, detailed monitoring of market of digital solutions for the bank and maximum automation of banking business processes.

Keywords

• banks
• open bank model
• digital transformation of the bank system