THE IMPACT OF SCIENTIFIC AND TECHNOLOGICAL PROGRESS ON THE BANKING SECTOR ECONOMIC SECURITY

Abstract

The impact of scientific and technological progress is global and ubiquitous. It is used to digitize society and complicate economic processes. Although the impact of scientific and technological progress on the development of society is currently highly appreciated, it is not easy to assess its impact on individual sectors. At the same time, it carries new risks and threats the economy of any country constantly deals with. The economy of Russia, as well as the economies of other developed countries, is subject to global changes. Each of its areas is permeated with scientific and technological progress. The Russian banking sector is also under its influence. The modern Russian banking sector is undergoing rapid digitalization of banking procedures. Positive effects of this activity are noted. However, digitalization is a controversial and long process. On the one hand, transaction costs are decreasing, on the other hand, new threats that increase risks are emerging. In addition, scientific and technological progress affects not only interbank procedures and protocols, but also interbank relations. Besides, changes within the banking sector have a direct impact on the socio-economic situation of citizens. The article considers the external and internal threats affecting the banking sector security and reveals causal relationships of their origin. The authors also propose measures to improve the banking sector economic security.

Keywords

• economic security
• banking sector economic security
• scientific and technological progress
• banking sector