The influence of FinTech on the Banking Sector Security-Reference-Cited by-同舟云学术

The influence of FinTech on the Banking Sector Security

Published:2018-11-06 Issue:2 Volume:11 Page:84-89
ISSN:1999-849X
Container-title:Economics, taxes & law
language:
Short-container-title:Èkonomika, nalogi, pravo

Author:

Bakulina A. A.¹,Popova V. V.²

Affiliation:

1. Financial University, Moscow

2. Property Evaluation Center “MORF” LLC, Moscow

Abstract

The main target of the Russian Federation Government and the Central Bank of Russia after the financial crisis is the restoration of the banking system stability and the public confidence alongside the rapid promotion of financial technologies (FinTech) expected to revolutionize the banking sector. The growing popularity of the FinTech is a positive trend which brings not only opportunities but also risks to the banking sphere. The purpose of the research was to identify the key FinTech risks affecting the security in the banking sector. Based on the results of the risk analysis, methods to ensure the safe development of the FinTech industry and mechanisms for minimizing and preventing the negative impact of the FinTech on the banking sector were developed. It is concluded that the elimination of the FinTech risks in the banking sector will lead to the emergence of a new financial industry where the FinTech will take central stage.

Publisher

Financial University under the Government of the Russian Federation

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