Artificial intelligence and automation in financial services: the case of Russian banking sector

Goncharenko, I. A. and Miglionico, A. ORCID: https://orcid.org/0000-0002-2114-6709 (2020) Artificial intelligence and automation in financial services: the case of Russian banking sector. Law and Economics Yearly Review, 8 (1). pp. 125-147. ISSN 2050-9014

Abstract/Summary

This article discusses the impact of innovation in the Russian banking sector. This innovation, often referred to as FinTech, comprises cryptoassets, artificial intelligence and RegTech (i.e., applications of digital technology by regulation and compliance actors). The aim of the article is to examine the importance of the new frontiers of technologies in financial services like smart contracts, peer-to-peer lending and crowdfunding platforms. In this context, the article analyses the evolution of artificial intelligence in Russia with emphasis on robotics and automated mechanisms implemented in the financial firms. It also provides an overview of the initiatives of the Central Bank of Russia and their main effects in the payment system. The implications of machine learning and automation are discussed in terms of monetary policy, prudential regulation and investor protection.