Current Problems in Functioning of Russian Federation Banking Institutions during the Pandemic Period and Ways of their Solution

Elena Posnaya, Natalya Alesina, Artyom Shevtsov

2021

Abstract

The situation associated with the Coronavirus pandemic has accelerated the digitalization process, and all areas, including banking, must support the new trend and reorganize in a short time. The banking sector will face the problems of under-profit, as the business sector is being rebuilt, there is no adequate demand, therefore, loans may not be paid on time or, even worse, not returned to bank institutions. Parallel to this, there is a need to move almost entirely to a digital customer service environment. This is the primary condition for functioning in the modern business space. Currently, due to the existing global problem, the Coronavirus pandemic, banking institutions of the Russian Federation need to reorganize to a new format of work, which in the future is likely to dominate the format that was present in the work of banking institutions earlier. We are talking about the global digitalization of the banking system. There will be a need to train employees in new digital technologies, and citizens will need to implement and improve existing financial literacy courses. In connection with these circumstances, many problems arise, the solutions to which must be identified and implemented. The presented study focuses on the problems of the functioning of banking institutions during a pandemic and determines the vector of their solution.

Paper Citation

in Harvard Style

Posnaya E., Alesina N. and Shevtsov A. (2021). Current Problems in Functioning of Russian Federation Banking Institutions during the Pandemic Period and Ways of their Solution. In Proceedings of the 2nd International Scientific and Practical Conference "COVID-19: Implementation of the Sustainable Development Goals" - Volume 1: RTCOV, ISBN 978-989-758-617-0, pages 227-231. DOI: 10.5220/0011118300003439

in Bibtex Style

@conference{rtcov21,
author={Elena Posnaya and Natalya Alesina and Artyom Shevtsov},
title={Current Problems in Functioning of Russian Federation Banking Institutions during the Pandemic Period and Ways of their Solution},
booktitle={Proceedings of the 2nd International Scientific and Practical Conference "COVID-19: Implementation of the Sustainable Development Goals" - Volume 1: RTCOV,},
year={2021},
pages={227-231},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011118300003439},
isbn={978-989-758-617-0},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd International Scientific and Practical Conference "COVID-19: Implementation of the Sustainable Development Goals" - Volume 1: RTCOV,
TI - Current Problems in Functioning of Russian Federation Banking Institutions during the Pandemic Period and Ways of their Solution
SN - 978-989-758-617-0
AU - Posnaya E.
AU - Alesina N.
AU - Shevtsov A.
PY - 2021
SP - 227
EP - 231
DO - 10.5220/0011118300003439