Conceptual framework for application of modern financial technologies in the Russian industry

This article presents the author’s position on the use of modern financial technologies (FinTech) in the practice of managing domestic industrial companies. In particular, the use of modern financial technologies is possible in the current (operational) financial and economic activities of companies, as well as in their investment and financial activities. The authors considered the key aspects of the development of financial technologies, while identifying five waves of active development of FinTech in Russia. The authors set out the results of a comprehensive analysis of the mechanisms of functioning of FinTech in the modern economic conditions of domestic industrial companies using the example of e-commerce. The features of existing e-commerce systems are considered: B2B, B2G, B2C and C2C. An overview of the possibilities of using various instruments of financial technologies in various types of activities of Russian industrial companies is given. Based on the analysis of actual data from 156 largest industrial companies in Russia (out of 17 industries) included in the Expert-400 rating of the country’s four hundred largest companies, the directions of the formation of modern financial relations, including the supply of goods and services based on the digitalization of management processes using modern tools: e-commerce, including blockchain platforms, as well as Big Data, mobile applications for employees or clients, machine learning. It is shown that practically all the largest industrial companies in Russia – the leaders of their industries – are actively introducing and using all modern financial technologies in their activities. The directions of transformation of business processes of industrial companies in Russia are investigated within the framework of the concept of sustainable development of their business in terms of using a variety of FinTech tools and digitalization. Prospects for the use of modern financial technology tools in industrial production in the first half of the XXI century are considered.

1. Official site of the ForkLog journal about bitcoin, blockchain technology and the digital economy. (In Russ.). URL: https://forklog.com/chto-takoebitkoin/(accessed on 10.20.2021).

2. IDC FutureScape: Worldwide Financial Services 2021 Predictions. URL: https://www.idc.com/getdoc.jsp?containerId=US45821120 (accessed on 10.21.2021).

3. Belozerov S., Sokolovskaya E., Kim Yun.S. Fintech as a precondition of transformations in global financial markets. Foresight and STI Governance. 2020;14(2):23–35. (In Russ.). https://doi.org/10.17323/2500-2597.2020.2.23.35

4. Barberis J., Chishti S. Fintech. A guide to the most important financial technologies. Moscow: Alpina Publisher; 2016. 342 p. (In Russ.)

5. Reshetnikova M. With one touch: How NFC works and where this system is used. Review on RBC: Trends. (In Russ.). URL: https://trends.rbc.ru/trends/industry/6148a1459a79479f4328c2f8 (accessed on: 10.21.2021).

6. Gaiduk A.E., Sisenbaev R.S. Blockchain technology and fintech innovations. Topical Issues of the Modern Economy. 2020;(11):887–894. (In Russ.). https://doi.org/10.34755/irok.2020.84.52.061

7. Passport of the national project” National Program “Digital Economy of the Russian Federation” (approved by the Presidium of the Council under the President of the Russian Federation for Strategic Development and National Projects, minutes of 04.06.2019, No. 7). (In Russ.). URL: http://www.consultant.ru/document/cons_doc_LAW_328854/ (accessed on 21.10.2021).

8. Decree of the Government of the Russian Federation of 02.03.2019 No. 234 (as amended on 21.08.2020) “On the management system for the implementation of the national program “Digital Economy of the Russian Federation” (together with the “Regulations on the management system for the implementation of the national program “Digital Economy of the Russian Federation Federation”). (In Russ.). URL: http://www.consultant.ru/document/cons_doc_LAW_319701/ (accessed on 21.10.2021).

9. Li B., Xu Z. Insights into financial technology (FinTech): a bibliometric and visual study. Financial Innovation. 2021;7(69). https://doi.org/10.1186/s40854-021-00285-7

10. Broby D. Financial technology and the future of banking. Financial Innovation. 2021;7(47). https://doi.org/10.1186/s40854-021-00264-y

11. Kou G., Olgu Akdeniz Ö., Dinçer H., Yüksel S. Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach. Financial Innovation. 2021;7(39). https://doi.org/10.1186/s40854-021-00256-y

12. Savchenko A. “Bigtechs” and finance – expectations and reality. PLUS Journal. (In Russ.). URL: https://plusworld.ru/professionals/bigtehi-i-finansyozhidaniya-i-realnost/ (accessed on 10.21.2021).

13. Hornuf L., Klus M.F., Lohwasser T.S., Schwienbacher A. How do banks interact with fintech startups? Small Business Economics. 2021;(57):1505–1526. https://doi.org/10.1007/s11187-020-00359-3

14. Barbu C.M., Florea D.L, Dabija D.-C., Barbu M.C.R. Customer experience in Fintech. Journal of Theoretical Applied Electronic Commerce Research. 2021;(16):1415–1433. https://doi.org/10.3390/jtaer16050080

15. Msweli N.T., Mawela T. Financial inclusion of the elderly: exploring the role of mobile banking adoption. Acta Informatica Pragensia. 2021;10(1):1–21. https://doi.org/10.18267/j.aip.143

16. Wibowo K.A., Ismail A.G., Tohoron A., Sriyana J. Factors determining intention to use banking technology in Indonesian Islamic microfinance. The Journal of Asian Finance, Economics and Business. 2020;7(12):1053–1064. https://doi.org/10.13106/jafeb.2020.vol7.no12.1053

17. Razak M.I.A.R., Dali N.A.M., Dhillon G., Manaf A.W.A. Fintech in Malaysia: an appraisal to the need of shariah-compliant regulation. Pertanika Journal of Social Science and Humanities. 2020;28(4). https://doi.org/10.47836/pjssh.28.4.40

18. Xie J., Ye L., Huang W., Ye M. Understanding FinTech platform adoption: impacts of perceived value and perceived risk. Journal of Theoretical Applied Electronic Commerce Research. 2021;(16):1893–1911. https://doi.org/10.3390/jtaer16050106

19. Sulimenko O.V., Ryabova K.A. Development of digital banking and fintech companies. Financial Research. 2019;(4(65)):78–83. (In Russ.). URL: https://cyberleninka.ru/article/n/razvitie-tsifrovogo-bankingai-finteh-kompaniy/viewer (accessed on 21.09.2021).

20. Krivoruchko S.V., Kuleshov Ya.I. Interaction between banks and fintech startups: partnership and investment. Banking. 2021;(3):60–66. (In Russ.). URL: https://www.bankdelo.ru/magazine/pub/4584 (accessed on 21.09.2021).

21. Kharitonova E., Kharitonova N., Pulyaeva V., Shaidullina V. Revealing best practices in legal regulation in the sphere of blockchain technology. SPBPU IDE ‘20: Proceedings of the 2nd International Scientific Conference on Innovations in Digital Economy: SPBPU IDE-2020. 2020;(1):1–8. https://doi.org/10.1145/3444465.3444475

22. Eskindarov M.A., Abramova M.A., Maslennikov V.V., Amosova N.A. et al. The directions of Fintech

23. development in Russia: expert opinion of the Financial University. The World of New Economy. 2018;12(2);6–23. (In Russ.). https://doi.org/10.26794/2220-6469-2018-12-2-6-23

24. Expert-400: Rating of the largest companies in Russia. (In Russ.). URL: https://expert.ru/expert/2021/43/spetsdoklad/41/ (accessed on 09.10.2021).