The expert assessed the effectiveness of import substitution in the Russian financial sector

Import substitution in the Russian financial sector is showing steady positive dynamics, Dmitry Kharitonov, First Deputy General Director of T1 IT Holding, told Izvestia on April 15.

"The industry has already passed the stage of adaptation and entered the trajectory of systemic development. Many key IT solutions, including automated banking systems (ABS), have already proven their effectiveness in the customer circuit. Today, Russian IT companies offer high-tech products, the main advantage of which is independence from Western vendors. All processes related to the maintenance and technical support of such systems have become faster and more accessible," he said.

According to him, solutions in the field of automation of financial transactions, analytics and customer services have been successfully implemented in the perimeter of clients. However, there are still difficulties in some areas. As an example, the expert cited the design of microelectronics and the creation of highly specialized industrial software.

"Currently, there is no fully domestic platform in the country that would allow the development of modern microchips — the "heart" for electronic technology — at all stages, from the idea to the finished project," Kharitonov said.

At the same time, he said that Russian companies, nevertheless, have already demonstrated their effectiveness and ability to develop high-quality software solutions, often not inferior, and sometimes superior to their foreign counterparts.

"This was made possible thanks to many years of experience working with foreign products, which formed the basis of our own developments. The revival of the market is confirmed by the dynamics of the unified register of Russian software (ERRP): over the past year, 80% of developers have entered it for the first time, having received official recognition," Kharitonov explained.

Software self-sufficiency: the number of applications for registration of Russian software in 2024 increased by 13%

How will this affect the industry and what will happen to prices?

He suggested that in the near future, more mature solutions in the field of artificial intelligence, automation of business processes, as well as software development tools adapted to specific tasks and requirements of the local market will become available to financial organizations.

"The main vector of development is the creation of flexible, niche products that are deeply integrated into the industry infrastructure. This approach allows not only to replace foreign systems, but to reach the next level of efficiency of digital processes," the expert added.

At the same time, he expressed the opinion that if foreign vendors return to the Russian market, they should not expect to restore their previous sales volumes and project scales — in recent years, domestic companies have learned from negative experiences and have been able to significantly strengthen technological sovereignty.

"We have not only adapted to the new conditions, but also created our own solutions that successfully replace foreign ones. When foreign IT suppliers return, highly specialized hardware and software systems and infrastructure solutions, such as High-end servers or GPU platforms, will be of interest primarily, and then only in those segments where deeply specialized expertise is critically important. But the risks of vendors leaving again will no longer have such a serious impact on the sustainability and stability of business in Russia," Kharitonov concluded.

Earlier, on March 19, the head of the Ministry of Finance, Maksut Shadaev, reported that more than two thirds of the subjects of the critical information infrastructure (CII) switched to domestic software. He clarified that currently private companies are not yet required to transfer even significant KKI facilities to a domestic site. The requirements apply to government agencies, government organizations, state-owned companies and state corporations.

Prior to that, on January 31, Russian Prime Minister Mikhail Mishustin stressed the importance of independence from other people's technological solutions. According to him, only with its own developments in the areas of global digital architecture, the state can dynamically develop, strengthen the economy and ensure a high standard of living for citizens.