PSB assessed the role of banks in ensuring digital security

The development of the financial infrastructure of retail banking and the introduction of modern payment instruments is currently one of the key conditions for further growth and economic cooperation between the states, including ensuring the strengthening strategic partnership between Russia and Asian countries. This was stated by Alexey Shchavelev, Senior Vice President and Head of Retail Business at PSB, during his speech at the session of the Eastern Economic Forum "Russia and Asia: how can we build bridges in the new reality of banking?"

According to the expert, when building financial ties, it is extremely important to take into account Asian retail business practices. "Ecosystems in Asia have traditionally been built around technology players, as they had a combination of scale in the form of hundreds of millions of users, a mobile platform with daily traffic, product flexibility and capital to subsidize services — and banks in many markets were either weakly digital or limited by regulators, so they often remained the backend. The customer experience in Asian retail banking has different standards, and we must take this into account when establishing cooperation," said Shchavelev.

Shchavelev emphasized that in Russia, evolutionarily, banks have a better chance of remaining at the center of the ecosystem by integrating as many partners as possible and personalizing based on financial data, rather than by absorbing different services and platforms. "Russia is certainly one of the leaders of digitalization in the world, and banks not only provide reliable storage of citizens' finances, but also act as a guarantor of the security of the entire digital life of a person. Perhaps in the future, a person will have a digital passport, which I personally would prefer to keep not in a fintech or marketplace, but in a reliable financial institution," the expert concluded.

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