Nabiullina saw the development of technology “trap” for banks

Nabiullina saw the development of technology “trap” for banks

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The Head Of The Bank Of Russia Elvira Nabiullina

Photo: Sergey Fadeichev/TASS

Elvira Nabiullina called the rapid development of financial technologies “a huge challenge” due to the underestimation of banks which can be “trapped”

Intensive development of financial technologies, investment in which for three years has increased fourfold, is a challenge for banks. This was stated by the head of the Bank of Russia Elvira Nabiullina opened in Kazan the forum of innovative financial technologies Finopolis 2016, the correspondent of RBC.

“We understand that financial technology will be a major factor affecting the financial market. For the banks it is, of course, a huge challenge,” — said the head of the Central Bank.

“Here, I think, the banks can fall into the trap, because basically now they complain about low interest rates, strict regulation, unfair regulation compared to the parallel banking sector. At this time, crept back financial technology, and this is the main challenge that banks have to pay attention,” — said Nabiullina.

In the fall of 2015 member of the Board of Directors of Alfa-Bank, co-owner and Chairman of the Supervisory Board of “Alfa-Group” Mikhail Fridman saidthat in the next ten years in the banking sector will happen “absolutely tremendous changes” to the end of this period, banks in the usual sense of the word will simply cease to exist. The biggest change, according to Friedman, will be the disappearance of payment functions of banks in the rapidly “ocifrovivaem” the world will go to a variety of digital-business structures, which will conduct payments online.

Earlier that in the future the main competitors of the banks will not be other banks, and major Internet resources, warned the head of Sberbank German Gref.

In early 2016, the first Deputy Chairman of the Central Bank Sergey Shvetsov pointed to the danger of widespread computer systems, investment advice (robo-advisor). According to him, if the advice of such programs start to follow too many players, it might end in disaster.

“The market is stable when there are a lot of players with different investment strategies. When a lot of players with a single investment challenge, it is a catastrophe,” — said Shvetsov.

The Deputy head of the Central Bank also pointed to the threat of a hacker taking control over the robots-advisers, which then can be used for insider trading.

Informed about the negative consequences of using exchange robots said the head of “Rosneft” Igor Sechin. In particular, among these consequences, he took the fall in oil prices.