Financial Digitalization: How Are Banking Services Changing, and What Do People Think? (Russia and Tajikistan)

Abstract

This article presents the results of a scientific study on the topic of improving financial digitalization in a cross-country perspective. In the context of the tasks being solved to improve the financial market, an important aspect is “feedback”, i.e., identifying and assessing changes in the attitude of retail and corporate consumers of financial services towards professional intermediaries operating in the context of global digitalization. The analysis was conducted based on factual data on the state of the financial markets of two countries – the Russian Federation and the Republic of Tajikistan. The conclusions also draw on the results of a sociological study conducted using a questionnaire survey of respondents of different ages (Russia). The work pays special attention to assessing the level of financial and digital literacy of the population of the two countries. The ultimate goal of this study is to demonstrate the objective determinacy of the financial market transition to a new format for providing banking services and to identify the opportunities that need to be used to increase the satisfaction and security of consumers of banking products in the current environment. To achieve this goal, conceptual principles from several Russian and Tajik public policy strategies for improving the financial market through digitalization were utilized. Undoubtedly, studying the experiences of two countries with similar economic structures, histories, and cultures will benefit both Russia and Tajikistan. Since the contours of future digital finance are only just emerging as the results of scientific socioeconomic research, conducting such research seems highly promising, as it could serve as the basis for the progressive convergence of the financial systems of countries with common payment systems, stock exchanges, and other institutions. Financial convergence in the modern world is occurring in many ways, affecting the interests of numerous participants–from ordinary consumers to the heads of large financial companies and banks, ministers, and others. Scientists–economists, philosophers, sociologists, psychologists, and cyberneticists–seek to substantiate the feasibility and methods of transferring experience (global and international) in the functioning of the financial market. In this case, not only the concepts of financial market development are important, but also specific measures to improve interactions between suppliers and consumers of financial services.