ASSESSMENT OF THE BANK COMPETITIVENESS IN THE DIGITAL ECONOMY: QUANTITATIVE AND QUALITATIVE APPROACHES

Abstract

The digitalization of the economy poses serious challenges to existing business models. Classical financial institutions in the banking system are currently being transformed into digital organizations, providing services based on innovative technologies and digital services. The purpose of this article is to consider domestic and foreign methods for assessing the competitiveness of banks in the digital economy through the prism of quantitative and qualitative characteristics of the development of their business models. The methodology of scientific research includes the use of such general scientific methods as analysis, synthesis, comparison, scientific abstraction, and special economic methods (analytical data processing, ranking of positions, stakeholder mapping). The article provides literature review on the concept "competitiveness"; the main differences in understanding the competitive sources of banks in the traditional and digital economies are identified; the methods of quantitative and qualitative assessment of the competitiveness of a group of neobanks as real representatives of the new banking era is studied; competitiveness in the digital economy of some Russian neobanks (Tinkoff Bank, Megafon Bank, DeloBank, Bank 131) is assessed through qualitative and quantitative research methodologies. Findings of the research help improve strategic planning processes, taking into account creating value for corporate and retail clients. It was found that assessing the competitiveness of Russian banks in the digital economy has challenges caused by uneven progress of reforms in the banking sector, high percentage of government-owned banks, the impact of COVID-19 on digital reforms, as well as the dependence of the banking sector on software solutions and digital services provided by foreign-based companies.

Keywords

banking intervention, competitiveness map, competitive position, assessment of competitive ability, ranking, steakholders, digitalization of banking services

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About the Author

Sergey V. Eshtokin – PhD in Economics, Doctoral Student; Market Economy Institute of Russian Academy of Sciences, Moscow, Russia. E-mail: bmk.0952@gmail.com

For citation

Eshtokin S.V. Assessment of the Bank Competitiveness in the Digital Economy: Quantitative and Qualitative Approaches // BENEFICIUM. 2021. Vol. 1(38). Pp. 16-27. (In Russ.). DOI: 10.34680/BENEFICIUM.2021.1(38).16-27