Digitalization of financial sector in Russia: Key components and concepts

¹ Dpt. of English and Professional Communication, Pyatigorsk State University, 9 Kalinin Ave., 357532 Pyatigorsk, Russia
² Dpt. of English and Professional Communication, Pyatigorsk State University, 9 Kalinin Ave., 357532 Pyatigorsk, Russia
³ Dpt. of Finance and Accounting, Pyatigorsk Institute (Branch) of North Caucasus Federal University, 56 40 Let Oktyabrya St., 357500 Pyatigorsk, Russia

^* Corresponding author: olitvishko@yandex.ru

Abstract

The article is devoted to the study of key components of financial sector in Russia and key concepts related to them. The authors believe these key components are focused on achieving the strategic goals set by the Russian government in the national project “Digital economy” which include; increasing the availability and quality of financial services and services for citizens and businesses; creating a competitive environment; further development of competition in the financial market; increasing the availability, quality and range of financial services; reducing risks and costs in the financial sector; increasing the competitiveness of Russian technologies while ensuring cybersecurity and maintaining financial stability. The authors analyse the economic situation that is developing in the country under the influence of the spread of digital technologies pointing out that Russia is one of the world leaders of digitalization in the sphere of finance. Using diachronic approach, the authors traced the history of digitalization in the world in general and Russia in particular, which allowed them to determine major trends and priorities. Further analysis of the language means representing the key concepts conducted with the help of linguocognitive modelling revealed the nature of the process of digital transformation of financial sector.