Digitalization of financial sector in Russia: key components and concepts

. 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.


Introduction
In the modern world, digitalization of financial sector is becoming an increasingly relevant and in-demand topic.This process is connected with the need to increase the efficiency and transparency of financial institutions, ensure fast and reliable data processing, as well as expand the availability of financial services for the public and businesses.
Russia is one of the world leaders in the field of digital transformation of the financial industry and occupies leading positions in international rankings.As it is pointed out in the report prepared by analysts of Higher School of Economics [1], Russia belongs to the top three countries with the highest level of penetration of digital technologies into financial sector, 82% of Russian citizens use FinTech services.
Really, the index of digitalization in financial sphere is 34 out of 100, which is second after industrial sector (Fig. 1).Fig. 1.Index of digitalization and intensity of using digital technologies in 2019, share of organizations using digital technologies, % Other data additionally prove the fact that Russia is one of the world leaders in the digitalization of financial sector taking leading positions in various international ratings [2]: -In 2020 Russia took the 8th place in the number of Internet-users, the 6th place in the level of penetration of mobile devices in everyday life; -In 2020 Russia entered the top 10 countries-leaders of digital banking alongside Japan, Singapore, Norway, Spain, Belgium, Turkey, Poland, Saudi Arabia, Qatar; -Russia is one of the leading markets for digital technologies: 87% of customers use digital channels; -In 2020 Russia took the 4th place in the transition to non-cash payments during COVID-19 pandemic.
Russian experience in this area may be useful for other countries, especially for developing economies seeking to make their financial sector more digital and accessible.Defining the key components of digitalization processes based on Russian experience will help to determine the key concepts that lie at the core of digital transformation of financial sector, which will greatly contribute to understanding the theoretical foundations of this economic phenomenon.As far as digital transformation of Russian financial sector is concerned, during the Soviet period, it fully depended on the level of technological development of the USSR which was rather low and was focused on copying the USA technologies.Other obstacles include the absence of market economy and high concentration of advanced technologies in the military sphere while dual purpose technologies were underdeveloped [4].
The modern period is characterized by two trends.On the one hand, over the 2010s it was an ongoing, though relatively deliberate process.On the other hand, it was speeded by new challenges the global community faced due to COVID-10 pandemic.Financial market was one of the spheres most seriously hit by pandemic, which stimulated the necessity to rethink the way the system works and introduce new tools.
Nowadays, the Russian financial sector is characterized by three main trends (Fig. 2): Latest trends in the Russian financial sector

Priorities of digital transformation of Russian financial sector
The achievements of digitalization in the financial sector of 2018-2020 that allowed Russia to take leading positions in world ratings boosted further development and set new directions.
According to the project of "Guidelines for digitalization of financial market for the period of 2022-2024" proposed by Bank of Russia, the priorities of the development of financial sector in terms of digital transformation include (Table 2) [5]: Besides, Bank of Russia is planning to be actively involved in developing measures to ensure consumer rights protection, establish the necessary conditions for creating an environment of trust and improving financial literacy, including digital and cyber literacy, increase the availability of financial products and services provided in digital format, as well as reduce the risks of digital inequality.The latest developments in international politics could not avoid influencing the Russian financial sector which faced the following challenges: -Sanctions against Russian institutions; -Transformation of economic ties, geography of exports and imports, production volume; -Disconnection from the global payment infrastructure, including SWIFT, freezing correspondent accounts; -Shutdown of international payment systems Visa and Mastercard; -Blocking of assets of Russian investors by international accounting institutions; -Structural transformation of the Russian economy.
To reach the goals set by priorities, the Bank of Russia should work at strengthening the input of financial market into the transformation of national economy under present conditions; enhancing citizens' confidence in financial market; increasing availability of financial services; ensuring smooth operation of financial systems even under pressure [6].

Key components of digital transformation of Russian financial sector
The automatic content analysis of the texts of two main documents -"Guidelines for digitalization of financial market for the period of 2022-2024" and "Main directions of the development of the financial market of the Russian Federation for 2023 and the period of 2024 and 2025: summary" conducted with the help of Microsoft Word and Microsoft Excel revealed that 10 most commonly used words / word combinations related to digitalization of financial sector are the following ( It is not by accident that these words and word combinations are most currently used in the studied texts.We believe they represent the key components of digitalization of financial sector, with a multi-level system of logical and semantic relations between them.Determining a thematic field [7] of each component of digitalization happening now in the sphere of finance will help to develop a concept field of digital transformation of Russian financial sector, which inevitably requires employing methodological range of tools of linguocognitive modeling [8][9], which proved to be most effective in categorizing similar units of meaning [10] (in this case -units comprising thematic fields).

Concept field of digital transformation of Russian financial sector
Developing concept fields of key components of digitalization of financial sector in Russia will help to systematize the knowledge about digital transformation, determine high and low order units in the structure of concept sphere of the studied phenomenon [11].
We will conduct linguocognitive modeling of digital transformation of Russian financial sector on the example of top three components -bank, technologies, digitalization.For this purpose, it is necessary take into consideration the development of the theory of lexical-semantic fields [10; 12; 13].
The analysis of contextual use of the lexeme "bank" gave the following results: -Two thirds of the cases of its usage are represented by the combination "Bank of Russia; -It is used in various combinations and in various functions -as a noun (central bank), as an adjective (bank deposits), as a verbal (banking); -It is used in its root form both as a noun (national bank) and an adjective (bank application) and as a derivative form as a noun (banking) and as an adjective (banking sector).The results of the analysis allow us developing a system of contextual and colloquial usage of the lexeme "bank" (Table 4) which will serve as the foundation for the development of the concept field of the concept "bank" represented by the lexeme "bank" (Fig. 3).The lexeme "technology (technologies)" is most currently used in the word combination "financial technologies", which accounts for a half of the cases registered in the analyzed texts.It is used in different part-of-speech forms both in root and derivative forms (Table E3S Web of Conferences 431, 05018 (2023) ITSE-2023 https://doi.org/10.1051/e3sconf/2023431050185).Unlike the lexeme "bank", it is used in a number of verb phrases and in noun phrases with nouns derived from those verbs.A derivative adjective is also recurrent.The analysis of the contextual usage of the lexeme "technology / technologies" and its collocational properties opens up a possibility to develop a concept field of the homonymous concept represented by the studied lexeme "technology / technologies" (Fig. 4).The third currently used lexeme "digitalization" represents the concept of digital transformation, and is used most frequently in the word combination "digitalization of financial market / sector".Other variants of contextual usage include noun phrases where "digitalization" functions as various parts of speech (Table 6).In general, the usage of the lexeme "digitalization" is not so diverse as of the two previous lexemes.The process of digitalization concerns every aspect of financial activity, so the concept field of digitalization may be represented as follows (Fig. 5):

Conclusion
The conducted analysis allowed us to determine the key components of the digital transformation of financial sector in Russia, which include bank activities, technologies, digitalization, customers, national payment system, regulation, cybersecurity, financial services, innovation carried out in distant mode.With the help of method of linguocognitive modelling, we managed to develop concept fields of the three top components, namely, bank, technology, digitalization, and define the means of linguistic representation of these component in the texts of the studied economic documents.
We firmly believe that the results of the conducted research will be of great scholarly importance for further research into the nature of digitalization both from economic and linguistic perspective.

Table 2 .
Priorities of digital transformation in the financial sector

Table 3 .
Most currently used words / word combinations related to digitalization of financial sector

Table 4 .
Examples of contextual usage of the lexeme "bank"

Table 5 .
Examples of contextual usage of the lexeme "technology / technologies"