Experts have told how the digital economy will destroy the banks

© RIA Novosti / Ramil to Setdiscoverable in fotobank Gaidar forumExperts have told how the digital economy will destroy the banks© RIA Novosti / Ramil to Setdiscoverable the image Bank

The financial sector in the development of the digital economy will disappear first, there will be the formation of an efficient market, which will disappear banking industry in its current form, stated RIA Novosti Executive Director of the data Analytics Institute Deloitte Alexey Minin on the sidelines of the Gaidar forum.

«Competition in the digital economy, you need to possess a number of competencies, to be flexible and very effective, to be able to manage portfolios and analyze big data to make objective decisions online 24/7. Not difficult to guess, in the digital economy there is no place for man,» — said the Agency interlocutor.

According to him, this is the world that is created by machines for machines and people at some point will not control the laws of this world. «Here at risk of the financial sector, and that it disappears first under pressure from the digital economy and will move to a qualitatively new level, there will be the formation of an efficient market and that will mark the end of the banking industry as we knew her,» said the Minin.

According to the expert, the same fate awaits a number of industries, products and services which may exist in digital form. At the same time, there are sectors that cannot be dematerialized – mining, production of agricultural products. «These industries will remain in the macrocosm, and in these industries exponential (leading to a sharp rise in — edition) technology will start a new war for the efficiency of the assets of such industries,» he said.

The opportunity for Russia

It is the ability to implement such technologies, according to experts, will be the basis for a multiple increase of capitalization of the companies and will be a key aspect of the global competition of economies.

«Russia once again had a unique chance to a spike. We have a substantial proportion of very large public companies, which have the unique structure of assets, which can be the basis for this qualitative leap forward, provided that there is a way to apply such technologies to these assets», — the expert believes.

Today, big business has a very low appetite for innovations, or does not have it at all, he explains. «The existing regulation and bureaucracy in hierarchical models of state-owned companies do not allow to obtain the desired speed of innovation. Projects related to the introduction of AI, in our experience, take years. This speed is insufficient in the context of global competition for efficiency,» says Minin.

«We must create new structures that could be called exploratory – which would create a difficult but necessary ecosystem for the interaction of the assets and expertise of top managers of big business, innovativeness and flexibility of startups focused on specific tasks,» suggests a spokesman.

However, the state must assume a new role, ensuring the transition intellectual property rights of start-UPS and providing them with the necessary resources in order to bring them to global markets and to monetize the technology, the expert believes.

«So, the country will have a globally competitive modern company, which will provide in the future, the revenue side of the budget,» he concluded.

The RIA Novosti media group «Russia today» is the official news Agency of the Gaidar forum in 2018. The organizer of the forum «Russia and the world: aims and values» is the Russian Academy of national economy and state service under the President of the Russian Federation (Ranepa).

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