Development Prospects of Modern Banking

Relevance. The increasing competition between financial institutions and technology companies requires the active implementation of innovative developments in current activities. Artificial intelligence is becoming an everyday fact of presence in communications between business partners and customers, generating new formats of interaction. "Smart" technologies based on artificial intelligence are able to take on certain mechanical functions related to the verification and verification of contract terms, which can significantly speed up formal procedures and reduce the likelihood of operational errors. Innovative solutions for the fulfillment of contractual obligations based on the signing of smart contracts in various business areas contribute to the use of such in banking, where communication is constantly taking place according to standard banking procedures.

Purpose. The purpose of the work is to reveal the peculiarity of the use of a smart contract in the banking business for its scaling.

Objectives. The following tasks were set and consistently solved in the article: to study the features and nature of the emergence of smart contracts in the business environment, to analyze the existing practice of using this tool, to formulate the principles of transformation of contracting processes with the introduction of "smart" technologies into traditional banking business.

Methodology. The methods of generalization, systematization, analogy, graphical and logical analysis, and idea generation were used in the work.

Results. The paper examines the properties of an innovative digital banking business contracting tool, highlights its main characteristics and grounds for application, and considers the mechanism of its implementation in the blockchain environment.

Conclusions. The article examines the directions of the future development of banking in the domestic banking sector and draws conclusions about the further development of "smart" technologies in the context of increasing competition between banking and technology companies. The expansion of banking business in the online space is impossible without the use of advanced solutions in the field of customer service, which leads to the emergence and development of the practice of intellectualization of traditional contract processes.

1. Fedotova G. V. [Deception solutions for cybersecurity of banks]. Tsivilizatsionnye peremeny v Rossii. Materialy XIII Vserossiiskoi nauchno-prakticheskoi konferentsii [Civilizational changes in Russia. Materials of the XIII All-Russian scientific and practical conference]. Ekaterinburg, Ural State Forestry Engineering University Publ., 2023, pp. 276‒281. (In Russ.)

2. The 2024 Top Strategic Technology Trends. They’ll drive your business strategies forward. Available at: https://www.gartner.com/en. (accessed 27.01.2024)

3. Szabo N. A. Formal language for analyzing contracts. Available at: https://fon.hum.uva.nl. (accessed 17.01.2024)

4. Swan M. Blockchain: blueprint for a new economy. O’Reilly Media Publisher, 2015. 152 p.

5. Chishti S., Barberis J. The fintech book: the financial technology handbook for investors, enterpreneures and visionaries. John Wiley& Sons Publisher, 2016, pp. 1341‒1356.

6. Stepanov D. A. Kiberekonomika kak rezul'tat tsifrovoi modernizatsii sovremennoi ekonomiki: epokha tekhnologii industrii 4.0 [Cyber economy as a result of digital modernization of the modern economy: the era of industry 4.0 technologies]. Ekonomika i sotsium: sovremennye modeli razvitiya = Economy and Society: Modern Development Models, 2020, vol. 10, no. 3, pp. 271‒288. https://doi.org/10.18334/ecsoc.10.3.111155

7. Fedotova G. V., Shumilina O. V. [Banking risk management]. Aktual'nye problemy razvitiya khozyaistvuyushchikh sub"ektov, territorii i sistem regional'nogo i munitsipal'nogo upravleniya. Materialy X Mezhdunarodnoi nauchno-prakticheskoi konferentsii [Current problems of development of economic entities, territories and systems of regional and municipal management. Materials of the X international scientific and practical conference]; ed. by Yu. V. Vertakova. Kursk, Universitetskaya kniga Publ., 2015, pp. 401‒405. (In Russ.)

8. Babina S. I. Tsifrovye i informatsionnye tekhnologii v upravlenii predpriyatiem: real'nost' i vzglyad v budushchee [Digital and information technologies in enterprise management: reality and a look into the future]. Kreativnaya ekonomika = Creative Economy, 2019, no. 4, pp. 723‒742. https://doi.org/10.18334/ce.13.4.40596

9. Sannikova L. V., Kharitonov Yu. S. Tsifrovye aktivy i tekhnologii: nekotorye pravovye problemy vyrabotki ponyatiinogo apparata [Digital assets and technologies: some legal problems of developing a conceptual apparatus]. Pravo i tsifrovaya ekonomika = Law and Digital Economy, 2018, no. 1, pp. 25–30.

10. Borkova E. A., Osipova K. A., Svetlovidova E. V., Frolova E. V. Tsifrovizatsiya ekonomiki na primere bankovskoi sistemy [Digitalization of the economy using the example of the banking system]. Kreativnaya ekonomika = Creative Economy, 2019, vol. 13, no. 6, pp. 1153‒1162. https://doi.org/10.18334/ce.13.6.40734

11. Pravo tsifrovoi ekonomiki – 2022. Ezhegodnik-antologiya [Digital Economy Law – 2022. Yearbook-anthology]; ed. by M. A. Rozhkova. Moscow, Statute Publ., 2022. 414 p.

12. Mekki M. Le contrat, objet des smart contracts. Dalloz IT/IP, 2018, no. 7-8, pp. 409‒417.

13. Fedotova G. V. Rol' institutov razvitiya v realizatsii gosudarstvennoi investitsionnoi politiki [The role of development institutions in the implementation of state investment policy]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Problems and Solutions, 2014, no. 5 (191), pp. 43‒47.

14. Avdeeva I. L. Vozmozhnosti tsifrovoi ekonomiki dlya razvitiya bankovskogo biznesa v Rossii [Opportunities of the digital economy for the development of banking business in Russia]. Srednerusskii vestnik obshchestvennykh nauk. Seriya: Ekonomika i upravlenie = Central Russian Bulletin of Social Sciences. Series: Economics and Management, 2017, no. 5, pp. 69‒81.

15. Efimova L. G., Sizemova O. B. Pravovaya priroda smart-kontrakta [Legal nature of a smart contract]. Bankovskoe pravo = Banking Law, 2019, no. 1, pp. 23‒30.

16. Zakirov R. F. Ispol'zovanie sovremennykh IT-tekhnologii kak sredstvo dostizheniya osnovnykh zadach sudoproizvodstva [The use of modern IT technologies as a means of achieving the main objectives of legal proceedings]. Vestnik grazhdanskogo protsessa = Bulletin of Civil Procedure, 2018, no. 1, pp. 211‒219.

17. Volos A. A. Smart-kontrakty i printsipy grazhdanskogo prava [Smart contracts and principles of civil law]. Rossiiskaya yustitsiya = Russian Justice, 2018, no. 12, pp. 5‒7.

18. Savelyev A. I. Nekotorye pravovye aspekty ispol'zovaniya smart-kontraktov i blokcheintekhnologii po rossiiskomu pravu [Some legal aspects of the use of smart contracts and blockchain technologies under Russian law]. Zakon = Law, 2017, no. 5, pp. 94‒117.

19. Rumyantsev A. I. [Blockchain and Law]. Pravo v sfere Interneta. Sbornik statei [Law in the Internet. Collection of articles]; ed. by M. A. Rozhkova. Moscow, Statute Publ., 2018, pp. 159–178. (In Russ.)

20. Fedotova G. V. Spetsifika postroeniya natsional'nykh sistem gosudarstvennogo finansovogo kontrolya v stranakh Zapada i primenimost' zarubezhnogo opyta v Rossii [Specifics of building national systems of state financial control in Western countries and the applicability of foreign experience in Russia]. Finansy i kredit = Finance and Credit, 2008, no. 10 (298), pp. 77‒80.

21. Douvelle T. Blockchain et protection des données à caractère personnel. A. J. Contrat, 2019, no. 7, pp. 316–320.

22. Bensoussan L. Le smart contract: en jeux juridiques et pratiques. Revue de Droit Bancaire et financier, 2019, no. 2, pp. 1–2. (In France)

23. Efimova L. G., Mikheeva I. V., Chub D. V. Sravnitel'nyi analiz doktrinal'nykh kontseptsii pravovogo regulirovaniya smart-kontraktov v Rossii i v zarubezhnykh stranakh [Comparative analysis of doctrinal concepts of legal regulation of smart contracts in Russia and in foreign countries]. Pravo. Zhurnal Vysshei shkoly ekonomiki = Law. Journal of the Higher School of Economics, 2020, no. 4, pp. 78– 105.

24. Grin O. S. Osnovnye podkhody k ponimaniyu sposobov obespecheniya ispolneniya obyazatel'stv [Basic approaches to understanding ways to ensure the fulfillment of obligations]. Vestnik Universiteta imeni O. E. Kutafina (MGYuA) = Bulletin of the University named after O.E. Kutafina (MSAL), 2016, no. 10, pp. 44‒51.

25. Trevor I. Kiviat. Beyond Bitcoin: Issues in Regulating Blockchain Transactions. Duke Law Journal, 2015, vol. 65, pp. 569‒608.

26. Gongalo B. M. Uchenie ob obespechenii obyazatel'stv: voprosy teorii i praktiki [Doctrine of securing obligations: issue. theory and practice]. Moscow, Statute Publ., 2004. 220 p.

27. Burbach D. T., Watts C. Messing with the Enemy: Surviving in a Social Media World of Hackers, Terrorists, Russians, and Fake News. Naval War College Review, 2020, vol. 73, no. 1, p. 17.

28. Masterchein [Masterchain]. Available at: https://www.masterchain.ru/products/masterchain/. (accessed 29.01.2024)