BANK DEVELOPMENT IN RUSSIA UNDER COVID-19 PANDEMIC: ECONOMIC, LEGAL, AND ORGANIZATIONAL ASPECTS

Resumo

Objective: This paper covers the influence of the COVID-19 pandemic on bank activity and bank development which is aimed at ensuring competitiveness and stability of the Russian bank system. The aim of this paper is to study the results of bank activity and areas for further development of Russian banks under the COVID-19 pandemic. Methods: The study was conducted on the basis of a systematic and integrated approach with a set of general scientific and private scientific methods. Results: It is crucial to integrate risk management in business strategy and management systems of Russian banks, to combine accurate and reliable planning and forecasting in banking, to ensure efficient management of spending so as to increase operational efficiency and cost-effectiveness based on digital technology. Conclusions: The main approach to risks management should be holistic, comprehensive, and timely implemented into banking activity to ensure its stability and competitiveness in the long run.