Financial innovations and project methodology in the banking sector of the Russian Federation

Abstract

Based on modern ideas about the economic (fnancial) crisis as a factor in stimulating innovation, including the banking sector, the author examines the consequences of the crises of 2008- 2009, 2014-2015 and the coronavirus crisis in 2020. The article reveals the impact of the 2008-2009 crisis on the development and implementation of innovative technologies by large banks based on the lean production methodology. Impact of the 2014-2015 crisis to stimulate innovations by Agile project approach, an innovative process approach based on the BPM (Business process management) model and other similar models, also use of modifed Lean-management models that contribute to improving the effciency of the banking sector. Special attention is paid to the innovations of 2020 focused on the implementation of the ecosystem approach in the banking sector, the introduction of the most progressive fnancial technologies (Big Data and data analysis, mobile technologies, artifcial intelligence, etc.) and the introduction of innovations in the areas specifed by the Bank of Russia.