Planning and financing in the social development

Purpose: Determining the purpose, content, appropriation, features of the program-target and design-target methods of planning and financing in the social sphere and the ways of their further development. Design/Methodology /Approach: In modern conditions of economic and financial uncertainty in the social sphere, reform changes, aimed at improving the quality of public finance management are in progress. These transformations were launched by the Ministry of Finance of Russia in 2004, when the main directions of budget sector reform were identified, including the transition to new forms of financial support for the provision of state (municipal) services, the introduction of result-oriented budgeting methods. The presented article is devoted to the methods of a programmatic approach to planning and financing in the social sphere development. Findings: An integrated approach to the implementation of planning, financing and management of budgetary resources in the social sphere will make it possible to consider the program-target and project-target methods as the key tools for the distribution of labor, material and financial resources to achieve the goals and objectives, while the levels of goals achievement must have measurable indexes (indicators) that have the ability to influence the managed object. Practical implications: The results of the study can be applied in the management activities of the state and municipal authorities, social institutions with the aim of developing the program-targeted and design-targeted methods of planning and financing. Originality /value: The main idea of the modern stage in the development of program methods for planning and financing in the social sphere is that a new quality of public and municipal finance management, optimization of budget expenditures requires the inclusion in the state programs of measures aimed at achieving the goals stated in the relevant national and federal projectspeer-reviewe

The transformation of traditional banking activity in digital

Purpose: This article investigates specifics of the transformation of banking activity in the conditions of digitalization of the economy. In the light of penetration of digital technologies into all the spheres of our life, the rapid development of financial technologies and their active implementation in the banking sector of the economy, digital financial innovations are formed at the intersection of the concepts of "financial technologies" and "financial innovations". Design/Methodology/Approach: In order to investigate the process of transformation of the banking sector in the context of digitalization, it is necessary to consider this issue from three points of view: 1) theoretical understanding of the concept of "financial technologies"; 2) the need to ensure the efficiency and sustainability of the banking sector; 3) the change in the IT- architecture of banking activities and the formation of the digital ecosystem with banks in the center. It is also reasonable to analyze promising areas of implementation of financial technologies into the banking sector. Findings: The main directions of the development of financial technologies in the banking sector, aimed at further transformation of traditional banking services through digital technologies. Practical Implications: The results of the study can be applied in the development of the legislative regulation of the FinTech industry in Russia. Originality/Value: The main contribution of this study is to determine the prospects for the development of the domestic banking sector in the context of digitalization, the need to transform in order not only to improve the competitiveness and efficiency of functioning, but also to stay in the banking business.peer-reviewe

Prospects for the internal state financial control development in the Russian Federation

Purpose: The presented article is aimed at assessing the modern development of internal state financial control in the Russian Federation. The most important condition for the effective functioning of public finances is the transition to a qualitatively new level required for the dynamic development of the public administration sector, improving the social status of citizens, as well as the investment climate. This predetermines the objective need to rethink and identify fundamentally new approaches to the study of theoretical, methodological and practical problems of financial management. Design/Methodology/Approach: The article is a comprehensive review of the main changes in legislation governing internal state financial control that determines the nature of this concept, the methodology of internal state financial control is presented, problems are identified, substantiated and structured and directions for their solution are proposed in order to increase its development effectiveness. The study used methods of comparative analysis, systematization, classification, analogy and comparison. Findings: The authors identified, substantiated the problems and developed recommendations for improving internal state financial control, which can improve the quality of public and municipal finance management and facilitate the transfer of public administration to a level that meets the needs of modern reform of the Russian economy. Practical Implications: The results of the study can be introduced into the practice of organizing internal state financial control in the Russian Federation in order to improve the quality of public and municipal finance management. Originality/Value: The main contribution of this study is to develop recommendations for the development of internal state financial control, which will contribute to the effective management of public finances in the executive bodies of the Russian Federation.peer-reviewe

FinTech ecosystem as an instrument of sustainable development provision

Purpose: The article aims to determine the relationship between the FinTech ecosystem and ensuring a stable path of economic growth in the context of digitalization. The transition to digitalization of the financial sector is accompanied by a fundamentally new, qualitative transformation of socioeconomic relations in society. Design/Methodology/Approach: As part of the study, the concept of FinTech was considered both in the context of technological innovation and in the context of companies utilizing these innovations in business, as well as the systematization of business models of the FinTech industry. The classification of horizontal and vertical innovations of the financial industry is given. The authors presented the structure of the FinTech ecosystem as an instrument for ensuring sustainable. Findings: For the successful development of the FinTech ecosystem, the authors of the study presented a number of initiatives, the implementation of which will ensure the maintenance of the financial system stability, protection of consumer rights, as well as the digital innovations’ development and implementation. Practical Implications: The formation of a sustainable digital financial infrastructure tends to ensure the effective provision of services in the financial market, including for small and medium-sized companies, which will increase the availability of financial services and promote competition in the financial sector. Originality/Value: The key contribution of the study is the ecosystem approach, which allowed determining the possibilities of safe sustainable development of the financial sector.peer-reviewe

New challenges and problems of the nancial market in the open bank system conditions

The main trends in the development of the global financial market in conditions of active development of open digital banking, which determines new opportunities and challenges for the creation of innovative banking and financial products are revealed. The key stages of “financial repression”, which predetermined new challenges and problems for the traditional model of the financial market, are considered. The main difficulties and problems connected with the transition from the traditional banking model to the Open Banking Standard model are substantiated. The analysis proves that further development of the financial market dictates the need to increase efficiency and reduce costs in the development of next-generation digital services. In this regard, the widespread introduction of Open Banking Standard will create new products for the financial market. The implementation of Open Banking Standard in real time will allow to open access for the consumer to more personalized information resources, and services will be provided through a secure open service in order to more effectively manage personal finances. Today, many small and medium-sized companies use third-party commercial development for accounting purposes, but they have to enter transaction data manually. The practical use of Open Banking Standard will allow the consumer not only to receive data in real time, but will also partially solve the problem of gaining access to more personalized information resources for making banking decisions. Also, clients will be able to offer better loan terms, as credit institutions will be able to analyze its transaction data to determine the level of the borrower’s risk

SEGMENTATION OF CROSS-CHANNELS IN THE CONDITIONS OF DEVELOPMENT OF THE INFORMATION SYSTEM OF THE CREDIT AND FINANCIAL SECTOR

The development of a new cross-channel information system of the credit and financial sector requires the introduction of new technologies and tools, which ultimately necessitates the use of segmentation methods. Cross-channel segmentation is considered to be the most sensitive part of the development strategy of the information system in the credit and financial sector, as it determines the target segments and their impact on the development strategy of the entire financial market. The fundamentals of building an information cross-channel of the credit and financial sector are identified, the observed and unobservable features of customers are identified, adapted to the needs of specific products and services of the financial market

Increasing the budget costs’ efficiency as a factor of state finance stabilization

The article stands for comprehensive system approach in increasing the effect and performance of budget costs, providing the stability and long-term sustainability of state finance. In recent times Russia has gone to considerable lengths in introduction of result-oriented budgeting both on federal and regional level. In a similar vein, we could highlight the fact that insufficient conditions are created to increase the efficiency of budget costs management. The research paid much attention to the issues connected with evaluation of budget costs’ performance in conditions of implementing the concept of budget consolidation and budget constraints. Authors set number of objectives: studying economic essence of “efficiency” and “performance” of budget expenditures; studying the framework of budget stabilization financial support measures; revealing the methodological approaches in budget cost effect evaluation in the framework of program-target budgeting including the regional level. The article concludes with the necessity of improving the evaluation system of criterion-based budget costs’ management as well as highlighting the condition when the positive effect of program-target budgeting is reached: firstly, solving of methodological problem of measuring the planned (target) and actual results of budget funding; secondly, taking measures of strengthening the real responsibility of state authorities for accomplishment of target indicatorspeer-reviewe

Padrões funcionais e condições operacionais dos sistemas socioeconômicos regionais na Federação Russa

The relevance of the research topic is because the administrative reform initiated in the Russian Federation, aimed at improving the management of all aspects of public life, is impossible without studying public opinion. Today, the problem of developing effective technologies for the interaction of public opinion with the public administration system is becoming especially urgent. So in this paper we studied the political management of public opinion with the help of the global Internet. The subject of the research is management technologies, with the help of which the influence of control on the formation of public opinion is exercised. The essential social functions of public opinion are revealed. Researched directly to the community that disseminates information on the Internet. Analyzed the results of the implementation of the political and psychological settings of the public consciousness.La relevancia del tema de investigación se debe a que la reforma administrativa iniciada en la Federación de Rusia, dirigida a mejorar la gestión de todos los aspectos de la vida pública, es imposible sin estudiar la opinión pública. Hoy en día, el problema de desarrollar tecnologías efectivas para la interacción de la opinión pública con el sistema de administración pública se está volviendo especialmente urgente. Entonces, en este documento estudiamos la gestión política de la opinión pública con la ayuda de la Internet global. El tema de la investigación son las tecnologías de gestión, con la ayuda de las cuales se ejerce la influencia del control en la formación de la opinión pública. Se revelan las funciones sociales esenciales de la opinión pública. Investigado directamente a la comunidad que difunde información en internet. Se analizó los resultados de la implementación de la configuración política y psicológica de la conciencia pública.A relevância do tema de investigação é um debate sobre a reforma executiva na Federação da Rússia, é dirigida a uma gestão de todos os aspectos da vida pública, é imposible e estuda a opinião pública. Hoy en día, o problema de desenvolvimento tecnológico para a interacção da opinião pública com o sistema de administração pública está especialmente volviendo urgente. Destaques, este documento estuda a gestão política da opinião pública com a ajuda da Internet global. O tema da investigação é as tecnologias de gestão, com a ajuda das pessoas que desenvolvem a influência do controle na formação da opinião pública. Se revelan las funciones sociais esenciales de la opinión pública. Investigado directamente a comunidade que difunde información en internet. Se analisa os resultados da implementação da configuração política e psicológica da consciência pública