Universal Banking Service in Russia

The tendency of banking universalization, which has been predominant over the past decades, is determined by three important processes in the world: financial globalization of the world economy, reduced agency business of banks, and increase in competition among banks, non-bank financial institutions, and non-financial institutions. In this regard, it is of particular importance to define the concept, role and place of universal and specialized banks in banking system. The purpose of the study is to develop the scientifically based development model of a commercial banks as a universal one upon the footing of detailing the essence, place and role of universal banks in banking system, with due account for the modern processes of universalization and specialization of credit institutions, development of competitive strategy types, which is of great importance for improving the quality of bank management at macro-and micro levels, ensuring sustainable development of credit institutions and their increasing role in Russian economy. The study is based on the dialectic method of knowledge as a means to identify trends, patterns and contradictions in banking system development. Systematic, expert and analytical, comparative, institutional, evolutionary and methodological approaches were used in the course of the study, as well as a wide range of economic and statistical methods, such as functional analysis, sample survey, expert evaluations, generalization and statistical groups. According to the study, the concepts of “universal commercial bank” and “specialized commercial bank” have been clarified based on the study and systematization of theoretical and practical approaches to the definitions. The place and the types of universal and specialized commercial banks in Russian banking system have been identified. The role of universal banks in Russian economy has been substantiated, with due account for development trends: a) global and national banking systems; b) the practice of forming the strategy of universal banks abroad. The approaches to specialized banks risk management have been suggested.