Importing Own Software: Examining Import Premium in IT Infrastructure of Financial Companies, Demonstrated via VTB Bank Case Study
Financial Sector Braces for Domestic IT Transformation
The economic landscape has prompted the financial sector to adapt its business processes, with Russian institutions leading the charge. Olga Sorokina, a member of the board of directors at Strakhovoy Dom VSK, discussed this shift during a plenary session at the NexSumm 2025 conference.
Strakhovoy Dom VSK, like other financial entities, is transitioning to a new target IT architecture and beginning to employ open-source software in favor of foreign commercial products. The company is also planning to develop two critical information infrastructure infrastructure projects per government and Central Bank of Russia directives.
According to Sorokina, one barrier to a more rapid adoption of domestic IT solutions is the need for significant investments in such projects. To address this issue, Strakhovoy Dom VSK established its own Marlin IDP platform for software development automation, boosting developers' operational efficiency. Additionally, cloud technologies enable better resource management and reduced capital expenditures, particularly on server purchases.
The financial sector's strategic adaptation is driven by several factors. In response to international sanctions and the need to minimize reliance on foreign technology, Russian financial companies are increasingly adopting domestic IT solutions to reduce the associated risks and ensure operational continuity. This shift is also driven by the need to enhance efficiency and security through digital transformation, including the adoption of digital banking services and fintech collaborations.
Russian officials are supporting this move through regulatory changes and investment in digital infrastructure. The development of a digital ruble is one example, as it could further boost the use of domestic digital solutions.
Strakhovoy Dom VSK's case represents the broader trend in the Russian financial sector. Financial institutions are transitioning to domestic software solutions to comply with government directives and reduce their dependence on foreign technology. They are also investing in digital services to improve customer experience and operational efficiency.
Regardless, the shift poses challenges such as limited access to advanced foreign technologies and cybersecurity concerns. However, financial entities are addressing these issues through fintech collaborations, regulatory adaptations, and government initiatives, such as the development of domestic AI technologies.
In conclusion, the Russian financial sector is embracing domestic IT solutions to mitigate geopolitical risks and enhance operational efficiency. Despite challenges like limited access to foreign technologies and cybersecurity concerns, institutions are using fintech collaborations, regulatory support, and government initiatives to navigate this transition successfully.
- Amidst the financial sector's transformation, Strakhovoy Dom VSK's shift towards domestic IT solutions aligns with the wider trend, as Russian financial entities are increasingly adopting homegrown technologies to minimize reliance on foreign tech and ensure operational continuity.
- With the development of critical information infrastructure infrastructure projects and investments in digital services, Strakhovoy Dom VSK is poised to strengthen its financial business, exemplifying the broader news of a digitally transformed, domestically resilient and secure Russian finance sector.
