Speaking at the Sirius 2023 international financial security forum, PSB Chairman Pyotr Fradkov outlined a clear trajectory for the banking sector over the coming years. He emphasized that the industry will increasingly embed digital technologies into its core operations and that banks will intensify collaboration to combat cybercrime. The message was pragmatic: digital tools will not merely supplement traditional services but will redefine efficiency, risk management, and customer experience across the sector in North America and beyond. (Attribution: PSB press conference, Sirius 2023).
Fradkov highlighted tangible progress within PSB itself as a microcosm of the broader market shift. He noted that roughly six in ten small and medium-sized enterprises served through PSB now rely on fully automated processes via digital channels. In the retail arena, approximately two-thirds of customers are already engaging with digital banking services. He projected a near future where digital adoption reaches 100 percent across all banking segments within five years, marking a transformation toward a completely digital, mobile, and technologically sophisticated industry that promises heightened user convenience, faster transactions, and more personalized financial interactions. (Attribution: PSB remarks during Sirius forum).
The discussion extended beyond convenience to underwrite the necessity of ongoing innovation. Fradkov pointed to the rapid acceleration of biometric technologies, the growth of online banking ecosystems, the strategic value of big data analytics, and the emergence of digital currencies as forces reshaping how banks operate and how customers manage money. He underscored that the expansion of the digital payments market will demand continuous enhancements to security frameworks so that trust remains central to the customer experience. (Attribution: Sirius 2023 keynote).
Addressing the darker side of digital acceleration, Fradkov argued that the industry’s heavy reliance on information technology and the vast volume of confidential data stored and exchanged create new and evolving avenues for cybercrime within financial markets. He described this moment as a real departure from the past, a new reality in which attackers adapt quickly and traditional defenses must keep pace through layered, proactive measures. The response, he suggested, should be equally dynamic: investment in advanced detection, rapid incident response, staff education, and robust governance to safeguard both institutions and customers. (Attribution: Sirius 2023 remarks).
In closing, Fradkov outlined PSB’s comprehensive approach to strengthening digital security. The bank employs cutting-edge security systems and conducts regular simulations of cyberattacks with the involvement of cybersecurity experts to stress-test defenses and refine tools. Crucially, PSB also prioritizes human factors by engaging employees and customers in ongoing financial literacy and cybersecurity education across multiple communication channels, ensuring that learning extends beyond formal training. This holistic strategy aims to reduce risk, empower users, and build a culture of security that stands up to increasingly sophisticated threats. (Attribution: PSB security initiatives report).