Sberbank's chief technology officer, David Rafalovsky, says he's not threatened by inroads into financial services by tech firms like Apple, Facebook and Google.
However, with many traditional financial services firms also investing in technology, Rafalovsky said the biggest threat to incumbents would be a lack of innovation.
"The question is: 'What will financial institutions do overall?' Will they retreat and become a back-end to fintechs and large tech companies with a huge install base and user-base? Or they will actually innovate in their own right and drive product innovation on par, if not better, than the big tech companies," he said.
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