The Russian banking sector is entering a new era. According to my data, key market players have already completed the technical preparations for conducting cross-border settlements in cryptocurrency. This is not about pilot projects, but a fully ready infrastructure. However, as practice shows, technical readiness is only half the battle. The fight for the client promises to be unprecedentedly fierce.
Infrastructure is ready: first mover becomes the leader
According to information received from a representative of Alfa-Bank, all major financial institutions without exception have 100% prepared their systems for working with digital assets. Dmitry Vitman, COO of the corporate and investment business unit, directly stated that the market will turn into a "red ocean." In business strategy, this term refers to an environment where all competitors have equal opportunities and are fighting for the same audience.
"We at Alfa love competition, it's a driver," the expert noted. "When the market changes, you can gain a share from that change." His words confirm my long-held thought: in conditions of total infrastructure readiness, the first public advantage will go to those who enter the market earlier than others.
The market is being built from scratch: demand needs to be cultivated
However, one should not think that the readiness of banks automatically means explosive demand. As I have repeatedly emphasized in my analytical notes, the key difficulty lies not in the technical plane, but in the area of market education. Essentially, banks will have to repeat the path taken during the launch of digital financial assets (DFAs) — building a client base from scratch and explaining the advantages of the new instrument.
In my estimation, the first clients will be companies already familiar with cryptocurrency: miners and importers working with jurisdictions where the level of digital asset adoption is higher. However, attracting ordinary corporate clients will require deep educational work. The bank representative rightly noted: "A large number of clients need to be educated, approached, and informed, with fairly low returns in the initial stages."
My expert assessment: We are observing a classic example of the "adoption paradox." The technology is ready, but the market is not. Banks will have to invest significant resources not only in marketing, but also in liquidity, as well as in educational programs. Those who can effectively "cultivate" their client and offer them clear and safe tools will become the leaders of this new "red ocean."