Banking Innovations As The Basis For Digital Transformation Of The Banking Sector
Year: 2021
Type: conference-paper
Abstract: The article discusses the issues of digital transformation of the banking system under the influence of banking innovations. The approaches to defining this category in the banking environment are analysed. The author's understanding of this category is given. The evolution of the banking system of the Russian Federation, as well as the role of the digitalization process in the transformation of the banking system, aimed at increasing the technological potential of the sector, has been investigated. The assessment of the impact of the digitalization process on the organization of banking activities. It is concluded that the introduction of banking innovations in the context of the digitalization of the economy is characterized by the following: there is an evolution of the national payment system, which acts as a basic element for ensuring efficient banking activities and is based on digital technologies, providing an increase in the profit of the banking business when the margin in banking services falls. The conducted research helped the authors substantiate three basic approaches to digital transformation of the banking sector. The introduction of banking innovations is the result of the mutual merger of two global trends - the digitalization of society and the introduction of fintech. These trends are global trends. This means that the transformation of the banking sector of the economy based on the introduction of banking innovations into the activities of banks is a systemic and large-scale phenomenon, a new stage in the development of banking.
Authors: L. Magomaeva, S. Galazova
Language: English
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W3204468563