Year: 2024
Type: article
Abstract: This article is devoted to summarizing information about the opportunities that arise as a result of the implementation and improvement of financial digitalization, its role and significance in the field of banking services. It describes a number of transformations of the financial sphere due to the influence of digital technologies on it, which are designed to form an efficient and convenient system of services for its participants. During the work on these materials, it was discovered was revealed that the banking sector, despite the negative external influence, adapted to the realities of today, taking advantage of all the advantages of digitalization, and provided round-the-clock access to all services for customers, enabling the implementation of everyday transactions. These materials also reveal some priority areas of banks' work in the direction of strengthening digitalization, which are currently seen in the digital optimization of back-office processes aimed at reducing costs and saving products, accelerating their implementation and modification, as well as improving interaction with clients; the use of predictive analytics that allows for more accurate credit scoring and more effective risk management, reducing costs and increasing lending profitability; development of electronic payment technologies and investment in digitalization of corporate payment systems. These materials describe innovative models of banks that implement further development, improvement and implementation of digitalization in customer services, affecting the change in business models and the development of the bank's open ecosystem. The article also reveals the principles of AI in the work of banks and describes a number of threats that may arise when working with digital services. Special attention is paid to cyber security, as a key element of data and information protection. In the end, the priority areas of both scientific and practical research were identified in such areas as determining the need for banks to become more competitive in the digital environment, providing clear and high-quality online services, as well as taking into account global trends in the banking sector. In this context, emphasis is placed on the need to increase investment in the latest technologies, the rapid implementation of innovative services, and taking into account the impact of the pandemic and geopolitical events on the banking sector.
Source: Business Navigator
Author: Аndriy Boldov
Language: English
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4402284534