TRANSFORMATION OF BANKING SERVICES UNDER THE CONDITIONS OF DIGITALIZATION
Abstract
The current stage of economic development is characterized by the introduction of digital technologies in all spheres of activity. Digitization makes it possible to speed up the life processes of citizens, to provide them with services quickly and qualitatively. At the moment, there is a rapid development of digital technologies in the banking sector of the economy. Most users of banking services use mobile applications of banks for the purpose of remote management of their financial resources and round-the-clock access to them. For consumers of banking services, such qualities as simplicity, speed, availability, and low cost are relevant. Taking into account such advantages, it became clear that the banking sector needs the introduction of innovative technologies of the digital format in order to meet the needs of its customers in the most complete and timely manner in order to improve business models and increase the efficiency of the credit organization. The application of information technologies in banking expands the client base, and also relieves the work of bank office employees as a result of the 24-hour availability of almost all banking services at any time. The purpose of the article is to study the main directions and effects of the transformation of banking services in the conditions of digitalization. Based on the review of the advantages of the technology that allows banks to analyze a large array of data (Big Data), the article shows that its use contributes to the correct construction of the bank's business model, which involves the development and implementation of personalized offers for customers based on their preferences. The peculiarities of the use of digital technologies by banks in operational processes are highlighted, in particular, the possibility of customer service using remote online services and the provision of cashback services when purchasing banking products. It has been established that the types of banking risks are also changing, cyber risk is added to the bank's main risks. As a result, the main effects that banks and their clients receive in the process of transformation of banking services in conditions of digitization are determined.
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