BANKING INNOVATIONS IN THE CONDITIONS OF DIGITAL ECONOMY FORMATION
Abstract
The transformation of the system of economic relations, which takes place under the influence of the intensification of technological development and scientific and technological progress, significantly affect the interaction of banks and their customers in the process of banking. At the same time, as practice shows, over the past twenty years, the principles of interaction of these actors in the banking market have changed dramatically with the emergence and subsequent widespread use of network technologies. And if earlier settlements were the exclusive prerogative of the bank, now any client – whether an individual or a legal entity is able to make payments independently, using online banking systems. Therefore, it is the innovation component that currently determines the efficiency of banking institutions in the financial market. The article considers the specifics of the formation of approaches to the implementation of banking innovations, in particular - specifies the factors and factors influencing the spread of online banking systems. The peculiarities of the influence of new technologies on the formation of the banking market in the conditions of digitalization of economic relations are investigated. It is determined that ensuring the effective functioning and development of online banking in the formation of the digital economy contributes to the overall increase in the competitiveness of banking institutions. It is investigated that the main direction of innovations in the field of banking recently is the technological improvement of the bank's customer service system through the formation of online banking systems. The main element that provides a competitive advantage for a commercial bank in the online banking market is the use of new technical elements that emerged in the process of digitalization of economic relations - cognitive technologies, artificial intelligence, chatbots and more. The overall efficiency of online banking as an innovative element is determined by its accessibility for the bank's customers and ease of operation in various applications and from different hardware.
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