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The Transformation of Traditional Banking Activity in Digital

S.S. Galazova and L.R. Magomaeva

International Journal of Economics & Business Administration (IJEBA), 2019, vol. VII, issue Special 2, 41-51

Abstract: Purpose: This article investigates specifics of the transformation of banking activity in the conditions of digitalization of the economy. In the light of penetration of digital technologies into all the spheres of our life, the rapid development of financial technologies and their active implementation in the banking sector of the economy, digital financial innovations are formed at the intersection of the concepts of "financial technologies" and "financial innovations". Design/Methodology/Approach: In order to investigate the process of transformation of the banking sector in the context of digitalization, it is necessary to consider this issue from three points of view: 1) theoretical understanding of the concept of "financial technologies"; 2) the need to ensure the efficiency and sustainability of the banking sector; 3) the change in the IT- architecture of banking activities and the formation of the digital ecosystem with banks in the center. It is also reasonable to analyze promising areas of implementation of financial technologies into the banking sector. Findings: The main directions of the development of financial technologies in the banking sector, aimed at further transformation of traditional banking services through digital technologies. Practical Implications: The results of the study can be applied in the development of the legislative regulation of the FinTech industry in Russia. Originality/Value: The main contribution of this study is to determine the prospects for the development of the domestic banking sector in the context of digitalization, the need to transform in order not only to improve the competitiveness and efficiency of functioning, but also to stay in the banking business.

Keywords: FinTech; transformation of the banking sector; digitalization of the banking sector; digital ecosystem; big data; blockchain technology. (search for similar items in EconPapers)
JEL-codes: G21 E50 O31 (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:ers:ijebaa:v:vii:y:2019:i:special2:p:41-51