Digital transformation of banks: new approaches, processes, products

the article examines the digital transformation of banks and the application of new approaches, processes and products in the face of fierce industry and cross-industry competition, the threat of expanding the range of non-bank payment service providers. The transition of financial and credit institutions to the digital environment is the main trend in the development of the Russian economy and the world, as well as an important condition for maintaining the competitiveness of banks that are unable to meet the increased needs of customers solely with traditional services. Digitalization poses serious challenges to existing business models, including banks, which are currently undergoing a transformation process around the world. The study identifies the main directions and tools of digital transformation, which allows banks to effectively respond to changes in consumer preferences and the technological environment. With the rapid development of technology and changing consumer preferences, the digital transformation of the banking sector is becoming not just a trend, but a necessity. Banks are facing challenges such as the growing popularity of fintech companies offering innovative solutions and services that are often more convenient and affordable. This puts pressure on traditional financial institutions, requiring them to implement new technologies such as artificial intelligence, blockchain, and big data analytics as soon as possible. As a result of the conducted research, the analysis of new approaches, processes and products of digital transformation is carried out.

digital transformation of banks, competition in the field of banking services, new approaches, new processes, new products, the banking system