DEVELOPMENT OF DIGITAL TECHNOLOGIES IN THE BANKING SECTOR

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DEVELOPMENT OF DIGITAL TECHNOLOGIES IN THE BANKING SECTOR

Journal Title: Ancient Land - Year 2024, Vol 6, Issue 2

Abstract

Abstract At this time, digitalization represents a significant trend in the progression of the economy. Digitization refers to the extensive implementation of interconnected digital services by various entities, including governments, enterprises, and consumers. The advent of modernization has precipitated significant economic and social changes. The digitization process has stimulated entrepreneurial innovation, increased productivity, and stimulated economic growth. In recent years, digitization has become a prominent economic determinant, causing a revolution in business operations and interactions with suppliers and customers, while concurrently stimulating expansion and employment opportunities. The technologies of the digital transformation of the banking sector were analyzed in the article. Digitalizing banking operations is a prerequisite for sustaining the competitiveness of financial institutions in the current economic climate, as it facilitates the acceleration and optimization of processes and has a substantial impact on organizational structure. Digitization is associated with the implementation of these and other digital technologies, such as Big Data, biometric user identification, remote service provision, and artificial intelligence. Moreover, it is crucial to recognize that alongside the advantages linked to digitalization, there are a number of security vulnerabilities that concern banking clients and systems.

Authors and Affiliations

Yusif Zeynalov

Keywords

EP ID EP749586
DOI 10.36719/2706-6185/32/68-72
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