Abstract
Objective is to make the review of the banking industry development to identify theoretical and practical areas of transformations under the concept Bank 3.0.Results. Theoretical and practical shifts occured in modern banking sector in the conditions of Bank 3.0 concept implementation are identified. Background of the modern transformation in the banking industry on a global scale is identified, the role and extent of structural changes in the banking sector is assessed and features of the modern business models of banks are identified.Originality. Theoretical framework of banking transformations as financial intermediaries is developed. Distinguished features of the bank business–model in the future including high technology, giditalization of commercial activity, transformation of banking infrastructure, banking sector integration with social networks, instant messengers and Internet platforms, are justified.Practical relevance. Identified features of the bank business–model can be used in the activities of banking developing the strategy and tactics to distribute banking services.
Highlights
Technological innovation and digital economy formation are considered to be one of the most influential developments affecting the financial sector and banking in particular in the near future
Theoretical background of modern banking has been changing through transformation of the institutional structure of the financial market originally aimed at efficient using of temporarily available resources for economic development
The startup Square has developed a means for operating payment cards via smartphone and offered a mobile wallet to pay in the coffee chain Starbucks resulted in
Summary
Technological innovation and digital economy formation are considered to be one of the most influential developments affecting the financial sector and banking in particular in the near future. Possible implications of this trend for the banking theory and practice could be profound. Reality of modern banking business practice is featured by changing business models as well as marketing and distribution channels of banking services pushing the transformation of the banking development concepts from "Bank 1.0" to "Bank 3.0". The concept "Bank 1.0" is considered to use traditional conservative business model focusing on close relationship between the client and the bank, regularly bank branches visits by customers for standard banking services provision like checking accounts or money withdrawals. The introduction of the "Bank 2.0" concept is associated with the using of online environment, which can provide virtual services focusing on people without any physical infrastructure that eventually increases the gap between the physical branches and customers
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