Abstract
The institutional mechanism of the financial services market puts forward new requirements to the banking community, determining the need for innovations in products, technologies, services, and encouraging credit institutions to transform the declared strategy and implemented financial policy. In the present, the innovative factor is decisive in supporting the competitiveness of the bank, and the development of banking activities is determined by the degree of activity in promoting innovations. The article reveals the role, directions, tools of digitalization of the innovative development of a modern commercial bank, strengthening its competitive position.
Highlights
The Russian banking sector, which has been developing at an accelerated pace since its market formation, has clear process advantages: most of the stages of its development occurred in the era of digitalization, and the integration of modern technologies into the business system occurred at the first stages
The trend towards digitalization will not end with the epidemic: banking innovations are necessary to attract new customers and improve financial performance
The research was based on fundamental and practical materials of domestic and foreign authors on competition in financial markets, the competitiveness of banking institutions in the market of innovative services and technologies, open materials of news agencies, and actual data on the activities of a number of domestic banking institutions that actively promote the digital trend in the financial services market
Summary
The Russian banking sector, which has been developing at an accelerated pace since its market formation, has clear process advantages: most of the stages of its development occurred in the era of digitalization, and the integration of modern technologies into the business system occurred at the first stages. The process of introducing innovations into the activities of Russian banks has its own history, features, certain trends, under the influence of which credit institutions develop new products and services, making their own development more modern. The research was based on fundamental and practical materials of domestic and foreign authors on competition in financial markets, the competitiveness of banking institutions in the market of innovative services and technologies, open materials of news agencies, and actual data on the activities of a number of domestic banking institutions that actively promote the digital trend in the financial services market. The research methodology was based on the collection, processing of an array of data, the formulation of relevant conclusions, and their justification
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