DIGITAL TRANSFORMATION IN THE BANKING BUSINESS

Abstract

In the article examines the theoretical essence of digital transformation and digitalization of banks. The characteristic features of the implementation of digital services in the banking system are considered. The prerequisites for accelerating the development of digitalization of the banking business have been determined. The main positive consequences of the digitalization of the banking system (quick execution of payments and transfers, receiving information about account status and payment history 24/7; saving time visiting bank branches, access to information about credit or deposit accounts, etc.) and obstacles on its way are highlighted development (low digital literacy of the population, financial inability of some consumers of services and products to purchase the necessary gadgets for remote resource management). 
 The characteristics of digital stable convenient banking services (blockchain, crowdfunding, cloud banking, open banking, sharing) are considered in detail. It has been established that the new financial and digital paradigm is already an integral part of the rapidly changing environment and a tool for meeting the demanding needs of both consumers of banking services and banks themselves. The new financial and digital paradigm is already an integral part of the rapidly changing environment and an important tool for meeting the needs of both consumers of banking services and banks themselves.