Abstract
The article considers topical issues of how banks are developing in the new realities of the digital economy, and presents the results of research on theoretical and practical aspects of banks' business models evolution. The methodology uses such approaches as scientific abstraction, system and factor analysis, methods of grouping, detailing, and synthesis. The topic is relevant for banks first of all from the economic science point of view, since until now the conceptual apparatus of not only the types of bank business models but also the definition of bank business models and their ecosystems remain controversial. However, in practice the applying of new strategic solutions is needed to solve the triune task: to ensure profitability of banks' business while maintaining liquidity and minimizing risks. The obtained results allowed us to reveal the important role of the banks' business models innovative transformation, as well as to reveal the tendency of improving the intermediary function of banks on the modern stage of digital technologies' development. The article substantiates the need to develop new approaches to administering business processes, expanding banking activities using digital platforms, and reveals the problem that requires the speediest solutions in developing regulation standards for financial ecosystems.
Highlights
NEW TRENDSProblems of the banks’ evolution have been agitating the minds of scientists and practitioners for centuries
In the 1970s and 1980s scientists argued that banks were losing their influence and their role in the economy was sharply reduced under the influence of scientific and technological progress, active automation of bankers' work, saturation of bank branches with computer equipment, and the development of new technologies
One of the new trends in the financial markets, which were influenced by macroeconomic factors, technological challenges and increasing regulatory burden on banks, was the changes in the economy in the context of the Fourth industrial revolution [12,13,14]
Summary
NEW TRENDSProblems of the banks’ evolution have been agitating the minds of scientists and practitioners for centuries. At the beginning of the 21st century the discussions regarding promising banks’ business models have intensified again under the influence of the process of the internationalization and deglobalization of the world financial markets, global financial crises (2008-2009), the oil crisis of 2020 and the Covid-19 coronavirus pandemic. One of the new trends in the financial markets, which were influenced by macroeconomic factors, technological challenges and increasing regulatory burden on banks, was the changes in the economy in the context of the Fourth industrial revolution [12,13,14]. Russia, Great Britain, Canada, countries of the European Union and EAEU are actively implementing their pilot projects to introduce state digital currencies on their territory and are discussing the consequences of these decisions for the world financial markets [4, 5, 9]
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