Features of Digital Transformation of Modern Banking Transactions

Abstract

Financial transactions by credit and institutions under current conditions are associated with the transformation of money functions as a means of circulation and payment and the emergence of digital platforms that mediate financial transactions of business participants and compete with the traditional banking system. As a result, classic credit institutions that have received a license to carry out depositary credit and cash operations. And intermediaries appearing in their place in making financial payments, for example, such as microfinance organizations, crowdfunding platforms and accumulating investments increase the risks of the non-return of the capital invested in them due to the specific nature of their activities and the relative underdevelopment of the institutional field in the domestic credit. The relevance of this problem determined the purpose of the study—the authors are to analyze transformation of current banking operations, their digitalization level and prospects for their further implementation. To achieve this purpose analysis and synthesis methods are used, and the descriptive statistics approach is also used. As the result of the study the authors justify the importance of traditional credit and financial institutions in mediating financial transactions between business participants and highlight their strengthening in the implementation of digital payments between counterparties.