THEORETICAL AND METHODOLOGICAL ASPECTS OF THE DIGITAL TRANSFORMATION OF THE MARKET OF BANKING PRODUCTS AND SERVICES

Abstract

Objective. The article is devoted to the study of theoretical and methodological aspects of digital transformation of the market of banking products and services. Results. Based on the analysis of scientific knowledge on the theoretical and methodological aspects of digital transformation of the market of banking products and services, the authors show that the role of banking institutions in the economy is becoming even more important in the context of rapid development of information technology. Therefore, to ensure competitiveness, banks should not only actively implement new technological solutions, but also improve standard financial products and services. At the same time, the market for banking products and services is a complex economic space that requires banks to actively respond to changes in internal and external conditions to ensure efficient operation and meet customer needs. It has been proven that modern banks are turning into conglomerates of huge amounts of information and need ready-made fintech products that allow them to effectively reduce costs and increase profits. Therefore, artificial intelligence, processing of large amounts of data and their effective use for targeting banking products are currently recognized as key factors. It is worth noting that for many banks, the transition to data-driven management is becoming a priority area of digital transformation, thus allowing them to gain new benefits from big data and analytics. It has been established that technology and innovation play an important role in shaping the modern face of the banking system, and their influence and use can only grow in the future. Scientific novelty. The author's research and analysis have shown that, taking into account the peculiarities of the internal activities of domestic banks, a mechanism for introducing new banking products and services is proposed. At the same time, an important stage is obtaining security documents, which allows to use competitive advantages in the modern world. With these documents, banks can protect their developments and know-how. Given the competitive nature of the banking sector, such protection is key to ensuring the stability and attractiveness of new products and services in the market.