International Journal of Economics and Business Administration Volume VII, Special Issue 2, 2019 pp. 41-51 The Transformation of Traditional Banking Activity in Digital Submitted 20/08/19, 1 st revision 28/09/19, 2 nd revision 17/10/19, accepted 19/11/19 S.S. Galazova
1
, L.R. Magomaeva
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Abstract: Purpose: This article investigates specifics of the transformation of banking activity in the conditions of digitalization of the economy. In the light of penetration of digital technologies into all the spheres of our life, the rapid development of financial technologies and their active implementation in the banking sector of the economy, digital financial innovations are formed at the intersection of the concepts of "financial technologies" and "financial innovations". Design/Methodology/Approach: In order to investigate the process of transformation of the banking sector in the context of digitalization, it is necessary to consider this issue from three points of view: 1) theoretical understanding of the concept of "financial technologies"; 2) the need to ensure the efficiency and sustainability of the banking sector; 3) the change in the IT- architecture of banking activities and the formation of the digital ecosystem with banks in the center. It is also reasonable to analyze promising areas of implementation of financial technologies into the banking sector. Findings: The main directions of the development of financial technologies in the banking sector, aimed at further transformation of traditional banking services through digital technologies.
