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The Transformation of Traditional Banking Activity in Digital

Author

Listed:
  • S.S. Galazova
  • L.R. Magomaeva

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. Practical Implications: The results of the study can be applied in the development of the legislative regulation of the FinTech industry in Russia. Originality/Value: The main contribution of this study is to determine the prospects for the development of the domestic banking sector in the context of digitalization, the need to transform in order not only to improve the competitiveness and efficiency of functioning, but also to stay in the banking business.

Suggested Citation

  • S.S. Galazova & L.R. Magomaeva, 2019. "The Transformation of Traditional Banking Activity in Digital," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 41-51.
    • Handle: RePEc:ers:ijebaa:v:vii:y:2019:i:special2:p:41-51
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    References listed on IDEAS

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    1. Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75002, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. R. Rupeika-Apoga & S.H. Zaidi & Y.E. Thalassinos & E.I. Thalassinos, 2018. "Bank Stability: The Case of Nordic and Non-Nordic Banks in Latvia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 39-55.
    3. Christian Matt & Thomas Hess & Alexander Benlian, 2015. "Digital Transformation Strategies," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 57(5), pages 339-343, October.
    4. repec:ers:journl:v:vi:y:2018:i:2:p:39-55 is not listed on IDEAS
    5. Matt, C. & Hess, Thomas & Benlian, Alexander, 2015. "Digital Transformation Strategies," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 75202, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    6. N.G. Vovchenko & A.V. Andreeva & A.S. Orobinskiy & Y.M. Filippov, 2017. "Competitive Advantages of Financial Transactions on the Basis of the Blockchain Technology in Digital Economy," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 193-212.
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    Cited by:

    1. Thi Hang Nguyen & Nguyen Tran Trong, 2022. "Sharing and connecting information in the context of the Covid-19 pandemic and training skills for employees to meet the needs of businesses in digital transformation," Management, Sciendo, vol. 26(1), pages 93-117, January.
    2. Muhammad Ridhwan Ab. Aziz, 2022. "The Interconnection between Level of Income and Tendency of Malaysian Community towards Adoption of Islamic Digital Banking ," GATR Journals jfbr198, Global Academy of Training and Research (GATR) Enterprise.

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    More about this item

    Keywords

    FinTech; transformation of the banking sector; digitalization of the banking sector; digital ecosystem; big data; blockchain technology.;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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