Global trends in banking innovations and technologies

Keywords: bank, banking innovation, innovative technologies, innovative product


The article is devoted to the study of the problem of formation and use of modern innovations in the banking sector based on the use of the Internet. The authors determine that the current economic transformations observed today both at the global level and at the level of the national economy reflect the process of changing technological modes. The formation of a new, fifth technological mode implies the informatization of society, the use of information innovations in all spheres of human activity. It is innovations that become the key to sustainable economic development and a prerequisite for the formation of the information economy. The article discusses the most common approaches to the definition of "banking innovation" and its general characteristics: "strategic effect" of increasing the customer base, reducing the cost of banking operations at the optimal level of operational risk and operating costs. The main steps to support the innovation policy in the banking services market are described.

The author analyzes the development of banking technologies and describes the most significant current trends in this area. The necessity of improving existing and introducing new banking products to increase the bank's competitiveness is determined. Given the assessment of the main threats to the use of the latest approaches to customer service in banking institutions, the author identifies areas for further development of banking innovations in order to improve the quality of banking services in Ukraine.

An innovative model of banking business based on the use of modern payment technologies, applications and services is considered. The emphasis is placed on the relationship between the innovative activities of banks and the formation of customer loyalty and the growth of trust in banks.

It is concluded that the main global trends in the development of banking innovations are: close relationship between the bank and the client, integration of the banking sector with social networks, messengers and Internet platforms, ensuring the security of banking processes through the introduction of new information technologies.


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How to Cite
Kharabara, V., Greshko, R., & Kharabara, V. (2023). Global trends in banking innovations and technologies. Social Development and Security, 13(5), 93-101.
Social Sciences