The Role of Models for The Formation of Digital Transformation of The Banking Sector in The Improvement of The Financial Management System of Commercial Banks
DOI:
https://doi.org/10.51699/economics.v38i3.514Keywords:
digital transformation, remote banking services, financial literacy, online banking system, digital technology, digital financial services market, virtual banking space.Abstract
In the past few years, banking services have experienced notable transformations due to emerging technologies. As economic relationships among entities in the financial market evolved, it became essential for them to continuously seek out new approaches, develop, and implement cutting-edge technologies to enhance their offerings. Our republic's banking framework has seen the integration of advanced technologies, and top commercial banks keep rolling out novel financial products and services. These innovative technologies are drastically altering the competitive landscape of financial institutions in the republic and reshaping the market dynamics, leading to fewer physical bank branches and a reduction in personnel within financial services, while simultaneously enhancing service delivery in real-time. In the future, a versatile digital infrastructure is being established to shape the banking system.
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