Innovative banking technologies and products: challenges and development prospects (ინოვაციური საბანკო ტექნოლოგიები და პროდუქტები: გამოწვევები და განვითარების პერსპექტივები)

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Ivane Javakhishvili Tbilisi State University Press
The 21st century is the era of technology, the rapid development of technology creates new significant opportunities in terms of accessibility, convenience and efficiency of financial products. Technological innovations are mainly used by the banking sector to create competitive information and competitive advantage, as they help banks improve their services and cost efficiency, as fewer employees and less traditional departments are required, which allows them to provide customers with much faster service at a lower price. Banks have been promoting digital opportunities for several years, but the Covid-19 crisis has brought the problem to the fore, requiring a quick adjustment of expectations, time frames and scope of use. As a result, banks are forced to solve online tasks faster and more decisively, including security, communication with clients and development of new services on request. The pandemic has also threatened the growth of competing banks as smaller institutions try to capture market share using innovative digital services. The financial insecurity that many people are experiencing now has prompted them to prefer larger institutions, because they believe that they are better prepared to weather the storm. This will probably lead to further consolidation in the banking sector – larger banks will swallow smaller ones. Consolidation can lead to the development of digital services, but on the other hand, consolidation can mean less competition and, therefore, less innovation. How this will affect the market of financial services will show. One thing is clear, clients are looking for safe and stable banks, but convenience is no less important for them, so financial services institutions realize that innovation and digital transformation have become necessary not only for survival, but also for ensuring future growth. The article discusses and analyzes: innovative banking technologies and digital products: Features of the development and implementation of remote banking services in connection with the Covid-19 pandemic; Modern mechanisms for risk assessment and cybersecurity control in relation to innovative banking products and an opinion is expressed in the direction of their further improvement.
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ინოვაციური საბანკო ტექნოლოგიები; ციფრული საბანკო პროდუქტები; Covid-19 პანდემია და დისტანციური საბანკო მომსახურება; კიბერ რისკები და კიბერ უსაფრთხოება
VII International Scientific Conference: "Challenges of Globalization in Economics and Business", Tbilisi, 2022, pp. 473-482