DIRECTIONS OF IMPLEMENTATION OF BANKING INNOVATIONS
Abstract
The article is devoted to defining the main aspects of the application of innovations in banking. The purpose of the article is to provide a definition of banking innovations, to define and justify the most promising directions of their implementation. The object of the research is the economic, managerial and regulatory processes of banks during their functioning in the conditions of transformation. The subject of the research is the methodological, theoretical and practical aspects of the implementation of banking innovations. The research used general scientific and special research methods: SWOT analysis, scientific abstraction and generalization of scientific experience of modern theoretical studies, system-complex approach. During the research, it was found that the purpose of creating the spread and use of banking innovation is not only the maximization of bank profits and the maintenance of the bank's competitive position on the financial market, but also the satisfaction of consumer needs. It is noted that the innovation is a promising innovation that has a strategic nature, high cost and a long payback period. The article argues that banking innovations are systemic in nature, they relate not only to the research and development of new products or services, but also to changes in banking business models. It has been proven that banking innovations are characterized by increased risk, therefore they are the most problematic areas of capital investment. The definition of banking innovation is given as which has a strategic nature, high cost and a long payback period. The definition of banking innovation is given asthe strategic result of the transformation of banking, obtained through the application of modern business models based on digital technologies in order to achieve commercial and social progress. In order to determine the expediency of the implementation of banking innovations in the research process, a SWOT-analysis of strengths and weaknesses, opportunities and threats of this process for the activity of banks was carried out. Based on the results of the research, the most promising directions for the implementation of banking innovations were identified as expanding the range of products and services, improving the quality of customer service, reducing bank costs, virtual banking, cooperation and coopetition with other banking and non-banking institutions.
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