Transformation of banking services in the digital era: trends and blogs

Digitalization penetrates all areas of economic activity, including the banking industry. Therefore, the purpose of the article is to analyze the transformation of banking services in the digital era based on an integrated approach. In the course of conducting scientific research, the authors used a set of scientific methods of cognition: the method of system analysis; the bibliographical method; the method of extrapolation and forecasting, which made it possible to identify patterns and trends in the development of digital transformation in banking. The digital transformation of banking leads to the introduction of innovative technologies to protect personal data, transaction data, the array of collected data, convenience and ease of use of mobile banking applications, speed of payments, etc. Such innovative technologies in the banking and financial sector are: mobile banking, AI, Blockchain, Machine Learning, Internet of Things, Big Data and open banking, etc. Each of the above areas of technological change contains the following characteristics: mobile banking – for digital interaction of banks with their clients; financial consultants based on artificial intelligence – to help in using the main functions of banking services, making informed management decisions; Blockchain – to reduce banking costs, the number of employees and increase the security of transactions; Machine Learning – to obtain a positive customer experience; Internet of Things – to integrate disparate types of equipment, devices for data exchange; Big Data – for collecting, processing, analyzing large data sets and making forecasts based on them and Open Banking – for the free exchange of financial data between different financial providers. The digital technology market is dominated by companies from the USA (Oracle, Microsoft, IBM, Amazon, etc.), as well as the UK and the EU. Forecasts of well-known consulting companies indicate the growth of digital technologies and the gradual transition to a virtual environment, where there is no need for the physical presence of the client in a bank. Keywords: digital transformation, banking structures, banking services, digital technologies, artificial intelligence, mobile banking, Blockchain technologies, Internet of Things, machine learning, big data, open banking.