INDUSTRY SPECIFICS OF DIGITAL TRANSFORMATION OF THE FINANCIAL SECTOR
Abstract
The study delves into the industry-specific aspects of digital transformation within the financial sector, particularly focusing on the concept of open banking and its transformative potential. Through an in-depth analysis, the research aims to elucidate the key features of open banking and its implications for financial institutions. The methodology employed includes comprehensive literature review, analysis of industry reports, and case studies to gather insights into the digital transformation of the financial sector. One remarkable finding of the study is the significant role played by open banking in fostering innovation and customer-centricity within financial institutions. The research concludes that open banking has emerged as a powerful driver of change, enabling financial organizations to leverage technology to enhance customer experience and develop new business models. In summary, the study sheds light on the pivotal role of open banking in the digital transformation of the financial sector, highlighting its potential to revolutionize traditional banking models and enhance customer engagement. Through an extensive review of literature and industry reports, the research provides valuable insights into the implications of open banking for financial institutions, emphasizing the importance of embracing digital innovation to remain competitive in today's rapidly evolving landscape.
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European Publisher
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1-1
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sustainable development, ecology, economy, technologies, green technologies
Cite this article as:
Khodzhaliev, S., Lukinov, V., & Cheldieva, A. (2024). INDUSTRY SPECIFICS OF DIGITAL TRANSFORMATION OF THE FINANCIAL SECTOR. In M. R. Nakhaev, A. S. Salamova, A. Wojdilo, V. Ricardo, & V. Micale (Eds.), Proofreading - Upcoming Volume: Modern Trends in Governance and Sustainable Development of Socio-economic Systems: From Regional Development to Global Economic Growth, vol -. European Proceedings of Multidisciplinary Sciences (pp. 0-0). European Publisher. https://doi.org/10.15405/epms.2024.09.68