Affiliation:
1. Institute of Management Systems of the Ministry of Science and Education of Azerbaijan; Azerbaijan State Economic University
2. Azerbaijan State Economic University
Abstract
Aim. To consider the key aspects of digital transformation of the financial sector in the context of large-scale changes taking place in the digital financial sphere.Objectives. To determine the sequence of actions of the Central Bank of Azerbaijan in the direction of cashless economy; to study the change in the architecture of the financial sector in connection with advanced financial technologies; to study the problems of FinTech providers of new financial technologies as a result of the introduction of the concept of open banking.Methods. The dialectical approach to analyzing the key phenomena and regularities contributing to the development of economic relations, as well as a systematic approach to revealing the main factors of development of digital transformation of the financial and payment sector served as the methodological basis of the research. Along with this, such methods of scientific analysis of socio-economic phenomena and processes as statistical, comparative, fundamental and functional analysis, expert assessments and modeling were used. The theoretical basis was formed by the final results of fundamental and applied research, reflected in periodicals, a number of monographs, materials of scientific conferences.Results. The Central Bank of the Republic of Azerbaijan with the purpose of expanding the process of application of innovative financial technologies on the basis of advanced technological solutions and thus supporting FinTech activities has started to implement measures on formation of appropriate legislative bases for introduction of open banking and technological infrastructure. The main reason for people’s decreasing attachment to traditional banking is the availability of digital banking services in a convenient and easy way, without wasting time and waiting in long queues.Conclusions. Azerbaijan has formed a positive trend in the development of digital banking, which can be considered one of the main challenges of modernity. Today, digital banking in Azerbaijan is replacing traditional banking services. The emergence of prominent FinTech providers of new financial technologies as a result of the introduction of the concept of open banking, which allows individual banks and customers to share financial information with third parties, is changing the status quo of the financial ecosystem. This new paradigm has the potential to transform the traditional financial services ecosystem into a dynamic and competitive environment where startups and small innovative companies, competing with larger providers, offer new products and services. A positive trend in the development of digital banking as one of the main challenges of modernity has emerged in Azerbaijan. Today digital banking in Azerbaijan displaces traditional banking services.
Publisher
Saint-Petersburg University of Management Technologies and Economics - UMTE
Reference14 articles.
1. Nikitina T.V., Gal’per M.A., Kibasov V.V., Chernov E.G. Implementation and regulation of innovations in global financial services markets. Ekonomika i upravlenie = Economics and Management. 2017;(3):87-92. (In Russ.).
2. Ayrapetova A.G., Akobirov F.O., Aliev I.M., et al. State and market: A new quality of interaction in the information and network economy. In 2 vols. Vol. 1. St. Petersburg: Asterion; 2007. 396 p. (In Russ.).
3. Mamedov Z.F., Veliyev E.N., Veisov E.N. Digital transformation of the banking sector of Azerbaijan. Informatsiya i innovatsii = Information and Innovations. 2021;16(3):10-20. (In Russ.). DOI: 10.31432/1994-2443-2021-16-3-10-20
4. Abbasov A.M., Mamedov Z.F., Aliev S.A. Digitalization of the banking sector: New challenges and prospects. Ekonomika i upravlenie = Economics and Management. 2019;(6):8189. (In Russ.). DOI: 10.35854/1998-1627-2019-6-81-89
5. Dzhafarov Z. The Central Bank of Azerbaijan has launched a system of instant payments in real mode. Trend News Agency. Oct. 01, 2020. URL: https://www.trend.az/business/finance/3308738.html (accessed on 20.06.2024). (In Russ.).
Cited by
1 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献