INNOVATIONS IN THE FINANCIAL SECTOR: HOW TECHNOLOGY IS CHANGING BANKING

Madoyan Seda

The article examines the aspects of introducing innovations into the functioning of the financial sector of the Russian economy. The features of the current state of banking in the context of the challenges of modern times are highlighted. The consequences and prospects of innovative development of the financial sector in the process of searching for new instruments of state anti-crisis policy are revealed. The relevance of the research is due to the need to develop innovative concepts for the modernization of the banking industry, where the completeness of investment development is associated with the realization of resource potential and technical industrial modernization. The main tactic of the transition to an innovative type of improvement is to establish the effectiveness of the financial sector's work process in all types of activities. The purpose of the study is to study the specifics of introducing innovations into the work of the financial sector in conditions of maintaining national economic security. The materials and methods are based on the analysis of scientific and practical provisions, the synthesis of opinions, the selection of statistical data, and the graphical interpretation of the results. As a result of the study, an overview of the state of the Russian banking industry in the context of the transition to an innovative type of development was made. The existing problems that hinder the implementation of innovations are highlighted. The vectors of growth of financial sector stability have been determined. The study showed that the process of introducing innovations into the work of current companies depends on many factors and it is necessary to constantly implement new programs. The review of scientific and practical information is made, the author's conclusions are given.

Keywords:bank, finance, innovation, classification, factor, disadvantage, digitalization.