The Introduction of Digital Technologies Into the Economic Activity of the Country, as Well as the Impact of the Digital Factor on Human Life

Abstract

Today banks and financial institutions, digital technologies strive to make full use of the available hardware and software capabilities to create an environment of customer loyalty.

The introduction of financial innovation began with the development of technology. The introduction of credit cards in the 1950s, the rise of ATMs in the 1960s, was the Fintech version of that time. Today this term will be more correctly used for digital banking technologies such as digital wallets, blockchain technologies, and more. Online budgeting tools, expense tracking, even automated chatbots for customer service are how Fintech is changing the financial services landscape. At every level, tasks (budgeting, customer service, and more) are solved in fast, efficient ways, often using automated technologies and machine learning algorithms. These technologies are rapidly changing and are propelling the financial services industry in new directions.

Thus, today digital financial technologies are not a guarantee of leading positions in the market, but basic requirements from banks for their existence.