IJSSER

Title: THE ROLE OF FINANCIAL TECHNOLOGIES IN THE DEVELOPMENT OF THE BANKING SECTOR
Authors: Eliko Mikaia
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Eliko Mikaia Doctoral student of Georgian Technical University
MLA 8 Mikaia, Eliko. "THE ROLE OF FINANCIAL TECHNOLOGIES IN THE DEVELOPMENT OF THE BANKING SECTOR." Int. j. of Social Science and Economic Research, vol. 7, no. 9, Sept. 2022, pp. 3045-3052, doi.org/10.46609/IJSSER.2022.v07i09.019. Accessed Sept. 2022. APA 6 Mikaia, E. (2022, September). THE ROLE OF FINANCIAL TECHNOLOGIES IN THE DEVELOPMENT OF THE BANKING SECTOR. Int. j. of Social Science and Economic Research, 7(9), 3045-3052. Retrieved from https://doi.org/10.46609/IJSSER.2022.v07i09.019 Chicago Mikaia, Eliko. "THE ROLE OF FINANCIAL TECHNOLOGIES IN THE DEVELOPMENT OF THE BANKING SECTOR." Int. j. of Social Science and Economic Research 7, no. 9 (September 2022), 3045-3052. Accessed September, 2022. https://doi.org/10.46609/IJSSER.2022.v07i09.019.
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ABSTRACT: In this article, we have discussed such an urgent issue of modern times as the role of financial technologies in the development of the credit system in general and the banking sector in particular. We reviewed the current literature and researches surrounding the issue, based on the analysis, we were given the opportunity to draw conclusions about the impact of the development of financial technologies in the last period on the sustainable and stable development of the banking sector in the developed countries of the world, what challenges existed and exist in this direction. Based on familiarization and analysis of the world's best practices, we studied the role and importance of financial technologies in the development of Georgia as a constituent part of the world's banking system. Using proven research methods, we determined that one of the main factors in the successful development of banking activity is the policy of constant innovation, which is promoted by the National Bank of Georgia, which announced the creation of digital GEL last year. The study of various studies allowed us to point out that technological progress is of the utmost importance for all countries that want to achieve economic development. The development of the global banking system in today's era is taking place under the conditions of increased competition in the financial markets. One of the main factors in the successful development of banking activity is the policy of continuous innovation. Currently, innovation is the main factor of banks' stability, competitiveness and sustainable economic growth. Banking activity in Georgia is going through a period of rapid changes caused by the introduction of new information technologies and the globalization of financial markets.

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