Abstract

The current stage of banking activity is characterized by a high level of competition not only in terms of the number of banking products and services, the amount of interest rates on deposits and loans, but also especially in terms of their level of innovation. Over the past years, the banking system of Armenia has managed to meet the required international banking standards as much as possible, as a result of which it has managed to integrate more closely into the international banking system. Due to the policy pursued by the Central bank of Armenia, strict sanctions, legislation, regulations, the banking services market is currently developing. Economic development and the emergence of new technological achievements are impossible without innovation. The purpose of the article was to study the theory of innovation, the history of its formation, to analyze the current stage of development of innovation theory and propose options for further development and solutions to existing problems for the banking system of the Republic of Armenia.

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