THE INNOVATIVE TRANSFORMATION IN THE RA BANKING SYSTEM
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Author(s)
Author(s)
THE INNOVATIVE TRANSFORMATION IN THE RA BANKING SYSTEM Inesa Nushikyan
The analysis shows that the innovative transformation in the banking system of Armenia is a multi-level process that has a significant impact on the entire financial sector of the country. One of the key aspects of this transformation is the deep integration of modern technology into banking. This not only facilitates the interaction of customers and banks, but also increases the level of transparency and efficiency of financial transactions. The innovation of the RA banking system contributes to the expansion of access to financial services, enabling more people to use financial services, especially where they were previously limited. It was concluded that innovations and technological developments enable the banking system to provide faster, safer and more convenient services, reduce human errors and improve the efficiency of processes. New technologies improve the level of security. All of this is leading to greater competition in the banking industry, new ways of working and strategies, and overall improvements in customer service and financial operations (Egorova, A., A., (2015). But they also present new challenges, such as data protection and security issues, as well as the need to use new technologies.
DOI: 10.59503/29538009-2024.2.14-121 Cross- Cultural Studies: Education and Science Vol. 2 No. 14 (2024): 2024-2 121-133
