Digital transformation and new challenges in managing digital technologies in the banking sector of the economy

Abstract

Russia has recently witnessed an accelerated digital transformation of its financial sector. Competition among banks is becoming increasingly fierce, pushing them to constantly search for new solutions and improve their products and services to meet customer needs. Innovation management is one of the leading trends in the work of banks, due to the automation of the banking sector banks are in urgent need of managing the technological innovation. It is the banking sector that has undergone a number of significant changes recently, mainly thanks to actively working with innovation and digitalization. Precisely in dealing with innovation, banks face various complexities that need to be paid close attention to. Innovative activities of banks increase competitiveness in the banking sector. The purpose of the article is to study the specifics of digital technology management in the largest banks in Russia. Following the analysis, the author proposes most efficient practices and recommendations for banks in the field of innovation management, such as: creation of innovation laboratories, development of employees’ competencies in the field of work and innovation management, increasing the level of cooperation with fintech companies, and focusing on the client’s needs