Digital transformation and its role in the reproduction of innovative development of the modern banking institution of Russia

Abstract

The institutional mechanism of the financial services market puts forward new requirements to the banking community, determining the need for innovations in products, technologies, services, and encouraging credit institutions to transform the declared strategy and implemented financial policy. In the present, the innovative factor is decisive in supporting the competitiveness of the bank, and the development of banking activities is determined by the degree of activity in promoting innovations. The article reveals the role, directions, tools of digitalization of the innovative development of a modern commercial bank, strengthening its competitive position.