DIGITAL TRANSFORMATION IN FINANCIAL SERVICES: ASSESSING THE ECONOMIC IMPLICATIONS OF FINTECH INNOVATIONS ON BANKING, PAYMENTS, AND FINANCIAL INCLUSION
Ключевые слова:
Fintech, digital transformation, financial services, banking, payments, financial inclusion, economic implications, innovation, cost savings, operational efficiency, customer experience, financial transparency, access to credit, regulatory compliance, data security, collaboration, entrepreneurship, underserved populations, technology.Аннотация
This article explores the economic implications of fintech innovations in the financial services industry, specifically focusing on digital transformation in banking, payments, and financial inclusion. The rise of fintech has disrupted traditional banking models, leading to improved customer experiences, reduced costs, and enhanced operational efficiency. Fintech innovations in payments have revolutionized transaction processes, promoting faster, more secure, and more efficient digital payments. Moreover, fintech has significantly contributed to financial inclusion by extending financial services to previously underserved populations, fostering economic growth, and creating entrepreneurial opportunities. However, challenges such as data security, regulatory compliance, and infrastructure requirements must be addressed to realize the economic benefits of fintech fully. Collaboration among stakeholders is crucial to strike a balance between innovation and risk management. Understanding the economic implications of fintech innovations is essential for maximizing the transformative potential of digital transformation in the financial services sector and creating a more accessible and efficient financial ecosystem.
Библиографические ссылки
Jumaev G., Normuminov A., Primbetov A. 2023 Vol. 6 No. 4 (2023): JOURNAL OF MULTIDISCIPLINARY BULLETIN SAFEGUARDING THE DIGITAL FRONTIER: EXPLORING MODERN CYBERSECURITY METHODS | JOURNAL OF MULTIDISCIPLINARY BULLETIN (sirpublishers.org) https://sirpublishers.org/index.php/jomb/article/view/156
Jumaev Giyosjon, “Proceedings of the 11th International Conference on Applied Innovations in IT” XALQARO ILMIY JURNALI. ENHANCING ORGANIZATIONAL CYBERSECURITY THROUGH ARTIFICIAL INTELLIGENCE https://doi.org/10.5281/zenodo.10471793
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Mamadjanov Doniyor, Jumaev Giyosjon, Normuminov Anvarjon INNOVATION IN THE MODERN EDUCATION SYSTEM: a collection scientific works of the International scientific conference (25th January , 2024) – Washington, USA: "CESS", 2024. Part 37 – 368 p. THE ROLE OF CLOUD COMPUTING IN ECONOMIC TRANSFORMATION.
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