Digitalization as a Driving Factor in the Transformation of Business Processes in the Banking System

In recent years, the banking business has undergone significant transformation under the influence of the digitalization of the environment and business. Banking products and services, driven by new economic phenomena and information technologies, are changing and modernizing. The issue of an effective path for the development of the banking system has become particularly relevant in the context of the rapid digitalization of economic activity. The application of modern technologies by banks fundamentally contributes to reducing costs and increasing revenues. The purpose of the research on the topic is to analyze the transformations of the banking business under the influence of digitalization and to identify the most effective ways to ensure the sustainable development of the banking system. This research aims to highlight how modern technologies contribute to the modernization of banking products and services, the reduction of operational costs, and the increase of revenues, especially in the context of the rapid digitalization of economic activity.