DIGITAL TECHNOLOGIES IN THE BANKING SYSTEM FOR RISK MANAGEMENT CONTROL
Abstract
The digitalization of the economy poses serious challenges to existing business models, including the structural divisions of the banking system, which is currently undergoing transformation worldwide. Digital banking offers customers significant advantages, such as ease of transactions and savings. By using digitalization, banks can offer customers improved services that provide convenience, save time, reduce human errors, and thereby increase customer loyalty. Digitalization will also benefit customers by facilitating cashless transactions. That is why it is important today to improve service processes in banks and implement digital transformation through the effective use of digital technologies. As a result, there is a growing trend in the number of digital banking users worldwide. Digitization also has various serious drawbacks, such as fraud cases and cyberattacks, which have increased especially in recent years. In this context, the aim of this study is to assess the status of digital banking in the world, to provide effective and secure mobile banking services in digital banking, which requires risk management. The article, also based on the latest literary sources, examines the issue of "financial risk management" on the example of the Georgian banking sector. The banking sector has a great impact on the country's economy. Difficulties in the banking business can become the cause of the country's economic crisis. These difficulties affect a large part of society. Therefore, it is necessary to analyze, develop and improve existing methods of financial risk management. The banking sector has a great impact on the country's economy. Difficulties in the banking business can become the cause of the country's economic crisis.
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