The Impact of Innovative Technologies on the Transformation of the Global Banking Sector

The rapid development of fintech companies in recent years has stimulated banks to revise their investments in their own technologies. To adapt to market conditions at the moment, banks need to restructure themselves to cooperate with technology companies. The purpose of the work is to make a research of the state of the banking system at the current moment, to study the impact of innovation on the tendencies of its transformation towards a comprehensive model that goes beyond traditional banking institutions. According to the results of the research, it was possible to establish that the rapid development of the fintech industry is pushing banks to expand the share of investments in the technological part of the business. Banks at the current stage of development are moving to a customer-oriented business, looking for ways to collaborate with the fintech industry. During the study, many examples were studied from the realities of the Russian and global markets, illustrating that the ecosystem banking model is today the trigger of the general development process in the financial sector and the most competitive model.