Financial technology used to provide banking efficiency

The study discusses the impact of financial technology on banking efficiency. Financial innovation not only increases the profitability of lending institutions but also protects them and ensures their safety. The purpose of the study is to determine the role of financial instruments in effective banking. The financial technology deployment in a lending institution following the path chosen will facilitate the transition to innovative banking platform which supports banking management system. Digitalization of the world economy and banking sector requires intensive use of financial innovation by the Russian banks resulting in sustainable and effective development of banking business according to customer needs.