Innovative banking products

The introduction and use of financial and informational innovations is one of the ways to increase the efficiency of banking institutions. The development of alternative financing channels and the high competition from FinTech companies that are free from the rules of regulation of the Central Bank, leads to the fact that the banking business ceases to be a natural source of financing for customers and forces it to digitize its services. The article assesses the digitalization level of the Russian banking sector and the role of the Bank of Russia in this process. The authors examined the main innovative products in the banking sector, such as Big Data, biometric identification, artificial intelligence, blockchain, etc., the authors also note the importance of interaction in the process of distribution of new banking products with application developers and creators of startups in the field of financial technologies. The effectiveness of the bank and its competitiveness in the market largely depend on the introduction of new banking technologies. In the wake of the growing competition from modern non-bank players, it is especially important to constantly generate innovations and expand the range of financial services, make effective investment decisions. Therefore, the banking business in order to strengthen its strategic advantages and maintain its attractiveness is aimed at transforming the principles of operation.