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Modern Information Technologies in the Activities of Financial Institutions

The article is aimed at defining and describing the essence of innovative information technologies that contribute to the digitalization of the financial services market. The article analyzes modern information technologies (mobile applications, machine learning, cloud technologies, blockchain, big data, artificial intelligence and the Internet of Things). Not only the essence and principles of the outlined technologies are covered, the focus is also on the directions of their use in the activities of financial institutions. It is substantiated that the implementation of information technologies allows increasing the pace of digitization of banks, accelerating the process of bringing new services to the market and scaling new services, ensuring higher customer satisfaction through the prompt provision of services in a comfortable way for them and, as a result, facilitates digitalization of the modern financial services market. The author defines that, despite the existence of a number of advantages of introducing information technologies into the work of financial institutions, domestic banks are quite cautious about this issue. The main reasons for this are: shortage of investment, experience and knowledge; difficulties in adapting technologies to certain specific banking operations and their coordination with the current legislation; lack of development of the information and innovation infrastructure; probability of technical errors in management and use of information technologies. It is emphasized that the problem of protecting the clients’ personal data, preventing their transfer to third parties, ensuring the protection of information systems from hacking and cyberattacks is now of acute relevance.