DIGITAL BANK - A CHALLENGE OR NEW OPPORTUNITIES FOR THE GEORGIAN BANKING SYSTEM

• Published in: Turiba University. International Scientific Conference pp. 139 - 143
• Main Authors: Mosiashvili, Valeri, Bibiluri, Ani
• Format: Conference Proceeding
• Language: English
• Published: Riga Turiba University 01.04.2023
• Subjects: Banking industry; Central banks; Commercial banks; Credit policy; Electronic banking; Financial services; Geopolitics; Innovations; National banks; Technological change; Eurasia; Georgia (country); Uzbekistan; Union of Soviet Socialist Republics > USSR

Georgia has historically gone through a long and rather difficult path of development, which was primarily due to its geopolitical location at the junction of Europe and Asia, due to which it constantly had to choose which part of Eurasia to be; but on the other hand, such a location has great prospects and can easily absorb many markets. In other words, to establish one's established place in a big and competitive world. Therefore, for the development of the country, a strong economy and a successful financial sector are needed, the central element of which are commercial banks. In fact, there is no economic entity that does not use banking services, that is why the smooth and correct functioning of banks brings transformative changes for the economy, because the financial sector is built and focused on them. The range of banking services is constantly developing and updating. It is a process of any field to develop day by day and become much better than it was yesterday. Georgian commercial banks have gone through a long and interesting period to reach the mark they have today. In the early period of the banking system, profit was considered to be the main purpose of commercial banks, but further development of the banking sector has shown that in market economies, banks are focused not only on maximum profit, but also on securing their risks, increase liquidity, reliability and its stable functioning and activities are planned for the interests of members of the community, which involves active participation in social projects and implementation of programs. It is important for banks to maintain an image, develop a branch network, and offer clients innovative products and a wide range of services. The modern bank is a mix of high -class product and services that eventually brings success and confidence. Our century is the era of technology, which once again we were convinced of by the pandemic of COVID 19, when the world moved on to the principle of working remotely, in which modern means of communication and innovative products helped each country. Commercial banks have seen that constant development of remote services is necessary. Although there has been a digital bank in many countries in the world, in many countries their appearance is still a novelty and a challenge for the banking and financial sector.