DIGITAL TRANSFORMATION OF FINANCIAL BUSINESS

The article shows that the transformation of digital business presents new business and information technology opportunities that are the strategic foundation for a new competitive digital business model. It has been researched that almost half of global financial services organizations are still in the early phase of digital transformation as they are entering either the traditional financial business or the early stages of digital clusters. It has been analyzed that automating and digitizing processes related to legacy processes, such as budgeting, resources, payments to suppliers, and billing, can set the tone for digital leadership and development. It has been proven that the use of digital finance leads to cost reductions, greater efficiency, more stringent regulatory compliance and more effective communication with suppliers and lenders. The article analyzes that the financial industry is traditionally the first intensive user of new developments in information and communication technologies, and the emergence of innovative business has a huge impact on the current dynamics of the industry in a rapidly changing environment in the context of complex and costly regulatory rules, according to which, operating business suppliers of banks and financial services are undergoing a major transformation. It is emphasized that more advanced customer technology over many generations, new technologies and industry digitization are driving the business models of traditional service providers. This helps finance companies try to create specialized, intelligent and cost-effective financial products and services, seeking to reach new levels of customer focus.