DIGITAL TECHNOLOGIES’ IMPLEMENTATION WITHIN FINANCIAL AND BANKING SYSTEM DURING SOCIO DISTANCING RESTRICTIONS – BACK TO THE FUTURE

In 2020, the pandemic socio distancing restrictions affect both individuals and businesses. Financial transactions become a little more difficult to be conducted with cash, and online banking transactions are called to help the good development of economic activity. Having in mind that the stance in bank digitalization in each country differs, the paper aims to estimate the level of digitalization of banking sector, as well as reasons and factors determining the actual movements of digital banking. In order to achieve the objective, the paper is structured as follows, elaborates the changes in demand and supply of banking services as result of socio-financial disruption caused by the pandemic situation, financial digitalization and digitalization changes in the banking sector on global level, and the benefits of digitalization for individuals and businesses at the same level. Such approach secures the solid base for determining the measures and further steps for increasing the level of digitalization of the banking sector together with educating the population in the use of new digital technologies.