Theoretical approaches to interpreting the essence of banking innovations and determining the goals of their implementation

Анотація

Any scientific study of the development of economic systems or society directly or indirectly determines the need for innovations, which are the driving force of qualitatively new, progressive changes. The article examines the evolution of the concept of "innovation" and the features of its application in banking. The author addresses theoretical approaches to the interpretation of the essence of "banking innovation" and reveals that the main goal of the innovative activity of banking institutions is to make a profit and improve their competitive positions. The article substantiates that the innovative activity of banks is not the same as the concept of financial innovations, and the latter is an element of the innovative activity of banking institutions. Characteristics of financial innovations and the reasons for the frequent identification of the essence of financial and banking innovations are analyzed. They are analyzed and structured according to the goals and directions of their implementation. The comparison of innovations and financial innovations is analyzed and their main similarities and differences are revealed. The dependence of financial investments on the bank’s competitiveness and the peculiarities of their relationship are outlined. Factors influencing the innovative component of banking institutions are structured. The article shows that the presence of qualitatively new changes contributing to increasing the efficiency of the use of banking institutions’ resources in the conditions of digitalization and remote banking is the main characteristic of banking innovations. It also reveals that the trend towards digitalization of all spheres of social life, including banking, has a significant influence on banking innovations, however, in the context of this trend, the aspect of guaranteeing the financial security of the banking segment becomes important. Given the resource investments aimed at financing the implementation of innovations in the field of banking services, the characteristic signs of investment are identified. The actual implementation of innovations, like investments, involves spending money now in order to obtain economic benefits in the future. That is, the objective and ultimate goals of innovation and investment coincide. However, the concept of investment is broader than innovation and includes the latter. They correlate as a whole and a unit when viewed from the perspective of philosophical categories.

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