This article summarizes the arguments and counterarguments in the framework of the scientific discussion on determining priority directions of developing banking systems, modern problems and prospects of introduction of financial innovations in the process of development of banking services. Its pace and current trends require a completely scientific basis. Accordingly, the purpose of the study is to determine the impact of modern information technology in the banking systems of the European Union countries and the future prospects for their development. For this purpose, the hypothesis was, first of all, proposed that the level of business activity of the banking activity is related to the level of development of the country's economy and it will determine in the future the development of the banking systems of these countries. An appropriate empirical study was conducted to confirm this hypothesis. The systematization of literary sources and approaches to the solution of this problem has shown that in scientific sources the analysis of the impact of financial innovations on the banking systems of individual European Union countries is mainly carried out. Taking into account the different levels of development of these countries, these studies do not allow us to make conclusions and suggestions as to the future of European banks. Electronic banking, the creation of a large number of fi tech companies, crypto volume, blockade – radically change the classical banking business. These changes are gaining momentum and the future of the banking system is now very ambiguous. Will classical banks be able to function effectively, or will new financial companies come to their place? What should I do to manage the bank to lay the groundwork for its successful operation, in the context of the rapid development of information technology? Who and how will regulate global financial markets? There are no clear answers to these questions. The methodical toolkit of the study was a clustering method, methods of systematization, grouping, comparison, expert evaluations. The study period covers 2015-2018, which shows the most rapid dynamics of changes in the processes of customer service of banks from the offline to the online sphere. In addition, this period of time is characterized by the rapid development of financial innovation, which radically changes the approaches to traditional banking activities. The article presents the results of cluster analysis, the results of which allowed to group the countries of the European Union at different levels of digitalization. As a result, it was found that the most advanced economies and the most developed countries have the highest level of deductibility of banking activity (related to clusters 2 and 1). As a higher level of economic development provides more opportunities for investment, Internet access and better education of the population. In addition, it can be argued that it is the countries from the first group in the near future will or will become leaders in the European market of banking services, and it is on them that they will need to be guided by the orientation of the development of the banking system. The results of empirical analysis, have shown that banking institutions understand the lack of prospects of activities without financial innovation. On the other hand, as the study showed, such activity is characterized by high-risk banks. The issue of safety of up-to-date financial transactions is extremely important for supervisors who can not at the moment agree on what measures to apply and implement in order to minimize the risks of financial transactions. The study empirically confirms and theoretically proves that it is important to understand and justify the basic principles of the future development of banks, to identify and develop measures to minimize the levels of financial risks associated with the implementation of financial innovations, as well as to simply understand and evaluate changes expected by users of banking services during the next 5 to 10 years. The results of the research can be useful for scientists, management of banking and other financial institutions, as well as for users of banking services.
Analysis of QKD multifactor authentication in online banking systems
