The effectiveness of mobile financial technologies in the development of the banking sector

Abstract

The modern banking sector is undergoing significant changes under the influence of the digitalization of financial services. Mobile financial technologies are becoming a key tool that allows to increase the availability of banking services, reduce operating costs and improve the customer experience. At the same time, the effectiveness of their implementation remains a subject of discussion, in particular due to the problems of assessing the impact on the financial indicators of banks, cyber risks, regulatory restrictions and the uneven level of digital literacy of the population. The purpose of the article: to investigate the role and significance of mobile financial technologies in increasing the efficiency of the functioning of the banking sector. Methods. The study used methods of critical analysis of scientific sources, synthesis, tabular and graphical presentation, as well as the method of scientific abstraction. Results. It was established that the digitalization of the banking sector is not only a challenge, but also a significant opportunity for banks to improve their activities, adapting to modern technologies and customer needs. Those banks that can effectively integrate digital tools will receive the key to long-term success in the era of financial digitalization. It is noted that mobile financial technologies are becoming the basis of the modern banking ecosystem, as they combine innovation, efficiency and customer orientation. The active introduction of mobile banking, electronic wallets, remote payment systems, biometric authentication, and artificial intelligence into banking processes is changing the model of interaction between the bank and its clients. The results of the study show that the effectiveness of mobile financial technologies is determined not only by the speed and convenience of service, but also by the ability of banks to optimize internal processes, reduce costs and adapt to changes in the market environment. Conclusions. Mobile financial technologies have become a key driver of the banking sector's development, providing quick access to services and products, personalizing services, and expanding financial inclusion. Their effectiveness is manifested in strengthening customer trust, optimizing processes and increasing the competitiveness of banks.