DIGITAL BUSINESS TRANSFORMATION DRIVES MARKET RESILIENCY OF REPUBLIC OF SERBIA

Abstract

In order to provide their clients with the highest quality services and to be competitive and keep up with the times, banks are increasingly focusing on investing in the development of distribution channels such as ATMs, payment cards, POS terminals, mobile banking, and online banking. The process of digital business transformation in banks leads to a change in the products offered by banks to clients, personal contact is less frequent and the number of branch offices decreases, which leads to a significant reduction in operating costs and increases the number of customers satisfied with the new wax of providing services. The goal of the research in this review is aimed at pointing out the benefits of digital business transformation in banks, their market position, and more precisely pointing out the advantage of using new technologies in the retail banking sector. The research methodology is based on a literature review. The subjects of research are distribution channels with card banking, which is the first and the most developed alternative channel in banks. In this article we come to the conclusion that traditional banking is becoming increasingly important, and banks are focusing on new technologies that are leading to accelerating day-to-day banking and increasing the number of clients. The banking sector in the market of the Republic of Serbia has developed infrastructure and follows the trends of the world banks.