REGULATION OF DIGITAL BANKING SERVICES: OBJECTIVES, PRINCIPLES AND FRAMEWORKS

Abstract

In recent years, the rapid growth of technological advances has reshaped all sectors of the economy and changed the behaviour of both institutions and customers. By implementing the latest innovations, banks are digitalizing their services and automating most of the internal banking management processes. Digital banking makes services more accessible to customers, increases their transparency and efficiency, and reduces costs for both banks and customers. Today, everyone can conduct banking transactions from home and at any time. But in addition to their benefits, digital banking services also pose serious challenges in terms of privacy, security and customer protection. This article highlights the importance of regulating digital banking services and discusses the objectives and principles of regulation. In addition, it provides a comparative overview of the current state of digital banking regulatory models in selected regions, outlining the main objectives of regulatory authorities.