The Role of Digital Technologies in Financial Transactions
Ibrahim Mansimzade
Abstract. The role of digital technologies in financial transactions has been central to the transformation of the economy and financial sector in recent years. Digitalization, in addition to making traditional financial services accessible over the internet and through digital platforms, significantly increases the speed, transparency and accuracy of financial transactions. Processes that previously required long periods of time in banking transactions and payment systems are now completed in a matter of seconds through technologies such as mobile banking, online payment systems and digital wallets. This both increases customer satisfaction and leads to an increase in demand for financial services. Digital technologies also enable faster and more accurate financial decision-making. Through cloud technologies, artificial intelligence, big data analytics and ERP systems, financial data is collected and analyzed in real time, which allows enterprises to make strategic decisions promptly. At the same time, these technologies increase market transparency for investors and reduce investment risks, thus contributing to the efficiency and sustainability of financial markets.
The introduction of digital platforms supports the integration of both global and local financial markets. This allows investors to diversify their financial products across a wider range, market participants to use innovative knowledge and technologies, and as a result, the efficiency and speed of financial transactions increase. The example of the Azerbaijani financial sector shows that digitalization not only increases the speed of transactions, but also increases the transparency of markets and strengthens economic confidence.
Keywords: digital, finance, electronic, mobile, blockchain, intelligence, big data