The Digital Era in the Banking Sector of Georgia in Conditions of Entry Barriers to the Banking Market

The banking sector is the backbone of our country's economy and the driving force of business. Obviously, the development of banking activities and the existence of a competitive environment in the banking business are of great importance for the economic progress and stabilization of the country. The banking sector has undergone fundamental changes following Georgia's transition to a market economy. It has practically become independent of the government and one of the country's most successfully implemented economic reforms. Over the past decade, representatives of the banking sector have positioned themselves in the market as modern, customer-oriented technological companies. Despite the above, there is still a process of concentration/consolidation of banks, the identity of prices for banking products and services, the difficulty of establishing a place for a new player in the market, etc. which limits the elements of free interbank competition.