On the development of innovations in improving the efficiency of commercial banks in the context of technological sovereignty

This article discusses technological innovations in improving business efficiency and challenges of developing commercial banks in market environment. The study reveals the basics of the introduction of innovative technologies in the banking sector; shows the impact of digital solutions on the efficiency of the commercial banks; examines the introduction of the innovative technologies in the banking sector; analyses the experience of the commercial banks in the field of technological transformation; identifies key problems and promising areas of innovation in the banking industry. The study notes cyber risks and threats to information security: with the growth of digitalisation, the number of attacks increases, in particular, on mobile services and API (application programming interface). Dependence on external vendors on technologies, especially when using foreign solutions, has been indetified. Low digital literacy of some customers, especially older ones, is found, which makes it difficult to complete digital transformation. In the coming years, technological innovations will have a decisive impact on the transformation of bank business models. The transition from a universal model to a platform one is expected, where the bank becomes not only a financial service provider, but also a digital ecosystem. In conclusion, the results and suggestions for improving the technological innovations in the commercial banks are given.