Digital Transformation of the Banking System of Georgia: Challenges and Prospects

In modern times, the importance of using digital technologies plays a great role. This issue is particularly important for the banking system, so the sector can provide quality customer service and respond to market challenges on time.
The current state of the Georgian banking system - digital services and products, the steps taken so far by the banks in terms of introducing innovative digital technologies are discussed in this study. Based on the selected criteria, the level of digitization of the banking sector is determined.
The study presents the experience of the developed countries of the world in terms of digital transformation in the banking sector and discusses the possibility of implementing them in Georgia.
The purpose of the study is to determine the digital readiness and challenges of the banking sector of Georgia, based on them recommendations will be developed to accelerate the digital transformation process.
Both quantitative and qualitative research methods are used in the research. Digital banking products and services of commercial banks are studied, and statistical conclusions are drawn based on quantitative data.
In the end, within the scope of the study, the challenges and future prospects in the process of digital transformation of the banking system of Georgia are evaluated.