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THE ROLE OF DIGITALIZATION IN THE FINANCIAL SECTOR, WITH REFERENCE TO THE BANKING SECTOR 2021 004:336.71 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/2/8493 M. Perić М. Каличанин З. Каличанин Digitization in technology is changing the way the financial sector works. Advanced applications developed in digital technologies used in financial services are used to change the interface between consumers and service providers in financial transactions, while improving communication and increasing their mediation. Digitalization forces organizations to continuously evaluate and innovate their business models. Digital innovations in particular are leading to fundamental changes in the financial services industry. Agile and innovative financial technology startups are known to drive these changes, as they address new customer requirements by developing innovative technologybased solutions with user-centered approaches. In recent years, the banking and financial sector has undergone radical changes in order to improve services, the constant development of digitalization, through new business models, in the concept of developing the field of Internet copper through monetary transactions between consumers and the copper sector. These new models of digitalization in the financial sector require employees to adapt to a fast working environment and change the overall state of change in the financial sector. Today, digital currencies are increasingly used “Cryptocurrencies” as a means of exchange. In most countries, they are not strictly regulated by law, and in some countries they are even prohibited. Banks are not obliged to store data on cryptocurrency transactions, every bitcoin transaction, they are stored by computers of all users in a common database called blockchain. These transactions are processed much faster than the banking sector. no commissions, and easier payment between states. Bitcoin provides its users with security when paying, without authentication, although the blockchain shows transactions, it does not show who is behind that transaction. Managing change through digitalization is currently one of the main turmoil in the financial market, which can forever affect the banking business, and mismanagement can have disastrous results. The banking and financial sectors are expected to grow faster than ever in the coming decades, and therefore changes in the digital sector are at a turning point in terms of changing the positions needed to gain a market advantage over the competition. Banks in Serbia have included e-banking services in their offer in order to provide services tailored to the specific needs of clients, improve the quality of these services, retain existing and attract new clients and finally reduce business costs by streamlining business processes. In this way, banks try to follow trends by digitalizing their business and offer innovative and safe solutions to meet the expectations and needs of their clients as much as possible. article 11 31 1 19 2217-5504 International Journal of Economics & Law