Page 38 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.76, # 1, 2019, pp. 34-47

high rate of distribution of profitable IFT; the chain of character of the diffusion of
IFT; minimum costs of IFT generation and provision; availability of IFT
limitations; the existence of various forms of IFT (real and virtual means, property
rights) ".

The tasks of management of innovation and financial technologies recognized: the
formation of certain values; production of certain products on request of customers;
collection, systematization and transmission of information flows; the formation and
use of various means of communication, etc. The objective principles of the
formation of innovative financial technologies by banks are: target orientation -
ensuring the needs of the bank and customer requirements; manageability of
innovation and financial technologies by bank employees; technological innovation
of financial technology; efficiency of functioning of innovative and financial
technologies; compliance with financial capabilities of the bank, society, clients.

Diagnostics of modern trends of innovative banking business combined with
existing developments in the typology of innovative financial technologies of banks
allowed us to develop an author's classification based on the criteria of coherence,
chain combinatory of their development, customer orientation, business
configuration, implementation platform, reliability of the ecosystem which
significantly expands the range of capabilities of the multi-dimensional
characteristics of innovative financial technologies of banks and contributes to their
more precise formalization, structuring and so on in-depth assessment, provides a
more detailed picture of what needs to be changed and what effect is being achieved.

At the same time the developed gradation demonstrates the dynamism of procedures
inherent in modern banking.

The prerequisites of emergence of innovation-financial technologies of banks are
outlined and the methodological basis for forming the mechanism of their
implementation is substantiated; generalized scientific approaches to the influence of
institutional factors on the development of innovation and financial technologies.

It is revealed that the key motive for the development of innovative financial
technologies is the desire and aspiration of the economic agent to have a strategic
perspective in general and to pursue an innovation policy in particular.
The scientific approaches to the differentiation of macroeconomic prerequisites for
the introduction of innovative financial technologies of banks have been improved
which unlike existing are based on their segmentation on the criterion of influence
on a permanent and short-term basis and according to the essential criterion, the
prerequisites of normative, organizational-institutional, financial, resource and
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