Innovation in developing countries' risk estimation and management

Today, an increasingly important role in the economy is being acquired by informatization processes. Digital technologies simplify information transfer and accelerate these processes. The effective use of various complex banking technologies, as well as the use of information and communication technologies in banking operations, can improve the organization of financial products and various tools that are key ways to stimulate the needs and preferences of customers. Various financial innovations, including Internet banking, ATMs, and mobile banks, are increasingly becoming a vital force for diversification, revenue generation, and cost reduction for both banks and customers. The article is devoted to the problem of development of innovations in the field of financial technologies in developing countries. It is shown that, despite a significant increase in innovation activity in the field of the financial sector of the economy, a large number of developments in this area, some gaps remain associated with the practical application, implementation of financial innovations, the use of innovative tools in the field of financial technologies in developing economies, the definition of the role and places of financial innovation in the overall structure of the financial sector. This article aims to fill these gaps. There is a connection between financial innovation and the efficiency of the banking industry for both developed and developing countries around the world. The banking sector in a developing economy is growing thanks to financial innovations in various payment systems, including the use of ATMs, mobile banking, and electronic banking. The aim of the work is to analyze the innovation of risk assessment and risk management in developing countries, for which the following tasks were set: consider the features of information technology, financial instruments, and services; explore diffusion models of banking innovations; identify features of digital solutions in developing countries.