The banking sector and the entire financial system seem to be most exposed to the effects of the global pandemic in the last year. Although the transformation in the financial sector began a decade earlier, and in recent years we have seen the impact of accelerated technology development on banking, the global pandemic has highlighted a significant problem in the banking sector: market survival. Digitization is a process that penetrate all segments of society, but the impact of digitalization on the financial system is more significant and with far more impact on other social processes. Until the outbreak of the global pandemic, changes in the banking sector were not synchronized. Each bank independently determined its development strategy and the dynamics of the adoption of new technologies, thus choosing the speed at which it will adapt to the development of the entire digital economy. Many banks firmly adhere to traditional business models, relying on existing market share and customers who are also oriented to traditional business models. On the other hand, we have examples of banks that started the process of adopting new technologies much earlier, as well as their application in business processes. Reports on bank operations in the last year tell us that banking institutions that introduced online business models, artificial intelligence systems and other advanced solutions in the field of information technologies responded much better to changes in the way business activities are conducted than others. Investing in some technologies that were a matter of choice before the pandemic has become an obligation for all participants in the financial market. Whether the future of the banking sector will be fully digital or not remains to be seen in the years ahead.

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