Readiness for implementing innovations in banking in advanced and emerging economies

Abstract

The development of innovation requires special knowledge from various management areas, as well as technological and intellectual support from the state. The study aims to assess the country’s readiness to introduce innovative banking technologies. The methodological tools used for the study include bibliographic analysis, fuzzy logic, factor analysis, and the Brown-Mayer model. The period under consideration is 2004-2018. The paper focuses on two groups of countries: advanced economies (Germany, France, Czech Republic, and Spain), emerging markets and developing economies (Ukraine, Poland, Turkey, Croatia, Romania). The results of bibliometric analysis obtained with VOSViewerv.1.6.10 toolkit prove that the most significant factors affecting the country’s readiness to implement banking innovations are intensive economic growth, development of information and communication technologies in society, and financial strength of the banking system. The assessment results show a gradual improvement of technological and economic conditions that are necessary for the intensification of innovation processes in banking in the countries. France, Germany, Turkey, and Poland are among the leading countries with the best conditions for the development of banking innovations, while Ukraine, Croatia, and Romania have the least favorable conditions among analyzed countries. The results of this empirical study can be used to formulate a strategic plan for the development of a country’s banking system.