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ABSTRACT
The world of banking and finance, with the new fourth industrial revolution, in addition to the previous turn to regulations and legislation conditioned by the last financial crisis, is entering a new stage and / or epoch of development. It is about the digitalization of services and services as a higher novelty than the level of electronic services and the establishment of an alternative parallel virtual world of finance. In addition to the controversies that are still going on academically, we can state that the new world of finances casts a shadow over academic debates and establishes a new way of thinking. Modernizing banking and new services is a global process and certainly a challenge for many financial systems. The key is the scope of regulatory initiatives, the comprehensiveness and scope of the central regulator with regard to supranational and national forms of action in the growing internationalization of banking, on the one hand, and the very dynamic relationship of conflict between innovation and regulation. Taking into account the increasingly sophisticated criteria of financial consumerism and multiple differentiation of banking clients' preferences, then the question of open banking, leads us to hypothesize whether banking strives for even greater regulation than the existing one or is slowly slipping "into the hands of individual clients"? The research in this paper will provide an overview of global trends in the field of affirmation and partial regulation of digital services and banking services with a special focus on the EU, USA and Serbia. Comparative analysis of regulation in different financial systems will remain an open question for future research.
Keywords: digital financial services, financial transformation, regulation
1.FOREWORD: GLOBAL TRANSFORMATIONAL TENDENCIES IN BANKING INDUSTRY
In the context of transformational tendencies in banking, we primarily focus on distribution channels (technologies and services) as new ways of establishing contact with clients and in that sense new fields of banking business. The traditional distribution channel, which is basically personal contact, is understood as the basis of banking, but bearing in mind that every contact with the client implies incurring high operating costs so that today's client profile increasingly differentiates personal preferences, banking abandons traditional marketing mix concepts and its business is made more efficient by applying the concepts of digital business...