Libyan Financial Institutions in the Digital Economy A strategic study to measure the most important indicators related to digital transformation for a sample of banks operating in Benghazi.

Abstract

This study aims to discuss the importance of the digital transformation for all financial institutions in Libya, with an emphasis on examining strategic financial change plans to provide advanced banking services that comply with international laws and standards. Therefore, the researcher discussed the strategy of transitioning to digital economy in Libya through an analytical study of digital technology in the banking sector, looked into how it is used, and its compliance with international systems and standards. In the context of growing competition and the shift towards development, it was necessary to highlight all the obstacles and challenges faced by financial institutions in understanding the comprehensive digital bank and how to use it within the framework of global systems. As a result, one of the study's objectives was to focus on analyzing the policies and strategies of the Central Bank in adopting and supporting the shift towards digitalization by providing banks with advanced payment systems via digital technologies and services, in order to improve economic indicators in the digital age.

The study targeted the Digital Bank "Benghazi " as well as the reality of electronic services in financial institutions in both the public and private sectors in the city of Benghazi. The descriptive-analytical method was used as the study methodology, with the questionnaire serving as the study tool. Based on several previous studies, (70) questionnaires were distributed to collect and analyze data using the SPSS statistical software package. Through the results gathered to reach significant indicators supporting the study's topic, (53) were retrieved for data analysis. Arithmetic means and standard deviations were used to measure the response degree of the study sample members, resulting in a set of findings that contribute to advancing digital technology in Libya.