THEORETICAL PRINCIPLES AND MAIN TRENDS OF DIGITALIZATION OF THE FINANCIAL SECTOR
DOI:
https://doi.org/10.32782/2786-8273/2024-6-3Keywords:
digital economy, digitalization, financial instruments, sharing economy, fintech companies, mobile banking, crowdfunding, blockchain, digitalization of insurance, scoring models, digital bankAbstract
Introduction. The article is aimed at studying the transformation of value relations in the digital platform economy, which serve as the basis for the development of trends in modern digitalization. The objectives of the article are to analyze the theoretical foundations of the transformation of value relations in the process of digitalization, the process of creating value in the digital platform economy. Methodology. In the process of research, such scientific methods as analysis, comparison, generalization, grouping, classification methods were used. Results. The following features of the digital transformation of the financial sector are determined: high standardization, automation, transparency, efficiency, readiness for innovation, the emergence of fintech companies and security, the use of blockchain technologies. Three main directions of digitalization of functioning of financial institutions are considered: digitalization of work with clients, digitalization of management and digitalization of business models. The directions of digitalization of the financial sector are investigated - development of mobile financial services, mobile banking, crowdfunding, algorithmic trading. The consequences of the influence of digitization processes on banking in terms of the development of new technologies - cryptography, biometrics, blockchain - have been determined. It is noted that in the context of digitalization, a significant competitive advantage of the bank becomes a "digital core" - a typical model of a digital bank, which is based on analytics and scoring models. Three main areas and three main trends of digitalization of insurance are outlined: telematics, smart clothing, the Internet of Things, and personalization; expansion of the client base; simplification of ageing procedures. Promising directions of digital transformation of the financial sector in such segments as payments, savings and investments, project financing and funds, deposits and loans, investment and corporate banking, risk management are generalized. The advantages of fintech companies in these segments are determined. Originality/value of research. The results of the study emphasize that the digital transformation of the financial sector has radically changed the way financial services are provided, creating a more efficient, transparent and secure environment. With the help of innovative technologies, financial institutions have expanded their ability to solve complex problems, improve the quality of services, reduce costs, and open up new opportunities for further development.
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