The financial technologies transformation in the digital economy

¹ Rostov State Medical University, 29, Nahichevansky av., 344022, Rostov-on-Don, Russia
² Herzen State Pedagogical University, 48, Moika River emb., 191186, St. Petersburg, Russia
³ St. Petersburg State University of Economics, 21, Sadovaya str., 191023, St. Petersburg, Russia

^* Corresponding author: plotnikov_2000@mail.ru.

Abstract

The fourth industrial revolution is changing the technological face of the economy. Digital technologies are especially widespread in it. They affect all areas of the economy. These changes require in-depth research. The purpose of the article is to analyze financial technologies considered as a factor in the development of the financial sector in the digital economy. To achieve this goal, methods of institutional, retrospective and comparative analysis, modeling and forecasting were used. As a result of the research, theoretical approaches to the study of digital financial technologies have been systematized; perspective areas of their application are considered; the prerequisites, factors and risks of their application in the financial sector are determined. The main trend in the considered area is the intensification of competition between banks and IT companies, which makes it necessary for banks to change the traditional banking business model. Banks will transform into IT companies. And IT companies will penetrate deeper into the financial sector using fintech start-ups. It is expected that the convergence of these sectors of the economy will increase, which will lead to the formation of new integral industries based on digital and platform fintech technologies. Comprehensive support for the development of new digital financial technologies is needed. The tools of such support are support for the creation and implementation of digital financial innovations, stimulation of digital start-ups, support for companies in the implementation of digital financial technologies, the formation of a digital market, etc.