TRENDS IN THE DEVELOPMENT OF FINANCIAL TECHNOLOGIES ON A GLOBAL SCALE
DOI:
https://doi.org/10.35774/Keywords:
financial market, digitalization, financial system, financial innovation, financial services, financial technology (FinTech).Abstract
Introduction. The current stage of development of the global financial system is characterized by widespread digitalization, which is the main driving force behind the transformation of financial institutions. The introduction of innovative solutions such as artificial intelligence, blockchain, and Big Data into the financial sector has brought a qualitatively new dimension to the functioning of financial markets and ensured a high level of financial service inclusivity. The global fintech industry is characterized by uneven coverage and the scale of digital transformation, and is also associated with the emergence of new challenges and threats. All of the above points to an objective need to study global experience in the development and operation of financial technologies.
The purpose of the article is to analyze global trends in the financial technology market aimed at improving the quality of financial services for consumers and to systematize international experience in their implementation.
Results. The key areas driving the global fintech industry have been identified; implementing these will enable financial companies to increase their competitiveness, boost profits, and improve the quality of financial services. An economic, statistical, and trend analysis has been conducted for each of the identified priorities for fintech companies. Priorities for the development of the fintech industry have been outlined for financial service providers in the context of changes in the technological environment of the financial market.
Conclusions. The main directions for the development of fintech in the coming years have been summarized. It has been demonstrated that the domestic fintech market possesses sufficient human, resource, and technological potential. Its further development should take into account global trends and the implementation of positive international experience in introducing in-demand and effective financial innovations. In the context of the war in Ukraine, remote digital technologies, in particular based on artificial intelligence and its variants, may become priority fintech tools.
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