Теоретико-методологічне обґрунтування сутності фінтеху в контексті формування цифрової економіки

Abstract

Abstract. Introduction. The generalisation of the financial technologies’ evolution shows that for the first time in the history of financial intermediation, there is a situation when technology not only improves specific components of financial services by traditional financial institutions but also serves as a basis and the main driver for new business and total replacement of traditional financial services by affordable in using digital services of fintech companies. Purpose. The purpose of the article is to analyse and compare existing approaches to understanding the essence of fintech and justify our approach, taking into account the trends caused by the formation of the digital economy. Results. The article analyses various conceptual approaches to understanding the essence of fintech based on analysing the scientific achievements of foreign researchers. The characteristics of fintech by representatives of the business environment (analytical and consulting companies) and the media are also presented. It is determined that in scientific practice, two main groups of approaches to the definition “fintech” have been formed: technological and institutional. From a technological point of view, fintech is perceived as a combination of digital technologies to create a new or significantly improved innovative financial service. From an institutional point of view, fintech is an institutional unit and an economic entity that combines technology to create innovation in financial services. The paper substantiates the prerequisites of fintech, among which the main ones are the presence of an innovative company; experience or idea of a specific type of financial service; availability of a set of digital technologies at the disposal of an innovative company; understanding the current needs of consumers of financial services. The author’s definition of fintech is also presented, the components of fintech success are given. Conclusions. Despite the high growth and expansion of fintech, there is no single approach to understanding this phenomenon. Both technological and institutional approaches have many shortcomings, especially in the differentiation of fintech companies, determining the degree of innovation (disruptiveness) of fintech approaches or products. We believe that the most optimal focus is not so much on technologies or fintech subjects, but on the main product of fintech – digital financial services provided by innovative companies in the digital economy using digital technologies as a tool to improve the provision and creation of new customer-oriented financial services.