Availability of Digital Financial Services: Problems and Solutions

Abstract

Purpose: The aim of the study is to identify the main problems and limitations of the availability of innovative financial services and the search for possible solutions on the example of the Russian economy. Design/methodology/approach: Despite the intensification of scientific research and applied developments in the field of the digital economy, the problems of the wide availability of modern digital services for the population and economic entities, territorial imbalances, and improving the elements of the financial mechanism of systems that conduct digital innovations remain relevant. Applying theoretical, empirical, general logical methods of scientific knowledge and a systematic approach, the study identifies technical, regulatory, legislative, infrastructural, organizational, industry problems that impede the widespread use of innovative financial services, and suggests separate ways to solve them. Results: It was revealed that the problems under study are of a technical, legislative, infrastructural, organizational, and sectoral nature. To solve them, the authors propose an algorithm for combining industry ecosystems containing universal platforms and services. The algorithm includes 3 stages: the creation of innovative technologies in the economic and social spheres with the subsequent development and standardization of industry-specific digital competencies; Innovation of industry (financial) markets (payment, credit, insurance, securities market, precious metals market, etc.) and the creation of basic infrastructure platforms; creation of a single digital environment, including compatible industry environments (institutional and infrastructure). Conclusions: Together, a single digital environment ensures the interaction of financial market entities and the development of infrastructure platforms and technologies; industry environments are merging into a single ecosystem of the digital economy. The proposed approach to the system formation of a single digital environment will contribute to the increase in the availability of digital financial services.KeywordsDigital economyFinanceFinancial marketFinancial servicesDigital technologyJEL ClassificationЕ51E71G21G24O33O35