Bank's credit and investment portfolio structure optimization

Abstract

Methods. To solve the tasks identified in the work the following methods were used: historical and logical methods – to study the existing interpretations of the «payment system» concept, and critical analysis to formulate our own interpretation taking into account the features of digital economic transformation; systematization methods – to form and justify the approach to building the author's vision of the payment system development processes as a basic element of the digital economy. The study also used the basic concepts of behavioral finance, which allowed to establish the motivational features of FinTech and TechFin companies’ formation in the financial market. Results. The article formulates a new interpretation of «payment system» concept in order to update it to further identify economic entities interaction patterns in the mechanism of digital economy. The study of payment instrument development theories allowed the authors to characterize the role of the payment system in the economy. Based on a retrospective analysis of the development process of the payment system using an evolutionary approach, the stage of emergence of FinTech and TechFin companies was singled out. In order to identify the degree of penetration of new types of companies into the traditional financial market, there were studied the dynamics of payments of TechFin (PayPal) and the dynamics of growth of FinTech's customer base (monobank), which are examples of transformed successful digital instruments. Novelty. The proposed interpretation of «payment system» concept allows to comprehensively cover all economic entities involved in the process of exchanging payment instruments, and effectively analyze the interaction of both classical and emerging economic institutions in the digital transformation of society. Practical value. The formulated difference between the concepts of TechFin companies and FinTech implementations allows to differentiate their activities, prepare companies legally and technologically, and choose the appropriate way to implement new technology for financial transactions.