Abstract
Digital technologies have radically changed all financial relations in society. A new financial business ecosystem based on the use of digital technologies is rapidly forming. The article examines the recent changes in the financial sector under the influence of new technologies. The benefits received by consumers of financial services and financial institutions from the introduction of digital technologies are assessed. The survey of financial services consumers conducted by the authors of the article to some extent reflects the situation with the use of digital financial services in Ukraine. However, the process of digitalization is still far from complete. The formation of a new ecosystem, along with opportunities, generates new risks. There are new, often complex and not always clear to the general public financial products and services. The low level of financial and digital literacy forms a platform for manipulation, falsification and outright fraud. The problem of cybersecurity is relevant. The situation with employment in the financial sector in the medium and long term is rather uncertain. System errors are a risk factor too which can cause significant damage to both individuals and legal entities. The article provides examples of system errors and identifies their main cause - low qualification of information technology professionals working in the public sector. The vision of the future development of the financial sphere within the framework of digitalization is formed, the necessary changes at the private and public levels are determined.
Highlights
The modern digital technologies provide many opportunities for the development of the financial business, but they contain many threats and dangers too
Digital technologies in finances are real, they are far from completion. New financial instruments, such as virtual assets, they endanger the existence of a fundamental financial model that is based on credit money issued by the banking system
The purpose of the article is to form a vision of financial processes future based on an analysis of present changes that digital technology has brought to the financial industry
Summary
The modern digital technologies provide many opportunities for the development of the financial business, but they contain many threats and dangers too. Digital technologies in finances are real, they are far from completion. New financial instruments, such as virtual assets, they endanger the existence of a fundamental financial model that is based on credit money issued by the banking system. Public bodies to control financial business, which is rapidly virtualizing, has become increasingly difficult. A new financial system will have to form in the decade, and all actors in this system have to work to make it fair, secure and efficient for society as a whole
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