| Issue |
SHS Web Conf.
Volume 172, 2023
International Scientific and Practical Conference on Social Sciences and Humanities: Scientific Challenges of the Development of Modern Society (SHCMS 2023)
|
|
|---|---|---|
| Article Number | 02025 | |
| Number of page(s) | 5 | |
| Section | Institutional Economics: History, Problems and Prospects | |
| DOI | https://doi.org/10.1051/shsconf/202317202025 | |
| Published online | 12 July 2023 | |
Global Digital Transformation Trends: Financial-Economic Sector
1 Kadyrov Chechen State University, Sheripova Street, 32, 364024, Grozny, Russia
2 Grozny State Oil Technical University, Kh. Isaev Ave., 100, 364061, Grozny, Russia
3 Ferghana State University, Usmonkhuzhaeva str., 19, 712000, Fergana, Uzbekistan
* Corresponding author: petimat11266@mail.ru
In recent years, the financial sector has been a leader in digital transformation. An additional driver of its accelerated digitalization was the COVID-19 pandemic, which contributed to the active spread of mobile banking, contactless payments, digital services for managing investment portfolios, etc. The largest banks and insurance companies play a leading role in the digitalization of financial services. New fintech companies have emerged both within large banking ecosystems and as stand-alone start-ups providing financial services on their own. The digital transformation of the financial sector is based on the integration of distributed ledger systems, cloud technologies, big data analysis and AI. As a result of the use of digital technologies, new business models are being built. For example, the Open Banking system, which is based on API (Application Programming Interface) technologies and is designed to exchange information necessary for the development of financial products and services, has become widespread. Such a system allows non-financial organizations to offer financial products and services personalized to the needs of a particular client.
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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