Digital Technologies in Finance: Modernity and Prospects

Анотація

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.

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