The fintech industry: key technologies and directions of development of the financial digitization

Cover Page

Cite item

Full Text

Abstract

Today, new technologies are reshaping the financial services industry, actively displacing traditional players and traditional business models. Integration of new financial solutions allows to change the structure of consumption, reduce the cost of certain functions, improve the efficiency and quality of business, as well as significantly affect the sustainability of the profile business, etc. As a result, the financial technology industry (or fintech) is gradually becoming an independent, rapidly developing sector of the modern economy. The article defines the scheme of integration of financial technologies, identifies groups of innovative technologies. To ensure the effective functioning of the fintech ecosystem, full access to human capital is necessary. It is indicated that the development of the fintech industry requires the introduction of a number of instruments of state regulation. It is revealed that the fintech ecosystem is considered effective when access to key types of capital is provided. The driving factors of the fintech market are identified. The study revealed that the Russian fintech industry is characterized by the concentration of technological competencies directly in the banking system, which explains why the segment of independent fintech projects is still poorly developed compared to other foreign markets. The key reason for this situation is the lack of interest of foreign and Russian investors in domestic startups, and traditional players have a strong resource base.

About the authors

Vadim A. Romanov

North-Caucasian Institute - branch of Russian Presidential Academy of National Economy and Public Administration under the President of the Russian Federation

Author for correspondence.
Email: rv-ilc@mail.ru

PhD of Economic, Associate Professor of the Department of State, Municipal Administration and Law

5 Dunaevskogo St, Pyatigorsk, 357500, Russian Federation

Veronika V. Khubulova

Branch of Stavropol State Pedagogical Institute in Zheleznovodsk; Institute of Service, Tourism and Design (branch) of the North Caucasus Federal University in Pyatigorsk

Email: wave71@yandex.ru

PhD of Economic, Dean of the Faculty of Humanities of the branch of Stavropol State Pedagogical Institute in Zheleznovodsk; Associate Professor of the Department of Economics, Management and Public Administration of the Institute of Service, Tourism and Design (branch) of the North Caucasus Federal University in Pyatigorsk

14 Svobody Ave, Inozemtsevo, 357430, Russian Federation; 56 40 Let Oktyabrya Ave, Pyatigorsk, 357500, Russian Federation

References

  1. Bystriakov, A.Y., Grigorieva, E.M., & Savenkova, E.V. (2019). Financial factors of stimulating consumer activity to achieve the goals of the country’s national economic security. RUDN Journal of Economics, 27(2), 338–352. (In Russ.) http://dx.doi.org/10.22363/2313-2329-2019-27-2-338-352
  2. Bystryakov, A.Y., Nenovsky, N., & Ponomarenko, E.V. (2018). Cash innovations and digital economics: reaction of the state, society and universities. RUDN Journal of Economics, 26(4), 742–759. (In Russ.) http://dx.doi.org/10.22363/2313-2329-2018-26-4-742-759
  3. Gnezdova, J.V., Rudakova, E.N., & Zvyagintseva, O.P. (2019). Systemic contradictions of modern economic systems that hinder formation and development of Industry 4.0 in the conditions of knowledge economy’s formation and methods of overcoming them. Industry 4.0: Industrial revolution of the 21st century. Series: Studies in systems, decision and control (pp. 211–218). Cham.
  4. Khubulova, V.V., Laskovyj, A.A., & Khachatryan, M.A. (2019). Finansovy`e texnologii: Global`ny`e vy`zovy` [Financial technologies: Global challenges]. Social`no-gumanitarny`e znaniya [Social and humanitarian knowledge], (12), 175–183. (In Russ.)
  5. Khubulova, V.V., Taimaskhanov, Kh.E., Salgiriev, R.R., & Shakhgiraev, I.U. (2019). Industry 4.0 and building digital space in the context of territorial development. The European proceedings of social & behavioural sciences (pp. 1644–1651). doi: 10.15405/epsbs.2019.12.04.223.
  6. Kokodei, T.A., Lomachenko, T.I., & Gnezdova, Yu.V. (2019). Modeling the global business environment based on polycyclic theory. Smart technologies and innovations in design for control of technological processes and objects: Economy and production proceeding of the International science and technology conference FarEastСon-2018, 139, 487–499.
  7. Kurbanov, A., Gurieva, L.K., Novoselov, S.N., Gorkusha, O.A., Novoselova, N.N., & Kovalenko, A.A. (2016). Features sub-regional localities in the structural-level organization of the economic system. International Review of Management and Marketing, 6(S1), 287–292.
  8. Lizan, A.V., & Olejnik G.S. (2019). Gosudarstvennoe regulirovanie dostupnosti finansovy`x uslug v usloviyax cifrovizacii finansovogo ry`nka [State regulation of the availability of financial services in the conditions of digitalization of the financial market]. Transgranichny`e ry`nki tovarov i uslug: Problemy` issledovaniya [Cross-border markets of goods and services: Research problems]: Collection of materials of the III International scientific and practical conference (pp. 162–164). Vladivostok. (In Russ.)
  9. Putin nazval sozdanie tsifrovoi ekonomiki voprosom natsional'noi bezopasnosti [Putin called the creation of a digital economy a matter of national security]. (n.d.). (In Russ.) Retrieved July 15, 2020, from https://www.vedomosti.ru/economics/news/2017/07/05/710690-putin-tsifrovoi-ekonomiki
  10. Razvitie cifrovoj ekonomiki v Rossii: Programma do 2035 goda [Development of the digital economy in Russia: Program until 2035]. (n.d.). (In Russ.) Retrieved July 15, 2020, from http://spkurdyumov.ru/digital_economy/razvitie-cifrovoj-ekonomiki-v-rossii-programma-do-2035-goda/
  11. Slepakov, S.S., Novoselova, N.N., & Khubulova, V.V. (2019). Revival and renewal of political economy. Lecture notes in networks and systems, 57, 443–450. doi: 10.1007/978-3-030-00102-5_47.
  12. Vovchak, O.D. (2008). Finansovaja strategija razvitija banka kak predposylka jeffektivnosti ego dejatel'nosti [The financial development strategy of the bank as its effective activity]. Banking bulletin, (3), 23–36.
  13. Vovchenko, N.G., & Galazova, S.S. (2019). Ekosistema fintexa kak instrument obespecheniya ustojchivoj traektorii e`konomicheskogo rosta [fintech ecosystem as a tool for ensuring a stable trajectory of economic growth]. Texnologicheskie iniciativy v dostizhenii celej ustojchivogo razvitiya [Technological initiatives in achieving sustainable development goals]: Proceedings of the International scientific and practical conference (pp. 214–220). Rostov-on-Don. (In Russ.)

Copyright (c) 2020 Romanov V.A., Khubulova V.V.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

This website uses cookies

You consent to our cookies if you continue to use our website.

About Cookies