Abstract
The paper discusses the key directions and nature of the development of financial systems influenced by the digital economy and society. An analysis of the individual components of the financial system has been carried out and the nature of digitization in each of them has been identified. As a result, four key trends in the development of the financial system driven by the digital economy have been highlighted. The first trend: strengthening the role of remote interaction between financial institutions and end-users of financial products and services. The second trend: redistribution of the financial services market manifested in enhanced horizontal integration of financial institutions. The third trend: changing consumer behavior, requiring a review of existing business processes and regulations, and the development of the technological basis of the financial system. The fourth trend: the blurring of distinctions between the financial system and other sectors of the economy manifested in the partial substitution of traditional finance companies by high-tech companies. Digitization has been shown to have a definite positive impact on the financial system, making it more efficient, accessible, flexible and transparent. However, working with the digital financial system requires the user to have appropriate digital and financial competencies. This gives rise to the problem of managing the awareness-building of population and providing assistance to the most disadvantaged groups.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Bachas, P., Gertler, P., Higgins, S., Seira, E.: Digital financial services go a long way: transaction costs and financial inclusion. In: AEA Papers and Proceedings, vol. 108, pp. 44–48 (2018)
Buckley, R.P., Malady, L.: Building consumer demand for digital financial services – the new regulatory frontier. J. Financ. Perspect. 3(3) (2015). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3084037
Gibson, E., Lupo-Pasini, F., Buckley, R.P.: Regulating digital financial services agents in developing countries to promoted financial inclusion. Singapore J. Legal Stud. (26), 26–45 (2015)
Gurusamy, S.: Financial Services and Systems, 2nd edn. Tata McGraw-Hill Education, New York (2008). 326 p.
Karlan, D., Kendall, J., Mann, R., Pande, R., Suri, T., Zinman, J.: Research and impacts of digital financial services. Working Paper Series 16-037, Harvard University, John F. Kennedy School of Government (2016)
O’Sullivan, A., Sheffrin, S.M.: Economics: Principles in Action. Prentice Hall, Upper Saddle River (2005). 551 p.
Ozili, P.K.: Impact of digital finance on financial inclusion and stability. Borsa Istanbul Rev. 18(4), 329–340 (2018)
Avdeeva, I.L.: Vozmozhnosti tsifrovoy ekonomiki dlya razvitiya bankovskogo biznesa v Rossii. Srednerusskii Vestnik Obshchestvennykh Nauk, no. 11. pp. 70–79 (2017)
Aptekman, A., Kalabin, V., Klyntsov, V., Kuznetsova, E., Kulagin, V., Iasenovets, I.: Tsifrovaya Rossiya: novaya real’nost’. McKinzie Company (2017). 132 p.
Basayev, R.V.: Tsifrovizatsiya ekonomiki: Rossiya v kontekste global’noy transformatsii. World of the New Economy, no. 4, pp. 80–88 (2018)
Kazarenkova, N.P., Svetovtseva, T.A.: Transformaciya bankovskoj sistemy Rossii pod vliyaniem cifrovizacii ekonomiki. Southwestern State University News. Series: Economics. Sociology. Management, no. 8, pp. 188–195 (2018)
Kostousova, Y.A., Komarova, O.V.: Tsifrovizatsiya gosudarstvennogo finansovogo kontrolya: institutsional’nyy analiz. Zhurnal Ekonomicheskoi Teorii, no. 15, pp. 842–848 (2019)
Lapteva, E.V.: Tsifrovizatsiya rossiyskoy ekonomiki, osobennosti i puti razvitiya. Epokha Nauki, no. 20, pp. 30–37 (2019)
Polyanin, A.V., Dokukina, I.A.: Transformatsiya sotsial’no-ekonomicheskikh otnosheniy na osnove tsifrovizatsii biznes-prostranstva. Trud i sotsial’nye otnosheniya, no. 5, pp. 16–27 (2018)
Pshenichnikov, V.V., Babkin, A.V., Burkaltseva, D.A.: Tendentsii tsifrovizatsii denezhno-kreditnoy sfery v usloviyakh formirovaniya informatsionnogo obshchestva. Ekonomika i Upravlenie, no. 11, pp. 76–84 (2018)
Tatuev, A.A.: Sovremennyy finansovyy kontrol’: vyzovy, protivorechiya i tsifrovye instrumenty razvitiya. Finansy i Kredit, no. 23, pp. 780–789 (2018)
Yakunina, A.V., Yakunin, S.V.: Tsifrovizatsiya finansovogo sektora: novye vozmozhnosti i novye riski. Upravlenie finansovymi riskami v tsifrovoy ekonomike, no. 3, pp. 70–79 (2018)
Acknowledgments
The paper was prepared within the scope of the grant of the Russian Foundation for Fundamental Research on Project No. 20-010-00346 on the topic “The study of the impact of modern digital technologies on the institutional development of the financial market and the systemic analysis of the consequences of the digitization of the financial market”.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2021 Springer Nature Switzerland AG
About this paper
Cite this paper
Kuznetsov, N.V., Ekimova, K.V., Larina, O.I., Lizyaeva, V.V. (2021). Financial Systems Development in a Digital Economy. In: Popkova, E.G., Sergi, B.S. (eds) "Smart Technologies" for Society, State and Economy. ISC 2020. Lecture Notes in Networks and Systems, vol 155. Springer, Cham. https://doi.org/10.1007/978-3-030-59126-7_136
Download citation
DOI: https://doi.org/10.1007/978-3-030-59126-7_136
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-59125-0
Online ISBN: 978-3-030-59126-7
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)