Digital transformation of the financial industry: The substance and trends

Digital transformation (digitization) of the financial industry is the reason behind the deep change in the models of interaction between actors in the financial market. However, a generally accepted interpretation of digitalization has not yet been proposed. The paper discusses the distinctive feat...

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Autor principal:	Ivan D. Kotliarov
Formato:	article
Lenguaje:	RU
Publicado:	Ural State University of Economics 2020
Materias:	market development fintech revolution financial technologies digitization financial institutions innovation financial industry Business HF5001-6182 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/8e08c919048a49f8b229448e55983b00
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spelling	oai:doaj.org-article:8e08c919048a49f8b229448e55983b002021-12-02T11:08:14ZDigital transformation of the financial industry: The substance and trends10.29141/2218-5003-2020-11-3-62218-5003https://doaj.org/article/8e08c919048a49f8b229448e55983b002020-07-01T00:00:00Zhttp://upravlenets.usue.ru/ru/-2020/654https://doaj.org/toc/2218-5003Digital transformation (digitization) of the financial industry is the reason behind the deep change in the models of interaction between actors in the financial market. However, a generally accepted interpretation of digitalization has not yet been proposed. The paper discusses the distinctive features of the financial industry digitalization and uses them as a basis for offering a unified description of the nature of this transformation. The methodological framework is the notion of three types of innovation – technology, organization, and product. The research methods used in the article are analysis and synthesis. The paper demonstrates how the types of innovation determine the nature of the digital transformation of the financial industry and how they are manifested in various digital financial products. Digital transformation of finance includes two aspects: (a) Fintech revolution, i.e. technological companies entering the financial market, and (b) adoption of innovative digital technologies by traditional financial companies. We propose the 4U model to describe the marketing aspect of the financial industry digital transformation and introduce the concept of flexible finance as a way to provide financial services that suggest lower liability of financial institutions. The research results show that, firstly, digital transformation of the financial industry is not limited to the technological aspect but also includes organizational and product-related elements. Secondly, the trends in the financial industry digitalization are similar to those in the digital transformation of the global economy.Ivan D. KotliarovUral State University of Economicsarticlemarket developmentfintech revolutionfinancial technologiesdigitizationfinancial institutionsinnovationfinancial industryBusinessHF5001-6182FinanceHG1-9999RUУправленец, Vol 11, Iss 3, Pp 72-81 (2020)
institution	DOAJ
collection	DOAJ
language	RU
topic	market development fintech revolution financial technologies digitization financial institutions innovation financial industry Business HF5001-6182 Finance HG1-9999
spellingShingle	market development fintech revolution financial technologies digitization financial institutions innovation financial industry Business HF5001-6182 Finance HG1-9999 Ivan D. Kotliarov Digital transformation of the financial industry: The substance and trends
description	Digital transformation (digitization) of the financial industry is the reason behind the deep change in the models of interaction between actors in the financial market. However, a generally accepted interpretation of digitalization has not yet been proposed. The paper discusses the distinctive features of the financial industry digitalization and uses them as a basis for offering a unified description of the nature of this transformation. The methodological framework is the notion of three types of innovation – technology, organization, and product. The research methods used in the article are analysis and synthesis. The paper demonstrates how the types of innovation determine the nature of the digital transformation of the financial industry and how they are manifested in various digital financial products. Digital transformation of finance includes two aspects: (a) Fintech revolution, i.e. technological companies entering the financial market, and (b) adoption of innovative digital technologies by traditional financial companies. We propose the 4U model to describe the marketing aspect of the financial industry digital transformation and introduce the concept of flexible finance as a way to provide financial services that suggest lower liability of financial institutions. The research results show that, firstly, digital transformation of the financial industry is not limited to the technological aspect but also includes organizational and product-related elements. Secondly, the trends in the financial industry digitalization are similar to those in the digital transformation of the global economy.
format	article
author	Ivan D. Kotliarov
author_facet	Ivan D. Kotliarov
author_sort	Ivan D. Kotliarov
title	Digital transformation of the financial industry: The substance and trends
title_short	Digital transformation of the financial industry: The substance and trends
title_full	Digital transformation of the financial industry: The substance and trends
title_fullStr	Digital transformation of the financial industry: The substance and trends
title_full_unstemmed	Digital transformation of the financial industry: The substance and trends
title_sort	digital transformation of the financial industry: the substance and trends
publisher	Ural State University of Economics
publishDate	2020
url	https://doaj.org/article/8e08c919048a49f8b229448e55983b00
work_keys_str_mv	AT ivandkotliarov digitaltransformationofthefinancialindustrythesubstanceandtrends
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Digital transformation of the financial industry: The substance and trends

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