Analysis of the main changes in financial markets in the context of digitalization of the economy
Asaad Hameed Hamzah Albudairi, Mikhail Evgenievich Kosov and Olga Valentinovna Staroverova
To date, digitalization has become one of the most significant trends that has an impact on all areas of public life. Her role in the financial sector is no exception. That is why the study of the main aspects of digitalization in the financial sector, its impact on various sectors of the financial market and the specifics of assessing the level of development is becoming especially relevant and significant at the present stage of the evolution of economic and financial relations. In order for financial market actors to remain successful and competitive in the context of digital transformation, they need to be aware of the latest technological innovations and actively use them in their activities. This requires them to transform traditional business models in accordance with the challenges of the modern digital world. Credit institutions, insurance companies and other institutional investors are actively introducing innovations related to digital technologies. The public financial market, thanks to modern technologies such as blockchain, big data analysis and artificial intelligence, is becoming increasingly cross-border. The fintech industry is developing very rapidly, focusing on the creation of digital platforms and innovative services. The digitalization of the financial sector leads to a radical change in the models of interaction between financial market participants. The purpose of the research is to analyze the main changes in the financial markets caused by the processes of digitalization of the economy. The paper examines the trends in the development of digital technologies in the financial sector, assesses the scale of transformation of the banking system and stock exchanges under the influence of the introduction of digital innovations. The main research methods used were: analysis of statistical data on the dynamics of digitalization of financial markets, comparative analysis of traditional and digital business models in the financial market, expert assessments of the prospects for further development of digitalization processes. According to the results of the study, a conclusion was made about the deep transformation of financial markets under the influence of digital technologies. These processes will only accelerate in the coming years.
Asaad Hameed Hamzah Albudairi, Mikhail Evgenievich Kosov, Olga Valentinovna Staroverova. Analysis of the main changes in financial markets in the context of digitalization of the economy. Int J Finance Manage Econ 2024;7(2):105-111. DOI: 10.33545/26179210.2024.v7.i2.348