The Impact of Digital Technology on the Development Strategy of a Financial Corporation

DOI

10.2991/aebmr.k.200201.015How to use a DOI?

Keywords

financial corporation, financial technologies, fintech companies, digitalization of the economy, digital economy, digital person as a customer

Abstract

The article examines the problems associated with the development of new digital technologies, which, in turn, affect the activities of large financial institutions of the Russian Federation. The aim of the study is to analyze the current economic situation associated with the growth of the digital products market, its integration into the existing model of providing financial services to customers, as well as finding solutions to issues of joint activities of financial corporations and financial and technological companies. The article gives definitions and the directions of the activities of financial corporations and fintech startups. It outlines the advantages and disadvantages of large financial corporations as well as highlighting developing companies working in the field of digital technologies and the positive results of combining their resources. The article provides positive examples from real world experience from the cooperation of two types of these organizations and the attitude of the main regulator, the Central Bank of Russia, to the development and implementation of financial technologies in the country’s economy. The problems and opportunities caused by high competition in the struggle for the modern consumer, which lead to the rapid development of the entire financial industry market, are analyzed. The results of the study show that around the world, fintech companies provide daily services such as: testing a significant number of digital products, various tools of an open architecture, methods of transferring information through blockchain technologies, new programs for maintaining a client base that completely change the main business processes of large enterprises are optimized and integrated into existing systems companies and have a significant impact on the main consumer-person.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Anatoly S. Pilishvili
PY  - 2020
DA  - 2020/02/10
TI  - The Impact of Digital Technology on the Development Strategy of a Financial Corporation
BT  - Proceedings of the 1st International Conference on Emerging Trends and Challenges in the Management Theory and Practice (ETCMTP 2019)
PB  - Atlantis Press
SP  - 71
EP  - 74
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200201.015
DO  - 10.2991/aebmr.k.200201.015
ID  - Pilishvili2020
ER  -