Financial Technologies: Digital Payment Systems and Digital Banking. Today's Dynamics

Abstract

Financial technologies (FinTechs) have been rapidly advancing in recent years, enabling transactions in financial markets to become faster, more efficient, and more secure. The use of advanced technologies such as artificial intelligence (AI) and machine learning (ML) provides significant advantages to the financial services sector. The complexity of financial markets and the need for swift action increase the demand for financial technologies. FinTech plays an important role in offering more services at lower costs, helping traditional financial institutions remain competitive, and creating new market opportunities. Additionally, it supports financial inclusion by increasing access to financial services and plays a vital role in achieving sustainable development goals. In this section, we discuss the importance of FinTech, the conveniences and advantages it brings to transactions in financial markets, and the opportunities it provides to market participants.