Peculiarities of development of digital financial ecosystem

Abstract

The development of information society based on creating digital information channels fosters the expansion of virtual interaction of the participants of social relations. It gives rise to technological transformation of financial infrastructure and fosters related changes in other spheres of economy and social life. This research is aimed at finding out peculiarities of forming and developing digital financial microsystems and determining possible scenarios of the development of the Russian national financial ecosystem. The analysis of the statistical data has shown that developing digital technologies leads to the transformation of financial services consumer behaviour. They move from off-line environment with cash payments to the on-line service with non-cash settlements predominance and distant interaction. The trust in fintech-companies and digital financial services is constantly increasing. The caried-out analysis has shown that digitalization of financial sector increases its financial accessibility and fosters poverty reduction (Wang, Yang, Chiu & Lin, 2020) and provides economic growth (Siddik & Kabiraj, 2020). It forms the basis for the transformation of financial architecture and the expansion of digital financial ecosystems in Russia. On the basis of world experience as well as Russian practice, the authors determined the elements and principles of digital financial ecosystem development, identified types of forming and levels of ecosystems functioning.The authors considered two variants of forming the national digital financial ecosystem that differ in the form of interaction of state and private ecosystems functioning. The authors considered two variants of forming the national digital financial ecosystem that differ in the form of interaction of state and private ecosystems. The obtained conclusions are important for making project decisions by the authorities, financial organizations and technological companies.