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FinTech as a new dimension for financial institutions: Problems and solutions

Vol. 26, Iss. 9, SEPTEMBER 2020

Received: 7 May 2020

Received in revised form: 18 June 2020

Accepted: 2 July 2020

Available online: 29 September 2020

Subject Heading: Financial system

JEL Classification: О33

Pages: 2049–2076

https://doi.org/10.24891/fc.26.9.2049

Turuev I.B. Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation (MGIMO University), Moscow, Russian Federation
i.turuev@inno.mgimo.ru

https://orcid.org/0000-0002-9640-7475

Subject. The article considers the direction and scope of information technology (IT) usage in the financial sector.
Objectives. I review the achievements in the financial industry and threats associated with the use of new technologies.
Methods. The study employs methods of comparative analysis, systematization, classification, analogy and comparison.
Results. The paper describes the application of IT technologies in the banking business, including its traditional branches. I consider the possibility of banks to earn money in the traditional capacity of an intermediary in the environment, where investments can be attracted and implemented directly, using mobile applications; when payments are significantly cheaper, the cryptocurrency appears, and anyone can easily make conversion.
Conclusions. I believe, it is a middle of digital transformation. It is not yet clear, where this path will lead. The States explain their demands by taking care of consumers and by drawing conclusions based on past crises. It is possible that these approaches will form a basis of a new international monetary system, which will replace the current Jamaican one.

Keywords: financial technology, artificial intelligence, Internet, robotics, digital transformation

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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