Financial Technologies as a Tool for Comprehensive Banking Services

Abstract

The financial services sector has undergone major changes in recent years as a result of new technologies.Business processes in the creation of a banking product, building a longterm strategy and successful project activities are moving into a digital interactive model of interaction in the digital environment.In the emerging markets there are FinTech start-ups in areas such as the service of individuals and private capital management, which are in the lead at the expense of customer-friendly services. Financial technologies are radically changing the competitive environment of financial institutions and the structure of their functioning markets, reducing the branch network of banks, the number of employees in the financial services sector, while expanding their provision in real time, creating conditions for multifunctional digital banks with a low base of current costs by simplifying traditional systems.The FinTech segment of the capital market contributes to the formation of a new business model, offering users a personalized service option combined with lower fixed costs and price parameters.The research presented in the scientific article on the basis of monitoring the practice of financial technologies in the Russian banking system, allows to identify current trends and trends in the development of financial services in the new digital competitive environment, which should be taken into account by the bodies of state regulation and banking supervision. 1. Introduction

Financial Technologies and Financial Inclusion in Emerging Economies: Perspectives from Nigeria

“…The rapid growth of Fintechs have been fueled in part by the regulatory burdens placed on traditional banks, frequent injection of investible funds by venture capitalists, increase in technologically inclined talents and emerging collaborative opportunities with the conventional finance institutions [53]. This influence is mainly felt via the application of big data, the internet, artificial intelligence, blockchain cloud computing and machine learning which has been responsible for driving peer-to-peer lending, peer-to-peer payment facilities and crowdfunding activities that has transformed the lot of several vulnerable groups and financially disadvantaged individuals [54][55][56].…”