The fintech industry: key technologies and directions of development of the financial digitization

Today, new technologies are reshaping the financial services industry, actively displacing traditional players and traditional business models. Integration of new financial solutions allows to change the structure of consumption, reduce the cost of certain functions, improve the efficiency and quality of business, as well as significantly affect the sustainability of the profile business, etc. As a result, the financial technology industry (or fintech) is gradually becoming an independent, rapidly developing sector of the modern economy. The article defines the scheme of integration of financial technologies, identifies groups of innovative technologies. To ensure the effective functioning of the fintech ecosystem, full access to human capital is necessary. It is indicated that the development of the fintech industry requires the introduction of a number of instruments of state regulation. It is revealed that the fintech ecosystem is considered effective when access to key types of capital is provided. The driving factors of the fintech market are identified. The study revealed that the Russian fintech industry is characterized by the concentration of technological competencies directly in the banking system, which explains why the segment of independent fintech projects is still poorly developed compared to other foreign markets. The key reason for this situation is the lack of interest of foreign and Russian investors in domestic startups, and traditional players have a strong resource base.