Financial Sector Transformation In The Era Of Digitalization

The fast development of new technologies has a significant impact on the financial sector development. Digitalization leads to the development of new business models, transformation of value chains, new product delivery channels, relationships between companies in the financial sector and structural landscape of the financial sector changes to the. Although, there is no common understanding formed among scholars about the drivers of these strategic changes and the future financial sector development trends.The development of financial technologies, characterized by the emergence of alternative services and new industries, can be described as highly innovative. The functional equivalent of the commonly used terms, such as digital disruption and digital transformation is digital innovation, in one case emphasizing strategic orientation, developing new products and business models using digital technologies, infrastructures, supply chain, and ecosystems, and, in the other - transforming traditional models to address to existing loyal customers providing more usable in the digital ecosystems access channels, solutions, and products.