Analysis of digital profile of the financial market: a methodological approach of Russian Central Bank

Abstract

Currently the processes of digitalization have a strong impact on all spheres of society. Fundamental changes are observed in the economy due to digital expansion, implementing and usage of various modern technologies. The financial market as an essential part of the economy was the first thing that had to be digitalized. The Central Bank of the Russian Federation is actively engaged in the development of financial technologies in the financial market. Financial technologies can affect the availability of financial products and services, which in the future will contribute to sustainable development and increase the competitiveness of the entire financial sector. The Central Bank of the Russian Federation as a megaregulator monitors the financial market and currently a comprehensive system of relevant indicators is being formed. It is to assess the specifics of different profiles of the financial market, reflecting its most important characteristics, including the level of digitalization. It has been recognized to take a closer look at the description of such a concept as the digital profile of the financial market. To describe the entire financial market, we need comprehensive methodological approach that would reflect its characteristics. The research was conducted on the basis of studying the existing experience of analyzing the market of financial and technological services, its features, as well as methods and indicators for assessing the level of digitalization of the financial sector. The article proposed the concept of a digital profile of the financial market and developed a methodological approach for its analysis in order to implement the functions of the Central Bank of Russian Federation.

Keywords

• digitization on financial markets
• digital profile of financial market
• fintech
• central bank of russian federation
• financial technologies