INTEGRATION OF DIGITAL MEANS IN THE FINANCIAL SPHERE: THE POTENTIAL OF CLOUD COMPUTING, BLOCKCHAIN, BIG DATA AND AI

Abstract

The integration of digital means in the financial sphere nowadays is not just a necessity, but also a strategic step that determines the further development of this industry. The modern world of finance bets on high technologies, namely on such key areas as Cloud Computing, Blockchain, Big Data and Artificial Intelligence (AI). The purpose of our article is to conduct an in-depth analysis of the potential of Cloud Computing, Blockchain, Big Data and Artificial Intelligence (AI) technologies in the context of their impact on the financial sphere. The object of our article is the financial sphere, including banking, the investment sector, insurance, and other component industries that interact with finance. As a result of the conducted research: the advantages and disadvantages of the integration of digital means in the financial sphere are considered; the potential of Cloud Computing, Blockchain, Big Data and AI in the financial sphere was investigated; it is emphasized that all these technologies are already changing the financial sphere and have great potential for further development. Thanks to them, financial institutions can be more competitive, respond faster to changes in the market, and provide more innovative services for customers. Therefore, the integration of these digital means into the financial sphere is a necessity and a key direction for the further development and modernization of the industry. Cloud Computing, Blockchain, Big Data, and Artificial Intelligence (AI) technologies enable financial institutions to increase efficiency, reduce costs, and improve customer service. The challenges of implementing new technologies in the financial sector include the absence of a unified regulatory framework, high costs associated with transitioning to digital platforms, and resistance from traditional players. These challenges can be addressed by creating clear regulations, providing financial support to companies transitioning to digital technologies, and fostering partnerships between innovative startups and large financial institutions for collaborative development and implementation of technological solutions.

Keywords

• financial industry
• innovations in the financial sector
• innovations in finance
• digital transformation of finance
• integration of technologies