Management and administration of financial resources using digital technologies

Abstract

The integration of digital technologies in the financial industry holds significant promise for enhancing the effectiveness and availability of financial services. However, it is also confronted with various financial and organisational limitations that must be resolved. The objective of this study is to examine the financial and organisational limitations that occur during the implementation of digital technologies in financial management. In order to accomplish this objective, various techniques such as analysis, synthesis, generalisation, systematisation, and statistical methods were employed. The study revealed that the implementation of digital technologies in the financial sector encounters substantial obstacles and constraints. An inherent challenge arises from the incongruity between emerging digital technologies and antiquated traditional management models, resulting in deficiencies and vulnerabilities in organisational management. The study emphasises the significance of organisations modifying their management models in order to achieve optimal utilisation of digital tools. The findings also demonstrate the significance of organisational elements such as culture, competencies, digital resources, senior management support, and organisational structure in shaping choices to embrace and execute digital technologies. Thus, the study helps to solve current issues related to the introduction of digital technologies in the financial sector and contributes to improving its efficiency and sustainability. The practical significance of the study is to increase the understanding of financial and organisational constraints that arise during the introduction of digital technologies in financial management and to contribute to the development of more effective approaches to digital financial management

Keywords

• organisational constraints
• data security
• regulators
• efficiency
• privacy