PROSPECTS OF DIGITIZATION OF THE INTERNATIONAL FINANCIAL MARKET AT THE CURRENT STAGE

Abstract

Digitization is one of the "catalysts" of economic development in any modern state. Accordingly, it has a strong influence on the international financial market in general. The countries that were among the first to implement digital transformation in their economy occupy leading positions in terms of socio-economic development. Digitization of the financial market, being an integral part of the digital transformation of the world economy, involves not only the expansion of the scope of application of information technologies, but also a change in the models of interaction between the participants of the financial market. The purpose of the article is to determine the features of digitalization of the international financial market and to identify promising directions of digital transformation of the financial sector of the world economy. The goal set in the article was achieved using logical and systematic approaches, general scientific methods of analysis and synthesis of empirical data, comparative analysis. The article examines the concept of the international financial market, defines the concept of "digitalization of the international financial market", emphasizes the importance of the digital transformation of the financial market in modern conditions. It has been proven that financial market entities are reaching a new level through digitalization, creating their share through cooperation with fintech companies, based on artificial intelligence (AI), big data analytics, machine learning, distributed ledgers and biometrics; innovative digital technologies of the international financial market are characterized. It was concluded that digitalization in general and the introduction of digital platforms in particular lead to changes in the structure of the financial market, business models of financial organizations, the order of interaction between providers of financial services and their customers, the behavior of consumers of financial services, as well as a number of other fundamental shifts that affect the international financial market. The results of the conducted research can be used by financial market participants to improve the efficiency of their activities.