DIGITALIZATION AS A FACTOR FOR MODERNIZATION OF THE FINANCIAL SYSTEM IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT
Abstract
This article presents a comprehensive analysis of the financial system and the role of digital technologies in: automating processes, reducing transaction costs, optimizing risk management and improving the performance of financial institutions, expanding financial inclusion, increasing transparency of financial transactions, improving financial management at various levels, is currently gaining relevance. The purpose of the article is to identify digitalization as a factor in the modernization of the financial system in the context of achieving global sustainable development goals. It is specified that the challenges of sustainable development in the real sector of the economy form new requirements for the financial system, which is manifested in large-scale mobilization of capital with a simultaneous emphasis on environmental and social factors, which consolidates the servicing of real economy sectors and the provision of a wide range of financial services for households, enterprises and the state, introducing new parameters for growth, poverty alleviation and environmental protection. In turn, the digitalization of financial services ensures their accessibility for wide segments of the population, especially in low-income and remote regions; contributes to increasing the transparency of financial transactions, reducing corruption and improving financial management at various levels. It is recognized that technologies in ensuring sustainable digital finance can be used to solve social and environmental problems, including: reducing poverty and improving the economic situation of the population. The introduction of digital tools can not only contribute to the financing of sustainable development projects through the creation of new financial products and improving the efficiency of project management, but also improve access to life and health insurance services, which will positively affect the achievement of the goal of ensuring good health and well-being. The main trends for InsurTech projects are: the spread of electronic policies; the use of mobile applications, artificial intelligence and digital platforms; blockchain technologies for data management; the development of cooperation between insurance companies and InsurTech startups.
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