Analysis of the impact of digital financial technologies on the transformation of the Russian financial market: the state and prospects of development

For today’s globalized and highly competitive economy, the digital transformation of the financial sector is a key factor that can significantly improve the efficiency and competitiveness of banking services. The article analyzes in detail how the global crisis caused by the coronavirus pandemic boosted the launch of the development of digital innovations, including robotics and artificial intelligence, which have fundamentally changed the operations of financial institutions in Russia. The author details the benefits of digitalization, including increased operational efficiency, lower costs, and safer transactions. Special attention is paid to the introduction of the digital ruble, which opens up new opportunities to increase the transparency of financial transactions and improve control over cash flows. At the same time, despite significant progress in digitalization, the paper also notes the existing challenges in the development of financial technologies, including dependence on imported technologies and the relevance of import substitution against the backdrop of international sanctions.The article analyzes strategies for solving these problems, including strengthening government support for research and technological development, and the need to improve the legislative and regulatory framework to better adapt to the dynamically changing technological landscape. This article will be of interest to a wide range of readers, including financial technology experts, market researchers, heads of financial organizations, as well as politicians and legislators working on the formation of a regulatory framework for the fintech sector. It will also be useful for students or researchers who study trends in the development of the digital economy and the financial sector.