Fintech industry achievements as a factor of economic growth

The article is devoted to the study of the impact of the achievements of the financial technology industry on economic growth in the countries. Based on the analysis, the authors revealed that the introduction of digital solutions in the field of finance forms new business models and contributes to the emergence of new market participants - bigtech companies using the platform solutions, the cloud technologies and the ecosystem. Such companies gain the significant competitive advantages over traditional institutions due to fast access to the big data. Thus, the achievements of the financial technology industry lead to a reduction in transaction costs and reduce barriers to entry of new players to the market. The authors examined the main types of financial innovations and their impact on the availability of financial services for economic agents identified a number of advantages of digital solutions used in the financial sector. A special place in the article is given to the construction of a concept model of the influence of the financial technology industry on economic growth in the countries (the USA, the EU and Russia). The main construction of the model was the theoretical concept of R. Solow. The authors came to the conclusion that along with such factors of production as a labor and a capital, the fintech is the most important factor of economic growth and ensuring the financial stability of the countries.