Digitalization of the Financial Sector: Background and Specifics

Abstract

Digital changes taking place in the economies of different countries are greatly transforming the financial sector. Consumers perceive the ongoing digital changes in the financial industry differently, which is due to different values of generations, the difference in the opportunities for using digital technologies by different age groups. Millennials are the main target audience of the financial sector. The level of digital literacy in the Russian Federation, studied by age criterion, showed a clear advantage in the possession of General digital skills and financial digital skills of the Millennials ' generation. The analysis of the level of penetration of financial technologies by countries, including the Russian Federation, was carried out. The main differences in the level of digital literacy of the Russian population are considered.The main global and Russian trends in the development of digital financial technologies were also studied.