Fin Tech: Fundamental Theory And Empirical Features

Abstract

In the objective reality emerging in recent decades systemic transformation of a financial nature are manifested at the mega and macro level in the form of the phenomenon of "Finance for Finance", and also at the level of economic entities - in the form of a paradigm shift in corporate courses (moving from accounting model to financial model of measurement and management). These transformations are accompanied by radical changes in the financial behavior and thinking of economic agents, which are changing from the model of "economic man" to behavioral finance and modify the system of financial measurements - from the accounting tradition of analysis based on financial statements to the "war of metrics" ("Metric wars"). In this study, the author considers the problem of financial transformations in the economic systems of the industry level - by the example of the financial market. The driver of these transformations is FinTech (financial technology). Trends that have developed in this segment of the economy after the global crisis of 2007-2009, evidence the emergence of a new system quality in business models, not only inside the financial market, but also beyond it. This new systemic quality is a consequence of two objective megatrends: the financization of the economy, on the one hand, and its digitalization, on the other hand. Emergence of the new quality in the economic systems of the industry level makes it necessary to generalize the empirical experience and to interpret it from the point of view of fundamental theory.

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