Nochevkina Luiza Petrovna, ved. n. Researcher at IMEMO RAS, Doctor of Economics, Professor, Russia

Ditze Irina Pavlovna, n. employee of IMEMO RAS, Russia

Translation will be available soon.

Annotation:

The main factor of transformations in the field of finance is the active use of the latest information technologies and the formation of a global virtual environment. What effect does this factor have on state of the art the world stock market, the material offered to the attention of the reader is devoted.

JEL classification:

The outstripping development of the entire service sector in developed countries is a generally recognized phenomenon that has not been overlooked by economists and sociologists. Since the late 1990s, it was the financial sector as a specific part of the service sector that has been on the verge of revolutionary changes.

Rapid market growth financial services in developed countries, especially in the USA, this is a natural continuation and consequence of high level development financial system in modern market economy, as well as the availability of a ready-made foundation for the next turn. The main factor of these transformations in the field of finance is the active use of the latest information technologies, the formation of a global virtual environment for economic activity. And this is understandable, because. The financial sector is essentially, first of all, an information environment.

According to modern theories critical factors, forming economic activity and market institutions are information and uncertainty. Asymmetric distribution of information, when only a part of market agents has important information, while other partners do not have it - one of the properties of the market. This was also emphasized by F. von Hayek, criticizing the neoclassical interpretation perfect competition, where the information is symmetrically distributed and the uncertainty disappears. “Trade and commerce depend very heavily on both confidentiality and personal knowledge; this is all the more true of financial institutions.”

These provisions are especially true for modern financial markets, where the factors of uncertainty, varying degrees of awareness of its participants and the asymmetry of estimates of possible price ratios for financial assets play a huge role. The desire for maximum awareness is one of the reasons that determined the special attraction and need for information technology for decision-making in the financial sector.

A convincing example of the prioritization of the development of modern financial services is the fact that, even in the crisis year of 1998 in Japan, with a reduction in the volume of private industrial investments by almost 12%, only investments in Information Systems banks, brokerage and insurance companies.

The rapid development of the financial sector, its globalization have transferred financial services to a qualitatively new level - the level of global Internet networks: the whole range of financial services becomes available to a wide range of consumers at any time. It is in the financial sector that the most noticeable use of the Internet is now taking place, which is an inexhaustible reservoir of information about markets, products, competitors. In developed countries, the majority of investment is financial investment mainly investments in securities. They need to be monitored, they need to be managed, with a record of the underlying data.

Portfolio investments in shares of young science - intensive companies are the most risky and at the same time possibly the most profitable in terms of growth in their market value . Internet technologies make it possible to widely use the gigantic information reservoir practically free of charge for the analysis of the securities market.

Under general uplift business activity and the constant rise in the stock prices of hi-tech corporations over the past few years, the shareholder has good opportunities increase your capital. So, in the late 1990s, the return on investment in Microsoft shares was over 70% per annum, i.e. more than 10 times higher than the interest on bank deposits. The capitalized value of shares sold, i.e. their market value rose from $79 billion in 1997 to $550 billion by the end of 1999.

Modern technologies have changed not only the structure of the stock market, but also made changes to trading securities, significantly expanding the scope of the market through a new generation of investors, for whom the possibility of an individual search for information has opened up. The investor will be able to receive analysis tools that were previously inaccessible to him, including, for example, special programs that help monitor the movement of stock prices, etc. New types of employees appear - investment assistants instead of the traditional broker, the so-called. discount brokers who, on behalf of clients, carry out operations with securities without providing them with consulting services. Thus, transaction costs significantly reduced for the client. discountonline-brokers are connected to the Internet and enable their clients to trade stocks over the Internet. In theory, any person who has a computer connected to the Internet and, of course, money can become a client of an online broker. Since the operation is technical and not advisory, the prices for it are low: from 10 to 30 dollars per lot up to 5,000 shares.

“Europe is currently facing a big breakthrough in this area,” experts from the US investment bank J.P. Morgan in their voluminous study "Internet Broking Can't Be Stopped". According to some estimates, by the end of 2002 the number of accounts held by Internet brokers in Europe will increase by more than 8 million compared to 400,000 at the end of 1998. German leading online brokers Comdirect, Consors or Bank 24 also provide their clients with access to domestic and international exchanges.

According to Bank 24 manager Daniel Schwartz, the initial capital for a day trader should be at least $75,000. And the one who starts trading on the stock exchange should be ready to lose from 30 to 50% of his money. After that, as a rule, most beginners are already gaining the necessary experience in order to avoid common mistakes.

Thus, the expansion of investment services on the Internet contributes to the further rise of the stock market. But a significant obstacle in the development of electronic investment is the problem of security and safety, an increase additional costs. In general, the Internet is an unsafe environment for any financial transactions. This factor, in turn, stimulates the search for effective means of protecting the Internet user and helps to reduce the specific risks associated with new technologies. This will require the development of standards for the electronic transmission of confidential information, and this will require changes in the legislation of many countries.

These new technological problems exacerbated by the globalization of the financial sector, which makes it difficult to determine the risk factor.

The information revolution is increasing the importance psychological factor: the widespread use of the latest information technologies, on the one hand, creates the possibility of expanding information base when making decisions, and on the other hand, increases the likelihood of fraud with information. As long as the World Wide Web served as an electronic billboard for announcements, there was no security issue. However, trading in securities, banking services in real time (on-line) via the Internet has expanded the risk zone in the financial sector for users of its services.

As a result of the well-known crisis phenomena in the world financial markets at the end of the 1990s, when the price of securities broke away from the level dictated by profit, the risks were still reassessed, and a significant part of the capital began to return to developed civilized markets. Another, even more important development is a certain weakening of the attractiveness of speculative transactions with securities, including with shares of hi-tech companies, since this resource of hypertrophied expectations has begun to exhaust itself. And this, in turn, means a gradual focus on innovation in the real sector of the economy, and not just in the portfolio sector, although both, in general, do not compete with each other. Some (not yet firmly established) shift in investment preferences increases the share of new innovative technologies within real investment.

It should be noted that the obstacles that arise on a new round of technological progress are quickly overcome. It's about

a) about the already achieved general high technical level of the entire chain of related industries, industries and services;

b) an extremely developed and mature financial system;

c) the existence of a significant group of users with medium and high incomes, etc.

That is, in the end, we can say - all previous technical, economic and social development society, the ground for innovation is being prepared. Yes, rapid growth ecommerce certainly helped the experience accumulated over the years of trade in catalogs.

Innovations in the financial sector are based, firstly, on powerful stock markets available to private investors, and, secondly, on an extensive network of market institutions, legal services, various kinds of consulting services, i.е. to a mature “economic environment”, which is so necessary for the transition to a new technological order.

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​​​​​​​​​​​​​Set: 2017.

Full-time form of education.

Duration of study: 2 years.

Program leaders

Fedotova Marina Alekseevna

Doctor of Economics, Professor, Head of the Department of Corporate Finance and corporate governance Financial University, Honored Economist Russian Federation, Laureate of the Prize of the President of the Russian Federation in the field of education, member of the Council for appraisal activities Ministry of Economic Development of Russia, Member of the Council for Actuarial Activities of the Bank of Russia, President of the Self-Regulatory Interregional Association of Appraisers

Doctor of Economics, Professor, Head of the Department of Data Analysis, Decision Making and Financial Technologies of the Financial University, Member of the Board Russian Union CIO, winner of the CEEMAN Champion Award, three times Winner of the "Project of the Year" award of the official portal of Russian IT directors GlobalCIO.

​Abstract of the master's program

The Master's program "Financial Technologies in Business" is in many ways pioneering and corresponds to current trends development of both banking and real business sectors.

The program aims to train economists in Russia who are proficient in the fintech methodology, tools and fintech technologies for developing and implementing strategies for rapid business growth.

A distinctive feature of the program is the interconnected study of modern financial and information technologies based on the best business development practices.

Preparation is carried out in accordance

with principles European system netting of credit hours (ECTS);

with the requirements of a competency-based approach and a credit-modular organization of training (GOS VPO of the third generation).

Area of ​​professional activity, employment, practice

The need for graduates in the field of fintech exists in various institutional structures:

• telecommunications companies;

  IT companies;

  innovative companies and funds;

  government agencies working with big data.

Proposed places of employment and places of practice: Sberbank, VTB Bank, VTB 24, Raiffeisenbank, Uralsib Bank, MTS, Beeline, Megafon, Rostelecom, QIWI<, Лидер, Х5.

Competitive advantages of the program

The master's program provides knowledge of modern tools and technologies for business development. A significant part of the practical training takes place in the form of training based on case studies, which allow you to learn the best business development practices.

The skills of working with big data and designing financial systems and services are acquired using modern information technology tools and take place in practical classes and hackathons in the computer classes of the Financial University, as well as on-site classes in banks and fintech companies.

Formed professional competencies

As a result of successful development, the programs should have different competencies. Among them are the abilities:

creative thinking;

teamwork;

design thinking;

the ability to analyze big data and make management decisions based on them;

ability to design financial systems and services;

ability to manage the cost of business based on modern technologies.

Educational process

Course 1

Compulsory disciplines

• Development economics
• Financial and monetary methods of economic regulation
• Fintech
• Corporate Finance (Advanced)
• Mathematical support of financial solutions
• Econometric studies
• Big data and machine learning
• Project management
• Venture business and venture financing

2 course

Compulsory disciplines

Intelligent information systems

Financial marketing in the information economy

Elective disciplines

• Design of financial systems and services
• Financial risk management technologies
• behavioral finance
• Scoring, ratings and rankings
• Financial systems security
• Business value management

Teaching staff

The program involves Russian and foreign teachers. 100% of the teaching staff have an academic degree (title), 40% of the teachers are practitioners.

Leading teachers:

• Fedotova M.A. – Doctor of Economics, Professor, Honored Economist of the Russian Federation, Laureate of the Prize of the President of the Russian Federation, Head of the Department of Corporate Finance and Corporate Governance of the Financial University;
• – Doctor of Economics, Professor, Head of the Department of Data Analysis, Decision Making and Financial Technologies of the Financial University;
• – Doctor of Economics, Professor, General Director of OJSC Goznak, Head of the Management Department of the Financial University;
• – Doctor of Economics, Professor, Director of the Institute of Industrial Policy and Institutional Development of the Financial University;
• – Doctor of Economics, Professor, Director of the Center for Monetary Policy of the Department of Financial Markets and Banks of the Financial University;
• – Candidate of Economics, Professor of the Department of Corporate Finance and Corporate Governance of the Financial University;
• – Candidate of Economics, Associate Professor of the Department of Corporate Finance and Corporate Governance of the Financial University, General Director of Munerman and Partners;
• - Doctor of Economics, Professor, Deputy. Head of the Department of Corporate Finance and Corporate Governance of the Financial University;
• – PhD in Economics, Professor of the Department of Management, Director of the Higher School of Project Management and Financial Technologies of the Financial University;
• – Doctor of Economics, Professor, Deputy Head of the Department of Management of the Financial University;
• - Doctor of Economics, Professor, Head. section of the department of corporate finance and corporate governance of the Financial University;

Recently, in the field of finance, as in other areas of human activity, there has been another technological revolution. The transformation of financial services is associated with the introduction of digital technologies that industrialize processes, reduce costs and ensure compliance with the demands of regulators.

The innovative financial and technological system is called FinTech (FinTech). Today, the topic of FinTech is being discussed among representatives of credit institutions and commercial companies, in the Central Banks of some countries and at international economic forums.

Technology implementation

New technologies in finance are being actively introduced into the areas of banking, exchange operations, insurance, money transfers, asset management, etc. However, their implementation is associated with certain difficulties. They are caused by the following factors:

• the need for innovation;
• changing customer requirements;
• growing pressure from regulators.

However, these difficulties set the stage for healthy competition between old entrants and start-ups. In 2017, European and American investors each invested $1,000,000,000 in FinTech ventures. As a result, credit institutions must increase the quantity and quality of services provided by reducing costs; new high-tech companies should appear on the market; in general, the degrading existing financial system should improve its health and enter the path of progress. New technologies are most often used by small and medium-sized businesses, because they are more mobile.

New technologies in the financial sector include:

• ICT (information and computer technologies);
• crowdfunding;
• integration with cryptocurrencies;
• transaction transformation;
• introduction of new services;
• other possibilities.

Digital platforms and software

Financial and technological digital platforms (one of them is 3DEXPERIENCE of the French company Dassault Systemes, operating in the CAD and PLM segment) have recently gained great popularity, and specialists create software for them. Innovative methods are transforming in-house banking and customer service.

In a business environment, organizations interact both with customers and with each other. Within the framework of the second concept, there are firms involved in the development of business optimization technologies. They offer them on more attractive terms and at a lower cost than lending institutions. Digitization of processes allows you to optimize costs, make operations transparent and improve the quality of interaction with customers.

Dassault Systemes has developed and is actively implementing the 3D FinTech Challenge program into its business. With its help, it is possible to accelerate the introduction of innovations and the development of an enterprise in the credit industry. For new firms, this program helps to quickly get used to the conditions of the actual market.

Cryptocurrencies

Cryptocurrencies owe their appearance to the financial crisis of 2007-2009, which led to the fall of the classical banking system in almost all countries of the world. IT outsiders took advantage of this situation and offered disappointed depositors and borrowers new financial instruments - cryptocurrencies.

The peculiarity of cryptocurrencies is that they can not only be bought for real money (dollars, pounds, euros), but also mined, that is, “mined”. Many people have rushed to computers to mine bitcoins (bitcoin). Today it is the most famous cryptocurrency.

People and organizations from the world of ICT are revolutionizing the field of financial technology. They are distinguished by creativity, aggressiveness, good organization, which allows them to seize new footholds and destroy the established status quo. They are looking for allies among those in power. By the way, the bitcoin project is a vivid example of cooperation between IT companies and US intelligence agencies.

Bitcoin entered the market in 2009. This is a very powerful project; a single specialist could not become its creator. The first to become interested in new money were criminal structures, since the cryptocurrency provided complete anonymity. In 2013, actions were carried out in the United States to “clean up” the criminal business that used bitcoins. And since 2015, cryptocurrency has been practically legalized.

Interest in bitcoin is fueled by publications in the media. Cryptocurrency is positioned as a means of payment that provides anonymity, confidentiality and complete freedom. But in fact, the peer-to-peer networks that bitcoin enthusiasts use are under the control of American intelligence agencies.

With the development of technological progress, the quantum computer will soon become a reality. Government organizations, intelligence agencies and private corporations annually spend billions of dollars on its development. These computers will allow hacking the cryptographic protection of bitcoins.

Therefore, some financial companies, taking as a basis the “blockchain” technology underlying the creation of bitcoin, have developed their own practical money of account. The digital currency is planned to be used in settlement and clearing operations and transactions with securities without the involvement of intermediaries, which are now played by banks. Large credit institutions from many countries are joining this system, which indicates the success of the project, which is planned to be implemented this year.

Mobile banking

Mobile money has a significant impact on the economy of different countries. Oddly enough, but mobile banking is especially developed in sub-Saharan African countries. The infrastructure of this region does not allow the full use of the classical banking system, so more than half of the borrowers use illegal sources of loans. With the introduction of mobile banking, the share of official loans increased by 16%.

For example, in Kenya, the M-Pesa mobile money transaction system operates. Operators accept cash from users and place it on electronic accounts, after which they transfer it to recipients via SMS. In 2014, $11,000,000,000 was transferred through this service in Kenya. Also, a similar system is common in Romania and India.

But mobile currencies are used not only in third world countries, they are also used by well-known participants in the financial market of developed countries. For example, Circle and Venmo operate e-wallets for online transfers and payments. Also, the well-known company Facebook Pay uses new financial technologies.

New marketing services

Modern marketing is a system in which statistics, information processing and feedback are of great importance. With the help of analytical panels, the user receives more accurate information about the target audience, and innovative services help to create individual offers. Various advanced startups offer banks and companies modern services:

• insight & target– provides financial institutions with a personalized approach to each client;
• Optimove- aimed at launching test programs and creating micro-segments that allow reaching small groups of potential customers;
• Uniken– automatically identifies visitors who contact the contact center;
• SaleMove– when switching from print chat to audio or video, communication allows users to stay within a single toolbar;
• jiffee- allows you to use the phone as a payment terminal, thereby reducing the cost of purchasing additional equipment;
• Nanopay– reduces the risks of cross-border payments and reduces the costs of money transfers;
• Relationship planner– a mobile electronic HR manager that helps to distribute tasks among employees and assess their potential;
• bpm online– a service for connecting senior managers to work and transferring top clients to themselves.

But the future belongs to those enterprises that can integrate as many automated services as possible into their work, connecting them together without compromising quality.

The financial segment of the global market is changing rapidly. Almost all new technologies in the field of finance are aimed at successful integration into the conditions of a new reality associated with changing the areas of B2B and B2C payments, leveling obstacles in the process of transition of the industry to digital technologies, creating new standards for electronic payments, business optimization, cost reduction through automation, reducing the burden on employees, using electronic assistants, personalizing goods and works. For a successful business in modern conditions, it is important not to use random tools, but a well-thought-out digital transformation strategy.

The financial services industry is undergoing a technological revolution. The financial sector takes its cue from industries such as natural sciences and aircraft manufacturing. These industries are already using technology to industrialize processes, reduce costs and meet regulatory requirements. The development of technologies in the financial sector has led to the formation of a new financial and technological ecosystem (FinTech). New technology projects are facing challenges specific to the sector: the need for innovation, changing customer requirements and growing pressure from regulators. What is the result? Incumbents and newcomers are desperate to compete or acquire these new projects. In the same way that iTunes exploded the music business, digital technologies will completely transform services in the financial industry.

“Software is being developed at an incredible pace to power new fintech digital platforms,” said Guillaume Dufour, vice president of financial and business services at Dassault Systèmes, the company that developed the platform. 3D EXPERIENCE. "Since the global financial crisis of 2008, the financial services industry has been forced to innovate in order to actively participate in the development of society and the economy. New technologies are now being applied to the industry to transform both internal operations and customer service procedures."

Revolutionary innovations in financial services are emerging both in business-to-business (B2B) and customer-to-business interactions. In terms of interaction between organizations, new companies are emerging that develop and offer optimization technologies, such as data analysis and management services, at a lower cost and on better terms than financial institutions. Organizations such as BNP Paribas Security Services are digitizing processes for ensure cost savings, transparency of operations and improved customer service. This approach is actively supported by Dassault Systèmes Corporation. The company is implementing the 3D FinTech Challenge accelerated development program, which is aimed at accelerating the introduction of innovations in the financial industry. This program provides young companies with the opportunity to test their strength in the real market.

From the point of view of interaction between organizations and customers, revolutionary technologies lead to the emergence of "mobile money", which has a significant impact on the economy of various countries. In sub-Saharan Africa, the development of the traditional banking system is hampered by infrastructural problems. In these countries, 55 percent of borrowers use only informal sources of credit, and mobile banking's market share has risen to 16 percent. All this has led to the emergence of a huge number of new payment methods.

An example is M-Pesa, a mobile money transfer service based in Kenya. M-Pesa agents accept cash from users of the system and place it in electronic accounts, and then send it to recipients via SMS. In 2014, in Kenya alone, the amount of transactions carried out in this system amounted to $11 billion. The service quickly gained popularity in India and Romania as well.

However, new technologies are not only used in developing countries. They are also used by Western companies, such as Facebook Pay. So-called "electronic wallets" are being served by new businesses from the fintech ecosystem, such as Venmo and Circle. They allow you to store money, transfer it to other users and make online payments.

The financial industry is rapidly transforming.