Digital financial products and services: the concept, characteristics and changes of financial risks
Abstract
The global trend of digitalization is changing the behavioral characteristics and needs of customers for financial services. In the financial market, it has become a new trend for commercial banks to provide intelligent, online and personalized digital products and services through mobile terminals. The advent of digital financial products and services improves the efficiency of financial market resource allocation and the efficiency of commercial banking services. At the same time, customers also benefit from efficient and convenient non-documentary banking services. This article analyzes the latest literature on the concept of “digital financial products and services”. On this basis, this concept is defined through a comprehensive analysis of new requirements for financial products and services, digitalization of financial products and digitalization of financial services channels. In addition, their characteristics are summarized and changes caused by financial risk are analyzed. In the study, the author used both general scientific and private methods, such as methods of description, deduction, induction, comparison, observation and systematic research.
As a result of the study, it was found that paperless, mobile and personalized services have become the main new requirements of the era of the digital economy. Digital financial products and services provided by banks to consumers through online or mobile digital channels are becoming the basis for meeting the new needs of the digital age. Their characteristics are reflected in five aspects: online mobility, digitalization, intelligence, paperlessness and scenography, which have caused significant changes in the connotation of traditional financial risks. Financial risks are of great complexity, intersectionality, diversity and conductivity.
About the Author
. Nazhengaova
Kazan (Volga Region) Federal University
Russian Federation
Russian Federation
PhD Student
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Nazhengaova Digital financial products and services: the concept, characteristics and changes of financial risks. Kazan economic vestnik. 2023;1(2):98-109. (In Russ.)
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