Introduction

The relevance of the study of financial technologies implemented by the enterprise was exacerbated by the August crisis of 1998, as a result of which external conditions entrepreneurial activity deteriorated significantly internal potential self-preservation approached zero, and it is appropriate to replace the slogan of supporting entrepreneurship with a call to preserve it as a class. In this situation, the possibility of a timely solution of the financial problems of the enterprise is tantamount to its survival. Right choice solutions, that is, specific financial technologies, becomes the main task of both management tactics and its strategy. The purpose of financial technologies is to analyze the practice of using the entire range of financial technologies and develop recommendations for the formation of a network and the development of principles for the activities of credit, insurance, guarantee organizations that provide and maintain access for enterprises to financial resources at the regional level.

Entrepreneurial activity is inseparable from financial relations that mediate all stages of recovery. production process. The problem of finance in any field of activity and at any stage of the functioning of the enterprise depends on the severity of the situation and the degree of emotionality of the entrepreneur.

Everyday practice of contacts with market infrastructure organizations, with authorities teaches the manager how to “make money”, where to get it, what to spend it on. And few of the leaders will name correctly, the main subject of this compulsory school of entrepreneurship is financial technology. He won’t name it, but he studies it with special zeal, hoping, having secured the knowledge gained, to defend, strengthen, develop his business.

State policy in this regard declares support in solving his financial problems. The proposed support measures (direct, indirect), criteria (social, economic), priority areas (production, innovation) and stages (start, development) are changing. But there remains a gap between the declared and implemented support measures due to gaps in legislation, lack of development of implementation mechanisms, and failure by the state to fulfill its obligations. Holding effective policy maintenance is seriously complicated by the fact that often government bodies do not have complete, reliable and timely information about the state of affairs in this sector of the economy, both in general and for individual problem blocks. This is largely true in relation to the characteristics of the company's finances.

Almost every publication related to finance, in one way or another, touches on the “monetary aspect” in an accusatory (not paying taxes) or apologetic (high taxes) tone. Most of the studies in this area have paid attention to the financial problems of enterprises, defining and ranking their significance, identifying the consequences, tracing the attraction and use of financial resources, as well as analyzing the mechanisms for their solution in the context of financial technologies are offered for the first time. In this situation, the possibility of a timely solution of the financial problems of the enterprise is tantamount to its survival. The correct choice of solutions, that is, specific financial technologies, becomes the main task of management tactics.

The practice of using financial technology by enterprises has significant regional differences depending on the level of development of market infrastructure, the degree of support for entrepreneurship from the government. The most favorable conditions have been created in Moscow, which is confirmed by statistics and the results of a number of studies. The analysis of mechanisms for the use of financial technologies and recommendations for their improvement are based on the best practices and best practices of both entrepreneurs and business support structures, which allows us to recommend the results for widespread implementation in other regions of Russia. The key problem is the choice of financial technologies used to solve specific issues; the measure of need and the degree of effectiveness of the use of a particular financial technology; factors that promote and hinder the use of financial technologies in enterprises; improvement of forms and methods of supporting the financial activities of enterprises by the state.

FinTech Challenges

Financial activities is integral part economic activity and includes everything monetary relations associated with the production and sale of products (services), the reproduction of fixed and circulating assets, the formation and use of income.

Fintech is the process of developing ways to solve financial problems. In general, speaking, all other problems in their activities find expression in the financial problems of enterprises, so this definition is very broad. AT general view the following main operational elements of financial technologies can be distinguished:

· Identification of financial problems to be solved;

· Selection of suitable alternatives for solving financial problems;

Evaluation of the rationality of use and compatibility possible solutions ongoing financial policy;

· Choosing a solution according to the criterion "cost / efficiency";

· Implementation of the solution.

The main tasks of financial technologies can be identified as follows:

1. determination of needs in the application of financial technologies;

2. assessment of the prevalence of the practical use of financial technologies;

3. analysis of factors that promote and limit the use of financial technologies;

4. assessment of the rationality and efficiency of the use of financial technologies;

Principles of organization of financial technologies:

one). Uniformity of impact external factors on producers and consumers of goods.

2). A certain balance financial instruments(i.e. prices, interest rates, rates and commissions, etc.)

3). The use of legislative and regulatory acts to regulate the independent actions of each of the economic entities.

four). Competition as a condition for development and a regulator of economic processes. As a result, the most efficient production.

6). Self-financing of entrepreneurial activity.

The most important principle of financial technologies is the so-called continuity principle, which is applied in the sense that management personnel make adjustments to financial technologies as new legislative acts are introduced, new technologies appear, and so on, that is, the flexibility of technologies should ensure their vitality, and financial technology came up with the principle of "rolling budget". This principle applies to most expenditures, especially when calculating government appropriations.

Enterprise finance also has its own organization based on its technology.

Due to the following sources, the formation of financial technologies can be ensured:

1. monetary and material contributions of the founders or participants of the enterprise;

2. income received by the enterprise from all types of activities;

3. interest, dividends received as a result of holding various securities;

4. bank loans;

5. funds of creditors;

6. temporary possession of other people's funds in circulation;

7. subsidies, grants, investments from budgetary and non-budgetary funds and other types of sanitation;

8. rent;

9. charitable contributions;

10. income from long-term financial investments.

Financial technologies affect social reproduction in following directions:

¨ financial support reproductive process;

¨ financial regulation of economic and social processes;

¨ financial stimulation of the economy.

The development of financial technologies is of great importance. Taking into account the conditions in the process of implementing a particular financial technology requires the identification of appropriate techniques and methods necessary for the implementation of the tasks associated with social security, tax regulation, development scientific and technological progress, solving the problems of the production process, providing financial resources for targeted programs, developing the economy of all regions. The implementation of financial technologies is carried out with the help of a financial mechanism. The financial mechanism includes types, forms and methods of organizing financial relations and ways of their quantification. Many financial relationships predetermine various forms and methods of organization.

Financial technologies can be considered both as an object and a subject of management. If they are considered as a subject of management, then it is clear that they play an active role in managing the economy. And in this understanding, we are dealing with financial technologies as a tool for managing the economy. On the other hand, it is an object of management, where financial technologies act as an objective economic category that needs to be managed through the knowledge of the possibilities and properties of this category. It follows that without the management of financial technologies, financial relations, specific forms of manifestation of the category of finance, it is impossible to develop the economy. And the specific object of management is the sphere of financial relations or financial relationships that materialize in financial resources.

Key issues and choice of financial technologies by an enterprise

Almost all the key problems in the activity of the enterprise are manifested (although in some cases and mediocre) in its financial problems and determine the needs of the enterprise in the application of certain financial technologies. However, the actual use of financial technologies by an enterprise is limited both by the imperfection of the external environment of its functioning (deficiencies in the current legislation, the continuity of individual elements of the market infrastructure, macroeconomic trends) and the internal capabilities of the enterprise. The use of financial technologies by an enterprise fundamentally depends on a number of factors, including the following:

specificity, determined by the type of product (service);

· History of creation;

type of control over the enterprise;

stage of development of the enterprise;

· financial condition;

development strategy.

Problems associated with a decrease in demand for products (services), unfavorable conditions for renting premises, and high federal taxes are also significant for enterprises. Separately, we note in the same series the instability of legislation. Almost every enterprise has a significant negative impact of this factor. At the same time, among all factors, this is the only one, the elimination of which, on the one hand, is completely in the power of the state, on the other hand, does not require any resources. Factors that have a negative impact on enterprises can be conditionally combined into several main groups of financial technologies used to solve them:

1. problems of formation of financial resources

Low paying capacity of consumers

Decrease in demand

· high competition

2. the problem of lack of financial resources

lack of funds for development

lack of money working capital

terms of the loan

3. the problem of distribution of financial resources

conditions for renting premises

depreciation of equipment, backward technology

supply difficulties

Difficulties in management

Insufficient level of qualification of workers

4. The problem of optimizing and reserving financial resources

high local taxes

high federal taxes

instability of the legislation

· unreliability of banks

As an enterprise passes through various stages of formation and development, the composition of key problems in its development changes markedly. For "young" enterprises, the problem of high taxes is less significant - they enjoy certain benefits, but the problem of high competition due to entering new markets is more significant. For "mature" enterprises, the problem of rising costs, obsolescence of existing equipment and technologies is exacerbated, due to the accumulation of financial resources, the problem of unreliability of banks is becoming more important. At this stage of inception, firms have some minor supply chain problems that are quickly resolved, but as they grow, management deficiencies begin to show. Approximately after 2-4 years from the moment of creation, the need for enterprises to make investments in order to remain competitive increases noticeably. This causes an aggravation of the problem of the lack of financial technologies for development as firms “age”.

So, based on the key problems in the activities of enterprises, the following groups of financial technologies can be distinguished:

The sales problem price policy, management of receivables, formation of additional financial flows from the development of new activities

Problems of shortage of financial resources - raising funds, managing accounts payable

the problem of distribution of financial resources and investment - the use of profits, the direction of investment, investment design, leasing

the problem of unfavorable external conditions and their instability - tax optimization, reserving finance to adapt to possible external changes

Financial technologies of optimization and adaptation to instability

The tasks of financial optimization and adaptation to external changes are determined, first of all, by the existing "tax pressure" and the instability of the external environment of enterprises. The irrationality of the existing tax system, both in terms of the amount of taxes and their number, is generally recognized. The main factor hindering the development of the enterprise is high federal and local taxes. Under these conditions, the interest of enterprises in optimizing taxation is obvious. The fact of using tax-optimizing technologies is most common among enterprises with a satisfactory condition, while at the same time representatives of crisis enterprises and firms with a good financial position the practice of using tax optimization was noted much less frequently. Leasing technologies are one of the private options for optimizing taxation. But the most widespread technologies of "shadow" turnover as a tool for enterprises to adapt to high level taxes. Among the optimization technologies is franchising, which is very common among enterprises abroad. AT Russian conditions this technology is not widely used.

The specificity of all enterprises is of exceptional importance for its activities - a system of diverse and reliable connections. Many financial technologies of enterprises are determined primarily by the presence and "quality" of enterprises' connections. Such technologies, of course, include, for example, a private loan. Note that when we talk about the connections of enterprises, we are talking, to a greater extent, about the personal connections of its director, manager, owner.

The value for enterprises of links in support funds and with local authorities indicates a high importance for them state support. Despite the unfavorable conditions for lending, communications are forced to take loans from banks in order to maintain their stable position. The possibility of minimizing the costs (or threats) associated with taxation and “commission” to criminal structures is manifested in the existence of links in tax and law enforcement agencies.

Note that the system of basic links that ensure a stable position is practically invariant to the “age” of enterprises. This indicates the "weakness" of the processes of formation of market advantages from long-term existence: the reputation of products (services) does not replace the need to provide links with suppliers, the practice of working with banks does not reduce the need for links in the banking system. The only type of connections, the importance of which decreases with the “age” of the firm, is connections in law enforcement agencies. Maintaining stable relationships, especially in government structures, usually requires informal spending. This causes the widespread use of various technologies by the enterprise to form unaccounted cash, including using shadow turnover technologies.

The role of financial management and financial technologies in activities

Financial technology management is the most difficult task among other tasks of enterprise management. Most often, enterprises experience the greatest difficulty in the field of financial technology management, and managers trading firms management is more of a challenge than managers industrial enterprises.

There is a clear connection between “problems” in financial management and profitability: if about a third of unprofitable enterprises and firms with low profits experience difficulties in this area, then among firms with average profitability - only one in five. It should be noted that this kind of dependence is not observed in any area of ​​management, which confirms the primary importance of financial technologies in bringing an enterprise out of the crisis and ensuring current sustainability.

Experiencing the main difficulties in financial management, business leaders in a somewhat smaller area attribute this to the need to use new technologies. Among representatives of enterprises with low profits, 21% indicate the need to introduce new financial technologies, and only 14% in the group of enterprises with medium profits. Although this is due to the fact that more profitable enterprises simply experience fewer problems in financial management, however, in my opinion, constant innovation in financial management is necessary regardless of the presence of any problems, especially in the face of dynamic changes in the external environment. , the constant expansion of the sector of available financial instruments. Thus, we have to admit that financial innovations are not of an independent nature, but are the result of the accumulation of problems in financial management and attempts to solve them.

Conclusion

The most significant problem in the development of enterprises is the low solvency of consumers. Significant for the enterprise are also problems associated with unfavorable conditions for renting premises, high federal taxes, and instability of legislation.

As an enterprise passes through various stages of formation and development, the composition of key problems in its development changes markedly. For "young" enterprises, the problem of high taxes is less significant - they enjoy significant benefits, but the problem of high competition due to entry into new markets is more significant. For “mature” enterprises, the problem of rising costs, the aging of existing equipment and technologies is exacerbated, due to the accumulation of financial resources, the unreliability of banks is becoming a more important problem. At the start-up stage, firms have some minor supply chain problems that are quickly resolved, but as they grow, deficiencies in enterprise management begin to appear. Approximately after 2-4 years from the moment of creation, the need for investments in order to remain competitive increases noticeably, this causes an aggravation of the problem as the enterprise “ages”.

It is important to pay attention to supporting long-term enterprises that have higher investment needs. This will help reduce the level of systemic risks inherent in almost every enterprise as a sector of the economy. Moreover, apparently, it is the old enterprises that are more focused on increasing the scale that ensures its stability by expanding the number of operating firms and diversifying activities.

The lack of financial technologies in investments is one of the key problems in the development of approximately one in three enterprises; lack of working capital. This determines the dominant role of technologies focused on attracting financial resources.

The most widely represented in the plans of the enterprise are technologies for attracting budgetary funds - obtaining loans from support funds, state loans. At the initial stage of their activities, most managers believe that they do not need any financial resources or it is impossible to attract them. This significantly limits the list of actively used technologies for attracting financial resources at the stage of enterprise formation, while obtaining loans from support funds, loans from friends, relatives, acquaintances, and so on - partners is becoming less common among them.

The technology of attracting funds from new partners seems to be very significant in the absence of a developed system. This technology has a clearly expressed investment orientation, and if we exclude various forms of state support from consideration, then it is the main reserve for the development (investment) of enterprises due to external sources. However, a significant limiting factor in the spread of this technology is the "closeness" of enterprises for new owners, the lack of the necessary degree of financial "transparency" and the adequacy of accounting reports to the real state of affairs.

Financial technology management is the most difficult task of enterprise management. The most frequently surveyed enterprises experience the greatest difficulties in the field of technology management. There is a clear connection between the degree of “problem” in financial management and profitability: if among firms in this area about a third of unprofitable enterprises and firms with low profitability experience, then among enterprises with an average profit - every fifth.

Some economists identify the following goals for the introduction of financial technologies, such as: reducing inflation (which is currently being paid special attention, since the latter is now one of the evils that most threaten the well-being of citizens), smoothing economic cycles (at the same time, primarily refers to the use of financial policy as a tool to deal with recessions).

Page content

​​​​​​​​​​​​​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 of the 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 of the Russian Union of CIOs, CEEMAN Champion Award laureate, three times Project of the Year award winner 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 modern trends in the development of both the banking and real business sectors.

The program aims to train economists in Russia who are proficient in the fintech methodology, fintech tools and 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 best business development practices.

Preparation is carried out in accordance

with the principles of the European Credit Hours Settlement System (ECTS);

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

Region 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.

Studying proccess

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;

The financial industry is actively changing, and not everyone will be able to adapt to the new reality. There are at least three areas where the confrontation between traditional players and newcomers will be the toughest:

• Retail banks vs internet-only banks. Most of the retail services offered by classic banks can be provided at a lower price, and high-quality service does not require expensive offices at all.
• Lending organizations against p2p lending. Marketplaces that act as intermediaries for borrowers and lenders are actively attacking the banking sector, offering higher returns to investors and automated decision making for those who want to get a loan.
• Portfolio managers versus robo-advisers. Robo advisors offer investors lower commissions, a lower investment threshold, and higher returns. In addition, automated strategies are not subject to the human factor and have transparent reporting on your investments online. Many investment houses and banks are not missing the trend and are actively implementing automated advisors for their clients.

The technological revolution is coming to almost all areas of the financial industry:

• Retail banking
• Lending
• Payments and transfers
• Asset Management
• Markets and exchanges
• Insurance
• Blockchain technology

We are closely following the trends and would like to show some charts from the presentation of the CB Insights analytical company, which, based on the analysis of Internet queries, identified 9 of the hottest areas at the intersection of finance and technology. The graphs show the movement of the relative popularity of search queries in arbitrary units (maximum value = 100 points) for the period from 2012 to 2016.

1. Financial and banking chatbots

2. Mutual insurance

3. Foreign investors are investing in American fintech

4. Hedge funds using AI

5. Servicing those who cannot afford traditional financial services

6. Big tech companies are getting into the payments business

7. Real estate investment

8. Online banking

9. Practical Applications for Blockchain

Last year was a record year for the fintech industry in terms of investment volume. According to KPMG, more than $19 billion has been invested in the industry, 13.8 of which has gone to venture-backed companies. According to the results of the first two quarters of 2016, this amount should halve by the end of the year, and this is the fastest growing industry for new players.

In the following posts, we will talk about what entrepreneurs usually face when they decide to do business at the intersection of finance and technology, what technical difficulties can be encountered and how to solve them when working in the financial industry, where to get free financial data and how to make a fintech product without thinking about implementing their own infrastructure to access financial markets.

In 2017, the total volume of investments in fintech - "smart" online services that help ordinary users and professional market participants manage their finances - amounted to $27.4 billion, according to data from the consulting company Accenture. This is 18% more than in 2016.

As noted by the compilers of the list of the most promising fintech projects The Forbes Fintech 50 - 2018, in the US, financial services are already a formidable rival to the local banking sector with a market capitalization of $ 8.5 trillion. Fintech is not only changing consumer behavior in all areas of personal finance, from saving capital to borrowing or hoarding it, but it is also transforming the financial market itself. In this industry, there are more and more solutions designed for professional participants - banks, investment companies, hedge funds. These developments help them analyze data, calculate the situation on the stock exchange, and choose investment strategies.

According to Stanislav Kolesnichenko, Director for Development of the Skolkovo Venture Investment Ecosystem, the fintech industry will undergo dramatic changes in the coming years. The industry has been actively growing over the past five years, more than one “unicorn” has appeared on international markets (a company with a capitalization of over $1 billion), but further growth has come up against legislative restrictions and competitive pressure from traditional banks, the expert explains.

“Fintech is now becoming more and more technologically advanced and is moving towards b2b products,” Kolesnichenko emphasizes. He highlights several fintech trends that can be observed in the next couple of years both in the world and in Russia: the penetration of blockchain technologies, the development of scoring models using big data and artificial intelligence, various technologies for remote user identification, automation of fraud detection mechanisms.

Konstantin Molchanov, head of the Department for Support and Development of Projects at Finam Investment Company, agrees with him. He notes that recent years have been marked by the rapid growth of consumer fintech. Now most of the niches in this market are occupied, so developers will have to concentrate on business solutions. Molchanov considers the development of user identification systems to be the most promising direction. “This is a very topical issue both in Russia and in the world,” the expert says.

The Forbes Fintech 50 allows you to understand how the world of fintech is changing and what ideas will be in demand in this market in the coming years. The list includes Internet services operating in the US market or influencing it, including those of foreign origin, with the exception of public companies. So, which financial technologies are the future?

The Robinhood investment service, whose investors include Russian billionaire Yuri Milner and actors Jared Leto and Ashton Kutcher, also makes it possible to invest in the popular cryptocurrencies Bitcoin and Ethereum, and the Fundrise platform in real estate.

The principle of operation is quite simple: the user registers in the application, links it to a brokerage and bank account and invests in the instruments of interest to him by simply pressing the "Buy" button. This distinguishes mobile investment services from traditional trading terminals like QIUK or MetaTrader, which have a much more complex interface.

Among the people on the list there is also a platform with artificial intelligence that can independently determine the user's risk profile, select an investment strategy for him based on the same ETFs and systematically implement it - Betterment robo-advisor. A little out of the ordinary is the Acorns app, which rounds each amount spent on a user's credit or debit card to the nearest dollar and invests additional funds in a portfolio of low-value ETFs, as well as a service for investing in venture capital projects Circle Up.

Applications: Acorns, Betterment, Cadre, CircleUp, Ellevest, Fundrise, iCapital Network, Robinhood

Big data to find scammers and profitable assets

The audience of fintech developers is not limited to private investors: more and more solutions for professional participants in the financial industry are appearing on the market. This year, The Forbes Fintech 50 includes ten such startups at once.

As a rule, these are services for big data analysis and massive online trading. Banks need to work with Big Data in order to quickly study a large amount of information and identify fraud or calculate operational risks. Hedge funds need this technology to determine market entry points and manage positions.

A striking example is the Ayasdi artificial intelligence platform developed by a team of scientists from Stanford University. It was this service that helped Citigroup, after a series of failures, pass the stress tests of the US Federal Reserve.

Feedzai, developed by a former rocket scientist, harnesses the power of big data to detect fraud. The Enigma and Quandl platforms are used by the world's largest hedge funds to analyze hundreds of thousands of data sources. Another service from the rating - Digital Reasoning - turned out to be in demand in the investment bank Goldman Sachs and on the Nasdaq exchange, which use it to detect attempts to manipulate the stock market.

Applications: Addepar, Ayasdi, Digital Reasoning, Enigma, Feedzai, IEX, Kensho, Quandl, Symphony, Trumid

Cloud technologies and AI in mobile payments

Statista estimates that by 2019, global mobile payment revenues will exceed $1 trillion, up 28% from 2017. Against this background, payment services are rapidly developing for transactions both between consumers and businesses, and between enterprises.

Some of the ten projects included in the ranking managed to successfully combine mobile payments with cloud technologies, for example, the payroll service Gusto, as well as deep machine learning - the Forter transaction risk assessment platform.

Standing out in The Forbes Fintech 50 are peer-to-peer transfer apps that challenge traditional banks and online services like Western Union. These are the TransferWise service, developed by Estonians Taavet Hinrikus and Kristo Kaarmann, which promises transfer costs eight times lower than those of British banks, and the Remitly platform for transferring funds from the US, Canada and Australia to ten developing countries.

Applications: Adyen, Forter, Guideline , Gusto, Plaid, San Francisco, Remitly, Seattle, Stripe San Francisco, TransferWise, Veem San Francisco

Online mortgage and smart scoring

Lending was one of the first segments of the financial market that experienced a technological revolution. As a result, the first players in the field of online lending have already managed to grow into real giants, and some even go to IPO (for example, the American platforms LendingClub and OnDeck).

Nevertheless, this market continues to develop actively. In addition to peer-to-peer lending and crowd-lending services, The Forbes Fintech 50 lists platforms that intend to compete with mortgage brokers and banks in the home loan market.

Thus, Better Mortgage and Blend services promise the borrower a full cycle of services - from assessing a mortgage loan based on scoring data and the borrower's income to obtaining a mortgage.

Among the platforms that provide loans for business, the Upstart service stands out, which for five years has “trained” its algorithms to assess the reliability of the borrower so that it now has one of the lowest default rates on the market.

Applications: Affirm, Better Mortgage, Blend, CommonBond, GreenSky, Kabbage, LendingHome, Tala, Upstart

Blockchain for transaction tracking and financial supervision

Cryptocurrencies and blockchain are firmly established in the daily news. The Forbes list includes startups that are developing infrastructure both for the technological support of cryptocurrency trading and for the transformation of existing blockchain protocols.

It is noteworthy that among them was Chainalysis, a service for tracking cryptocurrency transactions, which is already actively used by the FBI, the US Internal Revenue Service and Europol.

Another project that has found application in the field of financial supervision is the Symbiont platform. It is working with the state of Delaware, which is considered a sort of offshore zone in the US, to develop technology to track share issuance and ownership structure in the region. In addition, together with the investment company Vanguard Group, the startup is testing the possibility of using blockchain to exchange market data.

Applications: The Bitfury Group, Blockchain, Chain, Chainalysis, Coinbase, Ripple, Shapeshift, Symbiont, Xapo

The evolution of personal finance

Fintech developers are forced to expand the available options in the field of personal finance management - startups in this market are increasingly resorting to trendy Big data technologies and experimenting with new business models.

For example, the Credit Carma service, using high-tech scoring, calculates the user's chances of obtaining a particular loan product and which bank will definitely not refuse a loan.

Metromile provides car insurance for a flat, low monthly fee and then charges additional interest for every mile it drives. The application tracks the mileage on its own using a special device connected to the car's diagnostic system - this also helps to track the details of any accident and quickly resolve claims.

Earnin's mobile service allows hourly workers to use the income they've already earned before paying their paycheck. Cash - up to $500 - instantly gets to the user's bank account.

Applications: Credit Karma, Earnin, Lemonade, Metromile, Qapital

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 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- is 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 sacrificing 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 randomly use individual tools, but a well-thought-out digital transformation strategy.