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Liburkina L. M.

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The Connection Between the Transformation of the World Financial Architecture and the Digital Transformation of the Global Economy
Shevtsova A. V., Dovgal O. A.

Shevtsova, Alina V., and Dovgal, Olena A. (2024) “The Connection Between the Transformation of the World Financial Architecture and the Digital Transformation of the Global Economy.” Business Inform 3:15–22.
https://doi.org/10.32983/2222-4459-2024-3-15-22

Section: Globalization Processes in the Economy

Article is written in Ukrainian
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UDC 332.1:336:338.1:339:004

Abstract:
The aim of the article is to analyze the impact of digital transformation on the global financial architecture and economy. The study examines in detail the connection between the digital transformation of the global economy and changes in the world’s financial systems, reveals the key trends and the challenges they generate. In recent decades, there has been a rapid development of digital technologies that affect all aspects of public life. The rapid progress of the information society, the globalization of information processes and the increasing activity in innovative areas of economic activity, such as online stores, online banks and electronic currencies, have significantly transformed the economic landscape. These changes have led to the formation of a new economic sector known as the «digital economy». The conception of the «digital economy» became relevant at the end of the 20th century, when Nicholas Negroponte defined it in 1995 as the transition from the movement of atoms to the movement of bits. The digital economy is based on the use of digital technologies and includes e-business, e-commerce, and the products and services they generate. One of the most important aspects of digital transformation is increasing automation of processes. The use of artificial intelligence and machine learning to optimize production and business processes is becoming increasingly common. It is also noticeable that digital transformation encourages the development of new business models, in particular the platform economy. Within these models, ecosystems are created that bring together different industries and players to jointly achieve goals and solve problems. The results of the study highlight the importance of digital transformation as a key driver of economic development and structural changes in financial systems. This opens up new opportunities to increase productivity, increase competitiveness, and foster innovation.

Keywords: global economy, digital transformation, information processes, neobanks, innovations.

Fig.: 2. Tabl.: 1. Bibl.: 11.

Shevtsova Alina V. – Postgraduate Student, Department of International Economic Relations named after Artur Holikov, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]
Dovgal Olena A. – Doctor of Sciences (Economics), Professor, Professor, Department of International Economic Relations named after Artur Holikov, V. N. Karazin Kharkiv National University (4 Svobody Square, Kharkіv, 61022, Ukraine)
Email: [email protected]

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