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ABSTRACT
In the process of digital transformation of financial services, the authors give priority to the factor of trust , which is the a fundamental basis for all innovations and a sustainable development of the financial sector in the presence of the digital economy. Analysis of academic publications shows that the recent crises of the banking and global financial system are based on high risks of the traditional banking model, and these risks shall be passed on to depositors and taxpayers. Experiments in designing numerical business models within the FinTech industry, as well as the digital divisions of commercial banks are usually aimed at using artificial intelligence technologies to customize financial services, while the trust issues focus only on cyber security. However, there is little attention to other aspects of trust, such as digital personal identity, equitable distribution of wealth, confidentiality, authenticity, and accessibility. The purpose of the study is to develop a trust-based approach to digital transformation of financial services. The research methodology includes as follows: analysis of the role of trust in the process of digital transformation of financial services, developing a framework for digital business model of financial services, taking into account the trust factor, definition of ways to build a model of a reference architecture of a digital financial service, development of a design approach to a digital financial service based on a reference architecture. The approach proposed by the authors is based on building a reference model of financial services architecture, relying on open platforms for scalable building of digital financial products and the concept of data protection in distributed environments. Trust requirements shall be defined in the process of building a digital business model of a financial service. These requirements have to be taken into account and tested during the design of the digital financial product architecture. The approach proposed by the authors is receiving practical approval in a number of financial industry enterprises that are engaged in the digital transformation.
Keywords: Digital business model, Digital transformation, Financial Service, FinTech, Trust
1.INTRODUCTION
The general idea of digital transformation affects all the spheres of human activities, and the technologies and ways of communication systems brought to it shall transform the modern world beyond recognition. The Digital Transformation (DT), which...
