Challenges and Prospects of the Eu Financial Market Development in the Conditions of Digitalization

The main challenges of financial market development in terms of digitization are considered. Digitization has a significant impact on the development of financial markets. In today's digital age, the financial sector faces many challenges that need to be addressed in cooperation with international financial institutions. The current state of the EU financial market requires finding new solutions needed to develop in the digital age. Risks in the financial market tend to increase, especially in the context of digitization of the economy. The persistent risks of variations in economic growth are exacerbated by the need to improve the balance of payments of euro area countries with high debt and the banking sector, which is driven by its low profitability. The features of development and regulation of the European financial market have been analyzed. The main challenges that need to be addressed in today's context of digitization and the risks involved in developing financial markets are: increasing cybercrime in the financial sector; compliance with financial market regulations; use of BigData in the financial market; use of artificial intelligence in the financial market; use of Fintech in the financial services market; customer retention in the consumption of financial services; retention of providers as producers of financial services; blockchain integration in the financial market; experience and expectations of clients in the financial market; experience and expectations of clients in the financial market; crossing the digital divide in the marketing of financial services; impact on the financial market of global climate change. Proposals have been developed to mitigate the effects of financial risks in the information age. Anticipating and taking into account the potential challenges of financial market development and understanding its changing trends in the development of regulatory policy makes it possible to ensure its sustainable development.