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Relevance. Digitalization of the financial sector is a process that changes traditional methods and models of work in the financial industry, introducing new technologies and digital innovations. This process covers various aspects of the financial sector, including banking, insurance, investments and other financial services. One of the main factors influencing the digitalization of the financial sector is the dynamically increasing pace of development of new information technologies. Digital technologies are aimed at redesigning the business processes of financial industry companies, improving the efficiency and accuracy of operations, as well as improving the quality of customer service and improving management effectiveness. The need to introduce and use digital technologies in the financial sector justifies the relevance and significance of this study. The purpose is to substantiate the role of information technology in the digital transformation of the financial sector. Objectives. The research work was carried out on the basis of interrelated tasks: to identify the most promising areas of fintech use in the company's activities, as well as to assess the current position of the financial sector among the branches of the Russian economy in the context of digital development. Methodology. The works of leading scientists on the subject under study serve as an information base. The applied general scientific methods such as the analysis and systematization of various sources of information on the topic, synthesis, comparison, analytical and graphical methods made it possible to achieve the set goal of the work. Results. Proves the comprehensiveness of the digital development of modern companies. The paper analyzes the use of digital technologies in the activities of modern companies, including companies in the financial sector, which allowed us to determine the current directions of development of functional elements of economic entities. The article describes the main problems faced by financial companies, as well as lists the prospects for the development of the financial sector in the context of digitalization. Conclusions. In the context of digitalization, information technologies act as a driver of effective and sustainable development of the financial sector.
Tretyakova et al. (Sat,) studied this question.