The Impact of Digitalization on the Introduction of Innovations into BFSI Activities

This chapter examines the manifestations of digitalization and technological solutions in the financial sector. Here is an overview of the use of special terms denoting groups of applied technological innovations in the financial sector. There is a lot of evidence that digital transformation is a strategic priority for BSFI. The paper shows the impact of the requirements of consumers of financial services, which form the demand for innovation. The features of the following business models are considered here: Open Banking, Bank-as-a-Service, and Marketplace Banking. A separate section of the analysis of the regulatory practice of the use of digital technologies in BSFI is given. Emphasis is placed on the fusion of RegTech, SupTech, as the most effective form of interaction to ensure financial stability in BSFI. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.