Analysis of the essence of FinTech innovation

Ryazanova Alena Alexandrovna

The article analyzes scientific approaches to the interpretation of the concept of FinTech innovation and defines its key characteristics: FinTech refers to radical innovations, significantly changes financial services and the financial services market; a prerequisite for FinTech is the application of certain information technology to financial services or processes; FinTech can lead not only to innovations in financial products and financial processes, but also to the formation of innovative business models and new market entities (FinTech companies). The author's definition of the essence of FinTech, information technology-based innovations in the financial sector, the introduction of which leads to fundamental changes in financial products, financial technologies (processes) and /or business models of financial intermediaries, is proposed.

Keywords:FinTech innovations; FinTech services; FinTech companies; financial sector; financial services.