DIGITAL TRANSFORMATION OF THE FINANCIAL SECTOR IN THE CONTEXT OF HISTORICAL DEVELOPMENT

The need for innovative financial technologies (FinTech) is primarily driven by consumer demands for fast, secure, and ergonomic financial transactions. The intensification of this demand correlates with the proliferation of the digital economy globally. A significant catalyst for market development is the growth of investment activity in the FinTech sector. Furthermore, the industry's progress is driven by technological innovations aimed at optimizing service delivery and increasing operational efficiency, which facilitates personalization and expands the accessibility of financial services for end users. The objective of this study was to examine the digital transformation of the modern financial sector in retrospect, which served as the basis for subsequently identifying key areas of evolution in the current financial technology (FinTech) market. The study's methodological framework included general scientific approaches to analyzing relevant literature from domestic and international authors, as well as statistical data. The results of the study allowed us to identify four fundamental vectors of development in the modern fintech market: the emergence of the payment services segment, the emergence of e-commerce platforms, the widespread use of mobile devices (smartphones), and the emergence of alternative funding channels, particularly crowdsourcing and crowdfunding platforms. The conclusion presents key development areas that have a significant impact on the global financial market and the financial technology (Fintech) industry: remote identification and alternative verification methods, new payment ecosystems, and blockchain technology.