THE TRANSFORMATION OF THE FINANCIAL INSTIUTION IN THE DIGITAL ECONOMY
The problems of improving the performance of financial institution are considered, which is especially important in the conditions of the formation and development of the digital economy. The growing processes of virtualization and technocratization of the monetary economy are the reasons for the transformation of objective economic reality and its subjective perception by economic entities. The nascent new space-time paradigm of monetary existence, which is char-acterized by the absence of both territorial and state borders in the process of financial flows movement, by the substantial flight of money from the material world to the virtual world, re-quires a fundamentally different approach to understand the process of formation and perform-ance of financial institutions. It is important to study mechanisms and ways of coordination of economic agents in the economic system, involving the transition from the vertical type of man-agement to the horizontal, based mainly on the fiduciary nature of the interaction.
Keywords: money, financial institutions, transformation, institutional environment, space-time paradigm, trust, technocratization, banks, monetary sphere, monetary economy, digital identification, digitalization.
Highlights:
currently, there is a growing interest in the study of key spatial-temporal parameters of a new stage of the global economic development, characterized by the presence of metabometrix effects;
there is a change in the economic nature of financial institutions, the key elements of the in-stitutional framework of the monetary economy are transformed;
at the present stage, we can identify a number of problems connected with performance of Russian financial institutions, which cause the emergence of institutional traps;
the study of social and economic conditions of technocratization and digitalization in the monetary sphere of the Russian economy is of great importance in the process of the research;
in the context of the formation and development of the global system of economic digitaliza-tion, the role of Russian financial institutions is being transformed.
Maria E. Konovalova, Doctor of Economics, Associate Professor, head of Department of Eco-nomic Theory; Olga Yu. Kuzmina, Candidate of Economics, Associate Professor.