Digital Finance and the Future of the Global Financial System: Disruption and Innovation in Financial Services

Cover
Half Title
Series Page
Title Page
Copyright Page
Dedication
Contents
Figures
Tables
Contributors
Digital Finance: Basic Terminology
	1 Introductory remarks
	2 Glossary
	Bibliography
Preface
Introduction
	1 General remarks
	2 The concept of digital finance
	3 Purpose of the book
	4 Lay out of the discussion
	5 Key takeaways
	6 Concluding remarks
	Bibliography
Part I: Fundamentals
1. Digital finance: systemic framework
	1.1 Introductory remarks
	1.2 Digital finance: the concept and its components
	1.3 Business functions in the area of digital finance
		1.3.1 Digital financing
		1.3.2 Digital investments
		1.3.3 Digital money
		1.3.4 Digital payments
		1.3.5 Digital insurance
		1.3.6 Digital financial advice
	1.4 Technological foundation: technologies and technological concepts
		1.4.1 Blockchain technology
		1.4.2 Social networks
		1.4.3 Artificial intelligence and machine learning
		1.4.4 Internet of Things
		1.4.5 Big data analytics and cloud computing
		1.4.6 Cryptography and biometrics
		1.4.7 Near-field communication - NFC
		1.4.8 P2P system
	1.5 Digital finance institutions and markets
	1.6 Final remarks
	Bibliography
2. Datafication - economization and monetization of data
	2.1 Introduction
	2.2 Datafication in finance
	2.3 Global data economy
	2.4 Benefits and risks
	2.5 Conclusions
	Financing
	Bibliography
3. Key technologies in the digital transformation of finance
	3.1 Introduction
	3.2 Cloud computing
	3.3 Robotic process automation
	3.4 Data visualization
	3.5 Advanced analytics
	3.6 Cognitive systems
	3.7 In-memory databases
	3.8 Blockchain
	3.9 Summary
	Notes
	Bibliography
Part II: Digital State: tasks and tools
4. National digital sovereignty: what is at stake?
	4.1 Introduction
	4.2 The concept of digital sovereignty
	4.3 Internet and its nationality - international law in cyberspace
	4.4 Data and ownership - Europe versus GAFA
	4.5 Security of ICT systems - cybersecurity in the context of digital sovereignty
	4.6 Technology and its nationality
	4.7 Conclusions
	Notes
	Bibliography
5. The state in the era of digital revolution and digital finance
	5.1 Introductory remarks
	5.2 The digital revolution: from naïve visions to pessimistic scenarios
	5.3 The state in the digital world
	5.4 The state as a creator and co-creator of the digital world
	5.5 The state as a regulator
	5.6 The state as a user of tools provided by the digital economy: relations between the state and citizens
	5.7 Conclusion
	Notes
	Bibliography
6. Digitalising the Public Financial System: the road ahead
	6.1 Introduction
		6.1.1 Literature review and the purpose of the chapter
		6.1.2 Digitalisation of public finance - \"doing what we do now but better\"
	6.2 The public finance system facing the challenges of the 21st century - key directions
		6.2.1 Platformisation and personalisation of digital public services
		6.2.2 Collecting taxes and securing budget funds
		6.2.3 Directions for improving the efficiency of the public finance sector - research after the 2020 crisis
	6.3 Conclusions
	Bibliography
7. Digitalisation of the tax system
	7.1 Introduction
		7.1.1 Taxation and digitalisation: issues and insights
		7.1.2 The need to adapt the tax system to the economy of the 21st century
	7.2 The cyberspace tax system in the digital economy era
		7.2.1 Definition of the cyberspace tax system
		7.2.2 Features of the digital economy to be taxed
		7.2.3 Global megatrends and their impact on 21st century taxation
	7.3 The future of the tax system in the digital age
		7.3.1 The ecosystem of the cyberspace tax system
		7.3.2 Possible scenarios for the tax system of the digital age
	7.4 Conclusions
	Bibliography
Part III: Financial consumer in digital space: new issues and approaches
8. Ethics in digital finance: towards a new paradigm of self-regulation
	8.1 Introduction
	8.2 The impact of digitalisation on the standards of financial ethics
		8.2.1 Values: development and stability
		8.2.2 Relations: trust and loyalty in relations with clients
		8.2.3 Responsibility: financial innovations versus institutional innovations
	8.3 The impact of digitalisation on the institutionalisation of ethics of finance
		8.3.1 Models of ethical self-regulation
		8.3.2 Models of ethical application of rules
	8.4 Conclusion
	Note
	Bibliography
9. Consumer protection in the financial market in the era of digital transformation
	9.1 Introduction
	9.2 The nature of the new canon of financial consumer protection
	9.3 International rules of financial consumer protection - the G20 model
	9.4 New challenges for consumer protection in the era of digital finance
	9.5 Personal data protection as the basic area of activity for safeguarding consumers
	9.6 Digital finance and the right to data
	9.7 Summary and conclusions
	Note
	Bibliography
10. Digital exclusion in the financial system: emerging agenda
	10.1 Introduction
	10.2 Digital exclusion in the literature
	10.3 Financial exclusion and digital exclusion
	10.4 The scale of digital exclusion in the financial market
	10.5 Digital exclusion in financial services
	10.6 Summary
	Notes
	Bibliography
Part IV: Risks and challenges of digital finance
11. Systemic and cyber risk: the two monsters of financial system
	11.1 Digitalisation of financial services and risk in finance: introductory remarks
	11.2 Selected structural implications of digitalisation for the financial system
		11.2.1 Lending
		11.2.2 Entry of technology firms into financial services: the case of big tech
	11.3 Selected implications of digitalisation in finance for systemic risk
	11.4 Cyber risk and its systemic aspects
	11.5 Conclusions and policy implications
	Notes
	Bibliography
12. Financial supervision in digital age: innovations and data abundance
	12.1 Introduction
	12.2 The representation hypothesis as a premise for financial sector supervision
	12.3 Financial supervision in the digital era - general issues
	12.4 The new nature of supervisory relationships with supervised entities with regard to reporting
	12.5 Digitalisation of supervisory analytics: big data and artificial intelligence
	12.6 Issues of supervision over outsourced activities
	12.7 Conclusion
	Bibliography
Index