capital management) from 10% to 40% of revenues (depending on business) will be at
risk by 2025, while consumer services will be most vulnerable [40]. Highlighting the
peculiarities of the European region, it should be noted that on the European market
FinTech startups are identified as indicators of general trends.
Figure 2. The total investment volume of the five main areas
of the European region in 2016 [37]
Regarding to the global forecasts for the development of the FinTech sector
(according to Citigroup) FinTech's share of the consumer sector will grow to 10% by
2020, and to 17% by 2023. Citigroup estimates that by 2025, banks will have to cut
their staff by about 30% compared to 2015. At the same time, banks need to change
rapidly in order to remain competitive.
The conclusions presented in the "Beyond FinTech: a pragmatic assessment of
disruptive potential in financial services" study prepared for the 2017 World Economic
Forum show that companies have slightly overestimated the desire of consumers to
change their usual financial services, and in most cases could not create a complete
ecosystem that would be interesting for consumers. Experts estimate that in the near
future consolidation of disparate fin-tech projects will take place under the auspices of
more infrastructure players in the financial market, banks mainly [42].
Thus, in the coming years, a significant boom in FinTech deals and the transfer of
initiatives and technologies to large financial institutions is expected, which is a
completely different level of competition for our own FinTech start-ups.
CONCLUSION
The formation of a global financial architecture in the context of the development
of the digital economy is accompanied by rapid acceleration of global flows, a sharp
increase in the international market of electronic money and electronic currencies. The
development of the digital economy stimulates the emergence of new business models
and financial systems, structural changes in the financial infrastructure of the global
0
100
200
300
400
500
600
700
800
United Kingdom,
Ireland
Scandinavia
Germany
Russia
Netherlands
investments, $ billion
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