Digitalization of the financial sector

The relevance of this research topic stems from the need to improve the digitalization of financial instruments by identifying development trends and assessing their potential. In today's world, where economic changes and constantly modernizing technologies impact all aspects of life, the evaluation of financial instruments is becoming increasingly important. Cryptocurrencies and e-wallets are relatively new financial instruments that are being improved every day. In this context, it is worth mentioning that digitalization is a global trend that is dramatically changing the financial services system and the structure of the financial market. The purpose of this paper is to study the level of digitalization of financial instruments and identify its structural trends. The article notes that the influence of large companies and the creation of their own ecosystems by banks leads to the fact that the high pace of digitalization in certain segments increases the "digital divide." Furthermore, the impact of these processes on the entire financial system has been insufficiently studied. In writing this article, we used research methods such as analysis, comparison, and systematization. As a result, the authors reached conclusions regarding the need to improve digitalization mechanisms to enhance the efficiency of financial institutions.