Modern understanding of fintech as a digital financial ecosystem

Abstract

Purpose. The purpose of the article is to clarify the modern meaning of fintech as an interdisciplinary category that reflects not only the use of information technologies in financial services, but also a transformation in the logic of value creation, competitive interaction, regulatory supervision and the institutional architecture of the financial market. The relevance of the study is determined by the fact that fintech is often reduced either to a set of separate technologies or to the activity of start-ups, whereas the digitalization of finance has already created complex ecosystem relations among banks, non-bank financial institutions, technology platforms, regulators, consumers and data providers. Methods. The research applies systems analysis, comparison, generalization, logical and semantic analysis of definitions, content analysis of scientific and institutional sources, and a structural-functional approach to identifying the main dimensions of modern fintech. The empirical basis is the authors’ systematization of definitions and approaches presented by international organizations, central banking materials and recent academic publications. This approach made it possible to identify recurring semantic accents in the interpretation of the concept and to determine how the understanding of fintech has evolved from a technological phenomenon to an ecosystem phenomenon. Results. The article substantiates that fintech should be understood as an integrated digital financial ecosystem in which technological solutions, data, algorithmic models, platforms and regulatory mechanisms interact to create, deliver and scale financial products and services. Four interrelated dimensions of the contemporary understanding of fintech are identified: technological, service and business-model, institutional and ecosystem, and regulatory and risk-related. The authors propose a definition that combines the technological basis of fintech with its value orientation, network nature and the need to balance innovation with financial stability, cyber resilience, data protection and accessibility of services. Conclusions. The modern interpretation of fintech should go beyond a narrow view of digital tools. The scientific contribution of the article lies in the transition from a technology-centered approach to an ecosystem-centered approach, which more accurately explains the transformation of financial services, the behavior of market participants and the directions of regulation. Further research should focus on measuring the maturity of fintech ecosystems and assessing the impact of open banking, artificial intelligence and digital platforms on competition, financial inclusion and the resilience of the financial sector.