Digital Transformations in Financial Relations in 2022–2023: Problems and Global Trends

Abstract

The subject of the study is financial relations in the process of digital transformation.

The purpose of the work is an analytical assessment of changes in the system of economic relations in the digital economy through the use of systematic, economic and statistical analyses, which ensures the integrity and comprehensiveness of the study. It is established that increasing the role of the knowledge economy in the process of digital transformations is an urgent task in modern transformations of society. The analysis revealed the problems of financial relations in digital transformations, including the lack of an integrated approach to managing economic processes; reduction of state control with the rapid development of horizontal links between business entities; lagging legislative and regulatory acts from rapidly changing situations; increasing risks of cyberattacks during various operations; complication of management systems for various processes in the mechanism of digital technologies; increased impact on intellectual capital of obsolescence. The conditions of using intellectual potential are considered in detail. The article notes that the global direction of the development of society is the trend towards the knowledge economy due to the transformation of science into a direct productive force. Objective factors of this process include the growth of the educational level of personnel; accumulation of work experience in dynamic conditions; complication of the nature of the work functions performed.

Conclusions are drawn that institutional financial support for innovative development and an integrated approach to the development of the intellectual potential of the country are necessary.