Improvement of approaches in forming the classification of types of modern digital financial technologies
Authors: Fedorov V. A. 
Published: November 2023

Aim. To consider a set of the main modern approaches to determining the varieties of digital financial instruments, as well as to unite these varieties into a single classification and to supplement the modifications with the necessary features in terms of scientific argumentation and practical approaches.Objectives. To investigate the concept and meaning of digital financial technologies/instruments; to consider the most relevant and modern classification features applied in practice and in the scientific environment to the classification of types of digital financial technologies/instruments; if necessary, to supplement the selected classification features with new types; to bring together the characteristics of types of digital financial instruments into a single classification.Methods. The study was conducted using the method of theoretical description, in the study of scientific literature and legal framework on the subject of digitalization of the Russian economy in the financial sphere; using the method of formal-logical approach, concretization of conclusions, method of thinking and visual interpretation of the results obtained.Results. Digital financial technologies/tools represent a special type and means of managing financial flows of an organization (business entity), which uses computing computer technology with the recording of code pulses in a certain sequence and with a certain frequency. The conducted research has shown that the complex of digital financial technologies can be divided according to the following classification features: depending on the methods of financing, on the methods and forms of financial management, on the management of settlement and payment operations, on the basis of financial risk management, on the basis of control and supervisory functions, on the management of financial security/cybersecurity, on the management of financial relations with partners, on the use of forecasting technologies, on the scale and duration of application of digital technologies, on the scale and duration of financial management, on the basis of the management of financial and economic relations with partners, on the basis of the management of financial security and cybersecurity, on the basis of the management of financial relations with partners. The addition of five new classification attributes to the narrow classification is traced. These include financial cybersecurity management, monetary relations with partners, material digital base equipment, advertising and marketing impact, and predictive technologies.Conclusions. Understanding the essence and content of digital financial technologies/tools and the varieties of their types is primarily essential for financial management from a digital transformation perspective. Indeed, before making the choice of a digital tool to manage the financial flows of an organization, the management of any company first needs to establish what tools are relevant, how they are classified based on financing, depending on the management of finances, payments and transfers, among others. This aspect plays an essential role in the beginning of the journey of choosing digital aspects of budget management and, as a result, determines the efficiency of financial and economic activities of conducting almost any business.