ABSTRACT
The current financial institutions and markets have digital dimensions. The ongoing development of financial services aligns with various business functions, technologies, and institutions. The application of digital technologies enables the preservation and modification of incumbent financial institutions. Financial technologies are driving innovation in the business models of these institutions. We observe processes leading to open banking and open finance, which are changing the nature of financial markets and the provision of financial services. Technologies such as artificial intelligence and blockchain are also contributing to the creation of digital financial platforms, and consequently, the platformization of financial services. Financial platforms are bringing about revolutionary changes in the provision of modern financial services. These processes come with both benefits and risks. One of the most significant benefits of financial services platformization is value creation. The most prominent risk associated with the digitalization of financial services is cyber risk.
