CHALLENGES AND PROSPECTS OF THE GLOBAL DIAMOND INDUSTRY DEVELOPMENT
The paper examines development specifics of the financial products based on advanced information technologies. An impact of innovative financial technologies on economic progress and competitive growth of national goods and services is studied. The significance of implementing bid data collection and processing technologies for development of predictive behavior models for consumers of financial services is given proof. Ways to use big data analytics both as banking marketing tools and as independently monetized products are proposed. Benefits from using digital technologies in the financial sector, primarily, transaction processing speed and high level of security, are examined in detail. Cryptocurrencies are studied as a way to use innovative technologies. Development of the block-chain technology promotes further creation of the new systems for issuing digital assets and their circulation in the secondary market. It has been concluded that the block-chain technology has expressly shown its applied importance for cryptocurrency emission. The products based on digital currencies are becoming even more important as a liquid financial tool for investments. Implementation of the block-chain technologies in the taxation and accounting fields will substantially improve the corporate competitiveness through administrative cost savings, while the economic actors will receive an extra incentive to leave the informal economy. Simplifying the tax-paying mechanism will have a positive impact on the national business climate. Implementation of innovative financial technologies will significantly increase the transparency of transactions and stimulate improvement of the stability of the national financial system. Increasing informatization of the financial sector will allow to improve the national labor productivity by removing intermediates and the human factor from a number of processes.