APPROACHES TO DEFINING THE ESSENCE OF DIGITAL FINANCIAL TECHNOLOGIES AND THEIR INTEGRATIVE INTERPRETATION

Abstract

The article examines the theoretical and methodological foundations of the formation and development of digital financial technologies in the context of the transformation of the global financial system. It is substantiated that the complexity and multidimensional nature of this phenomenon account for the absence of a universally accepted definition in contemporary academic discourse and necessitate a systemic approach to its interpretation. The study systematizes and analyzes the main approaches to defining the essence of digital financial technologies, including the technocratic, functional-service, ecosystem, disruptive-innovation, regulatory-legal, and sociocultural approaches. Based on a critical assessment of their advantages and limitations, the paper proposes an original integrative three-level model that synthesizes these approaches into a single coherent analytical framework and reflects the objective logic of the development of digital financial technologies–from their technological foundations and financial services to the transformation of business models, market interactions, regulatory environments, and societal impacts. It is demonstrated that the proposed model overcomes the fragmentation of existing theoretical perspectives and provides a methodological basis for comprehensive analysis and for substantiating the strategic feasibility of implementing digital financial technologies within national financial systems.