Digitalization as a Driver for the Development of Collective Investment System

The chapter reveals the nature, typology, the key aspects and the mechanism of collective investment activities in modern market economy. The authors identified the main types of financial institutions represented on Russian collective investment market, analyzed their features, history of development and current demand among the investors. The chapter identifies the impact of digital technological innovations such as block chain, mobile applications and online investment platforms on traditional collective investment methods, it reveals the essence and concept of crowdsourcing and crowdfunding. Taking into account the current Russian legislation in the field of collective investment, the features of the development of crowdfunding platforms and the dynamics of their growth in the context of global digitalization of the economic system are considered. The authors carry out analysis of the volume and dynamics of Russian crowdfunding market for the period of 2015–2022. The reasons for the interest in crowdfunding on the part of government authorities are substantiated. Based on the report of the International Organization of Securities Commissions (IOSCO), the advantages and disadvantages of using financial platforms, including crowdfunding, are highlighted. The risks of using remote technologies for individual and collective investment are assessed. Conclusions are drawn about the impact of digitalization processes on the collective investment system.