The article discusses issues related to digital transformation of finance. Attention is paid to the issues of systematization and processing of a large flow of information using cluster analysis methods, the relevance of which has increased in the conditions of digital transformation of the economy and is associated with a smooth transition to more efficient financial management mechanisms based on the transition to the open finance platform. The article addresses the task of the development of theoretical and methodological provisions and the development of qualitatively new software algorithms for clustering using digital technologies, the need for which is determined by the new economic conditions associated with the digitization of finance. As part of the analysis of the processes of formation of innovative clusters, the possibility of using methods and tools for modeling the prospects for the functioning of the financial and banking sector in new conditions is considered. Clustering makes it possible to take into account not only the processes of globalization and informatization, but also the features of the digital transformation of financial markets, as well as regional and industry factors. It was concluded that the increasing transparency of financial processes affects the integration flows the financial market faces in modern conditions. As a result, conclusions were made about the possibility of applying cluster analysis in assessing the effectiveness of the use of digital technologies in the financial and banking sector. Digitalization activates the current markets of goods, services and labor at the expense of improving the management of enterprises, clusters, integrated structures, creating special conditions for the application of a digital economy that contributes to improving the efficiency of economic entities in various functional areas. The main prerequisites for the formation of a digital economy are associated with the use of new software and hardware, to effectively transition to the new nature of economic relations and the provision of services. Despite the positive dynamics of digitalization of individual directions of the financial sector, it is possible to note the need for an integrated approach to assessing the effectiveness of innovations affecting the development of various directions. This is especially true for the development of the financial sphere. The task of adapting to new technological challenges is the fundamental transformation of financial services and methods for their promotion to the market in accordance with the requirements of new contexts.