In the era of digital economy, traditional financial institutions need to undergo constant digital transformation. The financial ecosystem is being reshaped from the innovation of internal organizational structures and business processes to the expansion and extension of external value chains. Digitalization has also caused new problems and risks related to algorithm black boxes, algorithm discrimination and data security. What are the major opportunities and challenges that digitalization brings to financial institutions? How to improve and innovate regulatory methods to promote efficiency, stability and fairness in the financial market?