DIGITALIZATION OF BANKING INSTITUTIONS IN THE CONDITIONS OF GLOBAL TRANSFORMATION OF THE FINANCIAL SECTOR

Анотація

The article reveals digitization as an indispensable component of modern society and has a significant impact on all sectors of the economy, including the banking system. The impact of digitization on the banking system of Ukraine is revealed and its consequences for banking are indicated. It is noted that digital technologies allow efficient copying, distribution and storage of data, and also open up new opportunities for their search, analysis and editing. Digitized objects acquire new properties, such as programmability, addressability, communicability, and memorability, making them more flexible and adaptable. The authors revealed the beneficial effects of the digitalization of banking institutions and the services they provide. The fintech sector was analyzed and corrected within the framework of the digitalization of the banking system. The authors presented a detailed analysis of FinTechs and noted that they act as ecosystems that unite various participants in financial markets, including fintech startups, banks, regulators, international payment systems, and others. They provide new opportunities in the financial sphere, providing quick access to financial services, effective risk management and ensuring the security of operations. In the article, the authors highlight the challenges that arise in connection with the digitalization of the banking system. In particular, it emphasizes the need to ensure cyber security and protect the confidentiality of customer data, as digital technologies open up new potential threats. The prospects for the future development of the digitalization of the banking system in Ukraine are indicated. Given the rapid technological progress and the growing adoption of digital solutions, the banking system faces new challenges and opportunities. For example, expanding the use of artificial intelligence, blockchain technologies and other innovative solutions can significantly improve the quality of financial services and provide faster and more convenient interaction with customers. The opinion was expressed that in the current conditions of martial law, there is an urgent need to actively introduce digital technologies into the banking system of Ukraine, in particular, the development of the fintech sector and ensuring cyber security. This will contribute to improving the efficiency and availability of financial services, as well as strengthening the competitiveness of Ukrainian banks on the international market.

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