TRANSFORMATION OF FINANCIAL INTERMEDIATION IN THE CONTEXT OF DIGITALIZATION: THE ROLE OF ONLINE INVESTMENT PLATFORMS

Анотація

This study aims to analyse the transformation of the financial intermediation system in the context of digitalisation as a key defining trend shaping the modern global economy, and to determine the role of online investment platforms as an innovative form of financial intermediation between investors and financial markets. Based on methods of analysis and synthesis, comparative analysis, statistical analysis, and case studies of leading international platforms (Interactive Brokers, eToro, Robinhood, and Trading 212), the key characteristics of digital investment platforms, their differences from traditional financial intermediaries, and the factors contributing to the democratisation of public access to financial markets have been identified, along with the mechanisms through which these platforms actively reshape traditional financial intermediation relationships. The findings indicate that digital investment platforms significantly reduce barriers to entry into financial markets through minimal investment thresholds, commission-free trading, and fractional share purchasing. It has been established that the application of digital technologies, including algorithmic recommendation systems, robo-advisors, and automated data analysis, enhances the efficiency of investment services and contributes to a more personalised and accessible investment experience for a broad range of users. At the same time, key risks have been identified, including cyber threats, regulatory uncertainty, and behavioural factors of investors, such as overtrading, herd behaviour, and susceptibility to gamification elements increasingly embedded in modern platform design. The prospects for the development of digital financial intermediation have been outlined, particularly in the context of artificial intelligence integration and expanded access to global markets. Special attention is devoted to the potential for implementing digital investment platforms in the Ukrainian financial market.

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