OPEN BANKING IN THE SYSTEM OF MODERN BANKING MANAGEMENT

Анотація

The article examines current trends in the implementation and development of Open Banking in Ukraine and identifies the specific features of Open Banking realization under martial law within the system of modern banking management. The approaches to defining the concept of «open banking» are examined, and its essence is revealed as a modern concept of financial service provision based on the secure transfer of data between banking institutions and third-party service providers through the use of standardized application programming interfaces (hereinafter – APIs). A comparative analysis of the regulatory frameworks governing the implementation of Open Banking in the European Union and Ukraine is conducted. The findings indicate that the introduction of Open Banking in Ukraine is taking place through the gradual adaptation of national legislation to European standards and is characterized by a phased implementation approach. This process requires banking management to maintain a balance between regulatory compliance, technological readiness, and the search for new business models. It is established that a distinctive feature of the Ukrainian Open Banking regulatory framework is the impact of martial law, which necessitates enhanced requirements for cybersecurity, data protection, and customer consent procedures. Under these conditions, a unique model of Open Banking implementation is being formed within the Ukrainian banking management system. This model is based on the achieving a balance between innovation, regulatory discipline, and heightened security standards, enabling the financial sector to adapt to crisis-related challenges while preserving a strategic orientation toward European integration. It has been determined that, within the system of banking management in Ukraine under martial law, a unique model of Open Banking implementation is being formed. This model is based on a balance between innovativeness, regulatory discipline, and an enhanced level of security, and it ensures the adaptation of the financial sector to crisis challenges while simultaneously maintaining a strategic course toward European integration. Within this model, the priorities of banking management include cyber resilience, multi-level customer authentication, the implementation of additional transaction monitoring mechanisms, and the strengthening of the regulatory functions of the National Bank of Ukraine (hereinafter – NBU). It has been established that banking management, alongside traditional banking risks, is compelled to take into account risks of military origin. Increasing control over customer consent and minimizing the risks of unauthorized use of information become particularly relevant. Overall, the strategic orientation of bank management is directed toward the gradual integration of open banking while preserving liquidity, security, customer trust, and the stability of the financial system.

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