Democratization of the banking system under conditions of digital technologies development

Анотація

The importance of the transformation of the banking system as a strategic object of state development under digitalization conditions is substantiated in this paper. The influence of digital technologies on the financial sphere is analyzed and the factors stimulating its change are given. The basic conceptual institutes of the given subject are investigated, the objective and purposes of work are outlined. The main tasks are set and their studies as well as a perfect research are substantiated. The works of previous scientists, both national and foreign, on this problem are analyzed, their contribution and conclusions are evaluated, the reasons for the importance of further research and analysis of the given problem are indicated. The directions of transformation of banking activity organization in the world and Ukraine are considered. The key positions of Ukraine in the introduction of modern technologies and support of new industries in the banking sector are demonstrated. The rating positions of the country in comparison with world indicators are shown and its competitiveness and readiness for restructuring under conditions of digitalization of financial system instruments is estimated. Ukraine's declining position in the ranking of digital transformation indicates shortcomings in the adequacy of funding in this area in the country's budget, low levels of innovation and lack of state support, and therefore requires decisive action by the government in order to improve this situation. Promising areas for banking system restructuring and attracting innovative tools, such as: the introduction of artificial intelligence, modern interfaces and electronic document management are defined. The need to transform the banking system of Ukraine in order to improve its economic performance and the general state of the state economy is substantiated in this paper. The model of banking system transformation under the digitalization conditions taking into account the adherence of accurate sequence and rational use of modern technologies under conditions of countries entrance to Industry 4.0 is presented. The importance of the state support attraction and improvement of the legal base for faster and more effective implementation of innovative products in banking sector is substantiated. On the basis of the investigation, it can be stated that the development and implementation of digital technologies in the banking sector of Ukraine is very important for the improvement of economic and social indices, as well as more rational use of resources for effective management of tools in this area in the transition to digital economy.

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