DIGITALIZATION OF BANKING SECTOR AND DEVELOPMENT OF FINTECH MARKET IN UKRAINE

Анотація

Objective. The objectiveof the study is to analyze the state of the FinTech industry as well as the trend towards the emergence of neobanks and digitalization of classical banks in the Ukrainian banking sector; to determine the impact of FinTech companies on the institutional transformation of financial markets, especially in terms of their interaction with existing financial institutions, as well as to review the actions of the NBU as a market regulator. Methods. To achieve the defined goal and solve the set tasks, a system of general scientific research methods is used, namely: methods of theoretical generalization of induction, comparison, graphical and tabular — to clarify the problematic aspects of FinTech development in Ukraine and illustrate the analysis of the digitalization processes of the domestic banking sector; abstract-logical method — to summarize the results of the study and identify priority areas and tools for further development of FinTech and neobanks in Ukraine. Results. It is established that the fintech business and digitalization of the banking sector is at the stage of active development, which is manifested in the increase in the number of fintech com­panies and the expansion of their activities, as well as the transition of banks to online services. And the beginning of Monobank’s activity became the starting point for neobanks in Ukraine. One of the main catalysts for the transition to online services by banks is the introduction of the “Diia” and “BankID” service, which allows financial institutions to verify customers online. In order to control and legally regulate fintech companies, the NBU has developed a “Strategy for the Devel­opment of Fintech in Ukraine until 2025”. The formation of fintech companies and neobanks in Ukraine is facilitated by certain prerequisites: the creation of adequate infrastructure; the forma­tion of a favorable legislative and regulatory environment; ensuring access to capital and invest­ment; the availability of a sufficient level of qualifications and innovative potential of employees.

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