Features of Development and Modernization of the Market of Non-Banking Financial Services in Ukraine

Анотація

The article is aimed at examining the key features, the main stages of development and the current status of the market of non-banking financial services in Ukraine and the formation on this basis of the main directions of its further modernization. The key stages of formation and functioning of the market of non-banking financial services are determined as follows: extensive development (1991-1994), organizational formation (1995-1999), growth (2000-2008), systemic financial crisis (2008-2009), post-crisis (2010-2013), significant fall (2014-2019), active reforming (from 2019). The peculiarities of the last stage characterized by modernization of the insurance market, factoring market, non-bank leasing market, financial companies, pawnshops, credit unions are researched. The following directions of further modernization of the non-banking financial services market are proposed: strengthening the financial sustainability of market participants by improving regulatory requirements, updating the legislative framework; increasing confidence in market participants by cleaning it from problem institutions, introducing a system of guaranteeing funds of individuals and legal entities; promoting the expansion of the insurance market and the development of non-state pension provision as sources of mobilization of «longer» financial resources; increasing the level of financial inclusion of the population with priority development of access to financial infrastructure in rural areas; promoting the development of online services, the infrastructure of non-cash transactions, increasing the proportion of non-cash transactions; encouraging competition and innovation.

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