FORMATION OF COMPETITIVE ADVANTAGES OF FINANCIAL INSTITUTIONS IN THE CONDITIONS OF DIGITIZATION AND INSTABILITY OF THE NATIONAL ECONOMY

Анотація

The financial services market in modern conditions is rapidly transforming and adapting to new realities. Such transformation is primarily due to the development of the digital economy and high risks of instability both in global capital markets and within individual countries. Financial institutions are trying to adapt to new conditions while maintaining their own competitiveness. At the same time, the financial services market is a highly competitive market, where there is a rather complex struggle between banking and non-banking financial and credit institutions for clients. This, in turn, also stimulates such institutions to constantly change and seek new opportunities to increase their own competitiveness. The article studies the theoretical and applied aspects of the process of forming competitive advantages of financial institutions in the context of the emergence of the digital economy and modern threats to the stability of their functioning. This was achieved by identifying the features of the functioning of the financial services market, which affect the processes of forming demand and supply in it. The role of competitive advantages in ensuring the effective operation of financial institutions has been determined, which made it possible to distinguish their main types, namely: price, reputational, technological, organizational, financial, marketing, and personnel. Attention is paid to recognizing the essence of digitalization and substantiating its role in the development of the financial services market. This is implemented through an analysis of the characteristic features of the consumption of financial services by Millennials and Gen Xers. As a result, the impact of digital technologies on both the process of providing financial services and the functioning of financial institutions themselves has been substantiated. The impact of digitalization on the process of forming competitive advantages of these institutions, as well as modern trends in their use of certain types of digital technologies, has been analyzed.

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