The digitalization of the financial sector has become one of the key areas of development in Ukraine's economy in recent years. The rapid adoption of modern technologies, such as mobile apps, online banking, blockchain, and digital platforms, is changing traditional financial processes and creating new opportunities for businesses and consumers. Government initiatives to support financial innovation, including through the development of digital currencies and open banking infrastructure, are contributing to the rapid growth of the fintech industry.
The analysis of current trends in the digitalization of Ukraine's financial sector is widely covered in scientific publications: A. Zaverbnyi, N. Sokulskyi, O. Hryniuk, O. Erkes, O. Kalyta, T. Gordienko, V. Kovalenko [1, с.254].
Digital transformation in the financial sector is not uniform and does not occur in a uniform manner. Different segments of the financial market demonstrate different levels of digital development. The ways in which these changes are perceived also differ from one sector to another, both in terms of the timing of implementation and the set of technologies being introduced and their functions. These processes are influenced by various endogenous and exogenous institutional factors. Among them are the digital “maturity” of the sector, possible financial resources for the introduction of new technologies, organizational aspects, and the business culture of each institution [1, с.255].
The key areas of digitalization of banking processes in Ukraine are: transition to online services for all categories of clients; digital transformation of bank transfers; rethinking the banking business model through the use of blockchain technologies and smart contracts; cooperation with partners to develop digital products, optimize business processes, and implement artificial intelligence and other modern technologies [1, с.256].
The COVID-19 pandemic has become a catalyst for the development of digital technologies in the financial sector. Companies seek to optimize their operations and improve customer service through financial innovation. Given these trends, research on the use of financial technology in Ukraine is essential to understand the current challenges and opportunities [2, с.222].
SupTech is a set of technologies that make banking supervision more efficient. They help to identify risks quickly. By analyzing a large amount of data, it is possible to predict possible problems in banks. This technology also helps to simplify reporting. Banks can easily provide the necessary information to the regulator through special online accounts. An equally important criterion is to improve decision-making. Thanks to accurate data and analysis, the regulator can make more informed decisions [3, с.4].
The rapid development of financial technologies, including blockchain, is radically changing the face of the financial sector. New technologies offer great opportunities to increase the efficiency and transparency of financial transactions, as well as to expand access to financial services. However, along with the benefits, there are a number of risks associated with the introduction of new technologies. In particular, decentralized finance can create new channels for money laundering and terrorist financing, as well as undermine the stability of the traditional banking system [3, с.5].
The transformation of the financial sector requires not only technological innovations but also fundamental changes in approaches to customer interaction. Digital marketing is becoming an indispensable tool for creating a personalized customer experience and building long-term relationships with customers. By investing in the development of digital communication channels, financial institutions can not only increase their efficiency but also strengthen their market position [3, с.5-6].
The digital transformation of Ukraine’s financial sector has become an important driver of change, contributing to the modernization of the economy and bringing it closer to global standards. The introduction of new technologies, such as blockchain, artificial intelligence, and cashless solutions, has significantly improved the availability of financial services for individuals and businesses, increased process efficiency, and accelerated financial transactions. However, despite the successes achieved, the financial sector faces a number of challenges, such as strengthening cybersecurity, protecting personal data, and adapting the regulatory framework to new digital realities. An important task for the state and financial institutions remains to support the stable development of the digital services infrastructure and ensure the protection of users’ rights.
List of references:
1. Karachkovska P. S., Yarish O. V. Digitization as a direction of transformation of the financial sector of Ukraine. Collection of scientific articles of masters, Poltava. 2022. P. 1–270. URL: http://www.grks.puet.edu.ua/files/zb_scm22.pdf#page=254.
2. O. V. Yarish, O. O. Palienko. Digitization of the financial sector of Ukraine. Problems and prospects of the development of the financial system in modern conditions: a collection of materials of the 3rd International Scientific and Practical Internet Conference, Poltava. 2021. P. 1–224. URL: http://dspace.puet.edu.ua/bitstream/123456789/10736/1/Яріш,%20Палієнко%202021_removed.pdf
3. T. F. Sunduk, V. G. Babenko-Levada, O. A. Skorba, A. O. Chornovol (2023) "Regarding the development of digital technologies in the financial sector (Ukrainian case)", Academic Visions, (17) . P. 1-7 URL: https://academy-vision.org/index.php/av/article/view/253
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