Registration Number
2120U010766, Article
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Текст
Title
Fintech industry in Ukraine: problems and prospects for the implementation of innovative solutions (AI translated)
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Варцаба Віра Іванівна
Заславська Ольга Ігорівна
Vartsaba Vira Ivanivna
Zaslavska Olha Ihorivna
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01-01-2020
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Ужгородський національний університет
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https://dspace.uzhnu.edu.ua/jspui/handle/lib/32635
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Baltic Journal of Economic Studies
Description
The article considers the issues of development of the financial technology market, its opportunities
and obstacles, as well as the need and inevitability of the introduction of fintech solutions in the financial
and credit spheres. The main purpose of the research is to determine the role of fintech services in the state
economy, the prospects for their development, as well as to substantiate the trends of adaptation of classical
credit institutions and consumers of financial services to new financial technologies at different stages of their
development. Systematization of literature sources and approaches to solving the problem of intensifying
activities in the field of innovative finance has shown that fintech is a specific cross-sectoral industry, which lies
on the border of financial and IT spheres, consists of companies that use technology to improve the efficiency
of financial services and encompasses digital innovations and programs that facilitate the creation and
implementation of financial products. The urgency of solving this scientific problem is that the market of financial
technologies is one of the fastest growing. That is why it highlights the need for traditional financial institutions
to digitize their activities through a radical change in the business model in order to strengthen competitive
positions and provide strategic advantages. The research of the implementation of financial technologies in the
article is carried out in the following logical sequence: systematization of stages of development of the fintech
industry; assessment of the development of the fintech sphere in Ukraine in the context of the transition to the
stage of integration with the banking system; study of the strengths and weaknesses of domestic banks and
fintech companies, outlining obstacles and necessary changes for further digitization of the financial and credit
system; research of the process of implementation of fintech services on the example of the technology life
cycle model; assessment of the relationship between the level of financial and digital literacy of the population
and the depth of promotion of innovative fintech products; identifying ways to increase the financial and
digital inclusion of the population of Ukraine. Methods of the empirical, experimental and theoretical levels
became the methodological tools of the conducted research. The results were evaluated and analyzed on the
basis of surveys conducted in 2017-2019 by the Ukrainian Association of Fintech and Innovative Companies,
the Ministry of Digital Transformation of Ukraine, the Ukrainian division of the British audit and consulting
company Ernst & Young, and the US Agency for International Development. The article presents the results of an
empirical analysis of the relations and interdependence of classical and innovative financial institutions, which
showed the inevitability of the processes of digitization of financial services. The study empirically confirms and
theoretically proves that the favorable development of the fintech industry is based on the following: the level
of public awareness in the field of finance and information technology; the level of innovative development
of financial institutions and the degree of penetration of the fintech companies in the financial market of the
country; completeness of the legal framework.
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2026-06-13
