Uman NUH | today: 10/16/2024
| Author(s) |
Nepochatenko Olena O., Doctor of Economics, Professor, Rector of Uman National University of Horticulture, Head of Department, Uman National University of Horticulture Bechko P.K., Candidate of Economics, , Uman National University of Horticulture, Ukraine Kolotukha S.M., Candidate of Economics, , Uman National University of Horticulture, Ukraine Пономаренко О. В., , , Нагорний В. І., , , |
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| Category | Economics | ||
| year | 2024 | issue | Issue number 104. Part 2 |
| pages | 8-16 | index UDK | 336.7:330.4 | DOI | 10.32782/2415-8240-2024-104-2-8-16 (Link) |
| Abstract | The swift advancement of technology permeates every aspect of society, including the banking sector, where the emergence of the promising field of "fintech" or financial technology has sparked rapid growth. This transformation is altering the financial and monetary systems of many countries, transitioning from cash to online wallets and from traditional bank loans to peer-to-peer online lending. Consequently, established players in the banking industry are adapting their products and services to this changing landscape. Prioritizing innovative development in the financial sector is essential for modernizing banking operations and driving overall economic progress, underscoring the relevance of the chosen research topic. The article delves into the active integration of digital technologies within the banking sector, highlighting how the digital transformation has reshaped competitive dynamics, shifting the emphasis from pricing concerns to service quality and customer convenience. It elucidates the distinct roles of both small and large banks in digitalization, underscoring the flexibility advantages of smaller institutions in catering to medium-sized business clients. The following discussion encompasses the prospects for banking system evolution and the imperative of digital technology investment. Emphasis is placed on the significance of competition in the digital realm and the nuances of developing novel banking products. Additionally, a SWOT analysis of the fintech industry market is provided, evaluating its positive and negative facets, along with opportunities and threats to sectoral growth. The article highlights the notable challenge of insufficient interest from both foreign and domestic investors, which poses a significant obstacle to the advancement of the Ukrainian fintech market. | ||
| Key words | banking institutions, fintech industry, financial services market, banking products, financial technologies, digitalization | ||