Житар, Максим Олегович (2024) Fintech Market in Ukraine: Features, Ways and Prospects of Development European scientific journal of Economic and Financial innovation (1(13)). pp. 4-12.
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Abstract
The article presents a study of the peculiar properties, ways and prospects of the development of the Fintech market in Ukraine. The main factors that have distinguished the financial sector of Ukraine over the past five years are highlighted, including the expansion of digitization processes on the international level; the consequences of the global economic crisis that began in 2008; increased competition in financial markets; striving for innovation and high requirements for ease of use, quality and speed of receiving information; quarantine restrictions related to the spread of COVID-19. The main trends of the financial technology market, such as mobile phone services, financial services and social networks, alternative types of payments, marketplaces, new business models, use of artificial intelligence in the financial sphere, digital identification and biometrics were studied. The main advantages and disadvantages of using Fintech are proposed. The main advantages include efficiency and speed, availability, new financial products as well as convenience. Disadvantages may incorporate cyber security, unequal access, privacy issues and regulatory aspects. It was concluded that a number of ways and perspectives can contribute to its development, namely: regulatory reforms, cooperation with the government and the banking sector, security and data protection, implementation of blockchain and cyber protection technologies to ensure security in financial transactions, improvement of technological infrastructure; financing and investments, information literacy and enlightenment. It has been proven that Fintech companies actively use technological innovations to improve financial services and compete in the ever-growing global market at both the global and national levels. Ukraine focuses on the formation of a digital economy and society, where the development of the Fintech market requires the use of blockchain and artificial intelligence (AI). Ukrainian Fintech is focused on expanding the use of blockchain to track cash flows, payments and financial services as well as identity management, contracting and customer dispute resolution. It is also important to adapt artificial intelligence technologies for effective cost management and optimization of business processes for domestic enterprises, which will increase their competitiveness in the EU markets.
Item Type: | Article |
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Uncontrolled Keywords: | Fintech market; cyber security; artificial Intelligence; digitization; financial markets; financial services; blockchain |
Subjects: | Статті у базах даних > Index Copernicus Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН) |
Divisions: | Факультет економіки та управління > Кафедра фінансів |
Depositing User: | Професор Максим Олегович Житар |
Date Deposited: | 29 Mar 2024 08:37 |
Last Modified: | 29 Mar 2024 08:37 |
URI: | https://elibrary.kubg.edu.ua/id/eprint/48448 |
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