Financial Technologies as a Factor in Improving The Efficiency of Banking Activities in The Conditions of The Digital Economy

Житар, Максим Олегович and Чуднівець, Анастасія (2025) Financial Technologies as a Factor in Improving The Efficiency of Banking Activities in The Conditions of The Digital Economy Цифрова економіка та економічна безпека, 17 (2). pp. 9-17. ISSN 2786-541X

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Abstract

The article reveals the essence and specific features of financial technologies (FinTech) as an important factor in improving the efficiency of banking activities in the conditions of the digital economy. It has been determined that the current stage of development of Ukraine’s banking system is characterized by active digital transformation, accompanied by the implementation of innovative technological solutions in the financial sector. The interpretation of the concept of "financial technologies" in domestic and foreign scientific literature has been generalized. The practical experience of implementing financial technologies by Ukrainian companies and banking institutions has been analyzed. The main technologies used in the domestic financial market have been identified, namely: API, cloud services, chatbots, artificial intelligence, and mobile banking. Particular attention is paid to the analysis of current trends in the development of financial technologies in Ukraine, including: the intensification of FinTech companies’ activities, the expansion of online banking services, the growth of the share of cashless payments, and the integration of neobanks. A comparative analysis of the functional capabilities of popular mobile applications of leading Ukrainian banks has been conducted. The impact of financial technologies on changing the behavioral models of financial services consumers and transforming financial and credit relations has been determined. The advantages and risks of FinTech implementation in the banking system have been substantiated, including: improving business process efficiency, enhancing customer experience, along with cyber security threats and the need for significant investments. Strategic directions for the development of Ukraine’s financial industry in the context of economic digitalization and globalization of financial markets have been outlined, including: investing in new technologies, developing partnerships between banks and FinTech companies, improving cybersecurity systems, and raising the level of financial literacy of the population.

Item Type:	Article
Uncontrolled Keywords:	financial technologies; FinTech; banking system; digital transformation; financial market; mobile banking; neobanking; cybersecurity
Subjects:	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:	25 Apr 2025 08:10
Last Modified:	25 Apr 2025 08:10
URI:	https://elibrary.kubg.edu.ua/id/eprint/51679

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