Impact of digitalization on the sustainability of financial processes in Ukraine

Abstract

The purpose of this paper is to study the impact of digitalization on the sustainability of financial processes in Ukraine. To achieve the goal, the following tasks were performed in the research process: the concepts and stages of development of digitalization in Ukraine were considered; the impact of digitization on the sustainability of financial processes in Ukraine is investigated. During the research, methods of analysis, synthesis and scientific abstraction were used. It is noted that digitalization has become a general characteristic of most modern financial innovations and is the result of the growing influence of information and communication technologies in the production and financial spheres. Its influence is objective, as it takes into account the increasing influence of information technologies on the general life of mankind, the increase in the level of informatisation among the population and the increase in the number of Internet users. It was also noted that the use of digital technologies helps to increase the speed and efficiency of production processes, performance of works and provision of services. They make it possible to make decisions and implement new ideas in accordance with modern market requirements and consumer needs. The use of digital technologies by financial institutions makes it possible to increase productivity, reduce costs and risks, and improve the quality and availability of products and services. It was noted that digital technologies have a significant impact on the sustainability of financial processes in Ukraine. Key aspects of this impact include: increased efficiency and speed; increasing the availability of financial services; improving control and security; stimulation of innovation and competition; increasing transparency and availability of information. The conclusion notes that digitization in Ukraine is a key factor in the development and modernization of the domestic economy, contributing to its sustainable growth. Evaluating this process, it was found that it opens up new opportunities for improving financial services and strengthening Ukraine's position on the world market.