Modern directions of development of financial technologies in the banking sector of Ukraine

Abstract

Introduction. One of the factors of structural changes in the financial market of Ukraine is the growing use of the Internet and mobile devices to provide financial services. At present, it can be seen that radical changes in the field of technology have affected not only the information sphere, but also the economic one. The modern technological revolution has significantly affected the infrastructure of the banking sector, which is associated with increased automation in the work of financial institutions and greater customer focus. This encourages banks to constantly improve, introduce new products and provide services to their customers with greater speed, quality and reliability. The purpose of the paper is to identify and study current trends and directions of development of financial technologies in the banking sector of Ukraine. Results. The article reveals the economic essence of the concept of “financial technology”. Modern tendencies of fintech development in Ukraine are analyzed. Successful examples of the use of innovative financial technologies in the domestic banking sector in recent years are presented. Possible areas of partnership between fintech companies and traditional banks have been identified. Conclusion. When formulating their own strategy, banks should consider the innovative vector of development as the most important way to ensure the stability of their operation, economic growth and competitiveness, as the effectiveness of their activities depends on the ability to meet the needs of consumers. Therefore, banks need to implement advanced financial technologies, as well as improve ways to provide them to their customers. Equally important is the cooperation of banks with fintech companies, which will promote the development of innovation and maintain consumer confidence in both parties.