The Role Played by the Digital Transformation of Ukraine’s Financial Sector in the Context of Post-War Reconstruction: Opportunities and Risks

Abstract

The purpose of the article is to systematize the main directions of digital transformation of the financial sector of Ukraine, to characterize their impact on the post-war recovery of the Ukrainian economy and to analyze the risks of forming an information-digital society in connection with the active implementation of a digital strategy. As a result of the study, it is proved that special conditions that are established at present in Ukraine make inevitable the digital development strategy to ensure economic activity under martial law and post-war recovery. The publication systematizes the main mechanisms for ensuring financial access under conditions of martial law. The advantages of the actively implemented conception of open banking for investment processes and post-war reconstruction are demonstrated, while the risks of information availability related to open banking are shown. The role of neobanks in the context of post-war recovery is characterized. Given that the development of digital financial services will be associated with the further introduction of service personalization technologies, it is concluded that this will lead to the growth of financial inclusion and the deep integration of digital financial institutions into the economic and social existence of financial services consumers. The risks of these processes are identified, in particular the risks of cybersecurity and the growth of information asymmetry.