ФІНАНСОВІ ТЕХНОЛОГІЇ В СИСТЕМІ РОЗВИТКУ БАНКІВСЬКОГО СЕКТОРА

Abstract

The article is devoted to the role of financial technologies in the development of the banking sector. The article analyzes financial technologies as a driving force for the development of the banking sector, a tool for competition in the financial services market, and a measure of globalization innovations in the financial sector. It is established that the high development of competition in the financial services market in Ukraine leads to the intensification of financial institutions. New methods are recognized and studied to improve the efficiency of functioning, especially through the introduction of financial and information technologies in the field of customer service, the release of new products and services. Financial technologies are used in all functions of the financial sector, from payment to savings, lending, risk management, and advice. Fintech is becoming an integral part of society, and fintech solutions are becoming more and more relevant. The majority of fintech companies come from the United States of America and China, and these two countries were also the home for 8 of the 10 largest fintech companies in the world in January 2024. It is determined that the fintech industry's revenues are increasing annually. The most intensive development is shown in the Asia-Pacific region, and the European fintech industry developing at a slower pace. As of January 2024, the Americas (North America, South America, Central America, and the Caribbean) was the region with the largest number of fintech companies in the world. In 2022, investment activity slowed significantly, particularly in the America, most likely due to the economic decrease caused by the COVID-19 pandemic. It is determined that fintech companies are going to become a key driving force in the development of the Ukrainian financial market in the future, as well as the improvement of the Ukrainian financial system, so their development is supported by the National Bank as the state regulator of the financial sector, and the experience of leading countries shows the inevitability of implementing financial innovations in times of high turbulence in financial markets.