Green financial technologies: behavioral aspects of development

Abstract

Methods. The theoretical and methodological basis of the scientific research was the results of domestic and foreign research on the creation and development of eco-projects in the context of the creation and development of financial innovations and technologies. In order to achieve the set goals, scientific provisions and conclusions in the work are based on the basic concepts of behavioral theory and institutional theory of financial market development. The main research methods were empirical methods, which allowed to investigate the development trajectories of individual Green FinTech projects, induction and deduction methods, which allowed to analyze the behavioral aspects of typical users of Green FinTech projects, products and services of the financial market. Results. The study demonstrated that there are practically no comprehensive studies on the behavioral aspects of the creation and development of Green FinTech projects and products. It was the behavioral approach that made it possible to understand, analyze and predict direct and indirect incentives for the development of such eco-projects, to find the appropriate institutional levers that will ensure the intensive spread of Green FinTech. Based on the analysis of the development trajectories of successful Green FinTech eco-projects, such behavioral aspects of financial market participants as propensity to innovation, propensity to risk, environmental awareness, appropriate financial literacy, ability and readiness to use innovative financial tools and platforms, integration into the digital space were investigated . The key obstacles to the development of Green FinTech were studied: the lack of standardized indicators for measuring the impact on the environment and the sustainability of financial products; regulatory complexities, the missing regulatory framework, technological barriers, the problem of cyber security and confidentiality of customer data, the biased attitude of some consumers towards environmental initiatives. Proposals are made to overcome them and improve the institutional structure of the financial market. Novelty. The work improved the scientific and methodological approach to the analysis of consumer behavior of Green FinTech projects on the financial market, in particular it was scientifically proven that the use of financial services in the field of Green FinTech requires a certain mental, educational and behavioral readiness from the economic subject, which, in turn, requires institutional compliance with the structure of the financial market. Practical value. The practical significance is that the established behavioral aspects, as well as the key obstacles that restrain the development of the Green FinTech field, allow for the formation of a sound strategy for the development of Green FinTech at the micro and macro level.