Innovations and Technological Development in the Financial Sector of Ukraine: SWOT Analysis and Comparison of Opportunities

Abstract

In today's conditions, the competitiveness of the economy in the long term depends on sustainable economic growth, improvement of the quality of life and welfare of the population. Achievement of such results is facilitated by the efficient use of the resource, scientific, technical, and financial potential, commercialisation of research and development, and active introduction of innovative goods and services into business practice. In this regard, there is a growing interest of the state and corporate structures in studying the experience of forming innovation systems; financing innovation activities on a global scale; and the country's transition to a new stage of development. Financing of innovation activity in the financial sector can ensure qualitative transformations in all spheres of economic life, so the relevance of this issue can hardly be overestimated. Given the critical relevance of the topic for the Ukrainian economy under martial law, the purpose of the article is to recognise the need to specify the strengths and weaknesses, as well as to diagnose the opportunities and threats to technological development of the financial sector. In order to achieve this goal, the following issues should be addressed: to outline the areas of the introduction of innovations and modern information technologies in the financial sector; to analyse statistical material on the introduction of innovations in the modern financial sector; to analyse the strengths, weaknesses, opportunities, and threats to technological and innovative development of the financial sector. As a result of the study, a statistical analysis was conducted, which showed that the modern financial sector has the potential for significant innovative development, but there are also significant risks in this area. The analysis revealed that the main risks in the area of innovative development of the financial sector are related to data protection and military operations in Ukraine. Therefore, the requirement for further development is a systemic nature and a comprehensive approach to introducing innovations in the financial sector.