INNOVATIVE BANKING INVESTMENT TECHNOLOGIES AS A TOOL OF ANTI-CRISIS MANAGEMENT IN THE EMERGENT ECONOMY

Abstract

Objective. The objective of the article is to study the possibilities of using art banking as a tool of crisis management in an emergent economy through the prism of foreign experience. Methods. In preparing the article, general and special methods of scientific research of economic processes are used, in particular, a systematic approach, comparison, grouping, detailing, generalization, methods of statistical analysis, etc. Results. The possibilities of art-banking as a tool of anti-crisis management under conditions of growing emergent of economy and various kinds of shocks art investigated. It is determined that art-assets demonstrate exceptional price stability in the time of unstable political events, periods of wars and extreme situations, which increases their interest as an alternative form of investment. The analysis of world sales of art and antiques, including online since 2009 is made. It is noted that despite the numerous crisis phenomena, including the COVID-19 pandemic as well, the art market does not lose its value. As a result, the demand for art investing stimulates the development of art banking. An overview of the complex of art banking services, which may be in the arsenal of banking institutions is made. The analysis of the main trends in the global art market, consideration of a range of art banking services and options for art investment allows the authors to outline the prospects of the model of investing in art assets in Ukraine. It is emphasized that the clients of Ukrainian banking institutions have financial opportunities to make art investments. However, under conditions of total economic instability and long-term development of the COVID-19 pandemic, it is difficult for the domestic banking institutions to develop a range of art banking services and offer the art investment options. The authors suggest paying attention to the possibility of using the latest innovative technologies in terms of digitization of art objects and the introduction of block-chain technologies. Dividing artwork into art promotions or cryptographic tokens that canbe purchased by multiple buyers will democratize the art market and revise the traditional patterns of purchasing and selling artworks. There has been emphasized the obvious advantage of the following measures: low-income individuals and small investors, who have hitherto found it difficult to make the significant purchases in the art sphere, obtain the opportunity to own the parts of the expensive art objects and thus diversify their investment portfolios, and the banking institutions are given the opportunity to serve them as a gateway, while gaining new opportunities in the development of the banking business. For searching the potential investors, banks are offered to use the Big Data technology, that with the help of the digital traces and the portraits of customers will be able to advertise art banking and come up with the proposals for art investment options which are actual to a bank’s client at the moment.