Transformation of Financial Services Industry in Conditions of Digitalization of Economy

Abstract

Modern global financial development is characterized by the active use of digital technologies in all areas of financial development. This leads to a change in the conditions and form of financial relationships between individual entities, the provision of financial services to the population. The article is devoted to the study of the peculiarities of the transformation of financial services industry under the influence of digitalization of the economy. The object of the study is Ukraine and some EU countries, the study period is 2011-2021. Based on the results of the bibliometric analysis, a generalization of the content and conceptual features of the study of digitalization of the economy was carried out, the most common directions of its analysis and the main directions of the connection of the digitalization of the economy with individual components of the country’s development (economic development, cyber security, education and business) were determined. This made it possible to determine the most priority areas of influence of digitalization on the transformation of financial relations. An approach to assessing the level of digitalization of the economy, based on taking into account the values of seven indicators: Index of digitization of the economy and society, Index of implementation of digital technologies, Global index of innovations, Index of network readiness, Index of digitization of the economy, Index of global digital competitiveness, Index of quality of digital life has been developed. A sufficiently high level of digitalization of the economy has been proven in most of the analyzed countries. The average value of the integral indicator of digitalization of the economy ranges from 0.83 to 0.85. Austria (0.99), Lithuania and the Czech Republic (0.91) have the highest values, Ukraine (0.71) has the lowest. With the help of the k-means method, a cluster analysis of countries was carried out according to the integral indicator of digitalization of the economy, and four groups of countries were distinguished. The first cluster includes the countries with the highest average values of indicators of digitalization of the economy, and the fourth – the lowest. In addition, the countries of the first cluster have a significantly higher variation of the components of the integral indicator of digitalization of the economy. The fourth cluster includes countries with more stable values of indicators of digitalization of the economy. Thus, the standard deviation of the values of indicators of digitalization of the economy for the countries of the first cluster varies on average within 3.2-5.5, for the countries of the second cluster – 2.8-4.6, for the third cluster – 2.6-3.9, for the fourth cluster – 2.6-3.9 – 1.4-3.0.