Financial Services Market Research Articles

КРЕДИТНА ПОВЕДІНКА ДОМОГОСПОДАРСТВ: СУТНІСТЬ, ОЗНАКИ ТА ФАКТОРИ, ЩО ВПЛИВАЮТЬ НА ЇЇ ФОРМУВАННЯ

The credit behavior of households is the result of the decisions made by these economic entities by using or not the borrowed funds offered by credit institutions in the financial services market. As shown by experience, it is extremely important to understand possible scenarios for changing this behavior in the future considering the development of credit institutions, the credit services market as a whole and, accordingly, the national economy. The defined actualizes the issue of a fairly detailed study of theoretical provisions of the formation and transformation of the credit behavior, features of its formation in various conditions of economic reality, ability of transformation of its models to influence complex macro-financial and macro-economic processes in society. The purpose of the article is to deepen theoretical provisions of the formation and transformation of the credit behavior of households, clarify the essence of this category, its types, and specify the factors influencing its formation. The essence justification of the credit behavior of households is carried out through the identification and analysis of modern scientific approaches to the consideration of this category. This made it possible to determine the authors’ position regarding the interpretation of this definition. Also in the article, based on a detailed consideration of the essence of the proposed definition, the content features of the credit behavior of households as an economic category were identified, among which the following are defined: subjectivity, interaction, poly-variance, multi-vector determination, macro-system character, market essence. It is established that the difficulty of knowing the credit behavior of households as an object of research lies in the presence of different groups of these business entities, different types of credit products that are offered to them, and a significant number of credit institutions operating in the financial services market. In the article, considerable attention is paid to the specification of possible types of the credit behavior of households, and the basic factors that affect its formation and change are considered.

СИСТЕМА ОЦІНКИ РИЗИКУ ДІЯЛЬНОСТІ СТРАХОВОГО БРОКЕРА

The article reviews the risk assessment system of insurance broker activity in Ukraine, compares the current norms of risk assessment of insurance broker activity, namely the Regulations "On the approval of Methodological recommendations on the organization of corporate governance in financial service providers and non-bank financial groups" and "On the approval of the Regulations on the organization risk management systems in financial service providers and non-banking financial groups" with prospective changes to this process promoted by the regulator, the National Bank of Ukraine, taking into account the strategic goals of the development of the financial sector of Ukraine. It is noted that any participant in the market of non-banking financial services faces problems of resource fulfillment of essential requirements regarding risk management criteria. Moreover, the significant expansion of the quantitative and qualitative indicators of the risk assessment of the insurance broker itself emphasizes the need to narrow the calculations, taking into account the scale of activity of a participant in the market of non-banking financial services. It is proposed to optimize the determined overload of indicator calculations and reporting on risk management of the insurance broker by applying the expert method. In order to optimize the risk assessment of the insurance broker's activity, it is proposed to change the significance of each component of the process. Thus, when assessing the risk of an insurance broker's activity, preference is given to mandatory regulations – 40% of the total risk factor, 30% to activity indicators, and the weight of risk management and corporate governance was 20% and 10%, respectively. The recommended weighting coefficients were determined by conducting an expert evaluation of the opinion of 24 insurance market specialists, who identified the priority component of the risk assessment as meeting the standards of capital adequacy, liquidity and solvency. On the other hand, corporate governance and internal audit, which the regulator pays attention to, for an insurance broker corresponds to a less significant 20% of the total volume of risk assessment indicators of its activity.

Credit and financial mediation

Introduction. The article is devoted to the study of the theoretical and methodological aspects of the analysis of the innovative strategy of credit creation by financial intermediaries, the analysis of the current state and prospects of its development, and the developed areas of improvement of the modern strategy of creation of credit by financial intermediaries in the conditions of the development of Ukraine. The work examines the content and features of the activity of credit created by financial intermediaries, provides a description of the methods of quantitative analysis of its current activity, and investigates the methods of qualitative analysis of development prospects. Purpose. The purpose of the article is the organization of modern lending activities by financial intermediaries on the financial market, effective management of credit relations, implementation of various types of modern lending taking into account its important specifics during the development of financial intermediation. Method (methodology). Solving the set tasks is carried out with the help of methods of assessment and analysis of risks and efficiency of functioning, assessment of financial and economic indicators of commercial bank activity, statistical methods, system analysis, logical generalization, comparative analysis and expert evaluations. Results. The use of credit improvement tools by financial intermediaries in the world markets of financial services is proposed as a direction for the creation and improvement of modern banking services. Directions for the use of credit products in the global market of financial services have been developed. The effectiveness of the proposed measures is substantiated.

Формирование методического подхода к оценке уровня развития регионального рынка финансовых услуг

The analysis of the approaches presented to date to assess the level of development of the financial services market allows us to conclude that there is no comprehensive representation of the phenomenon under study. The existing methods emphasize the assessment from the perspective of competitiveness, creditworthiness, economic development and social satisfaction, i.e. in the aspect of two elements – economy and society. However, due to the fact that at the moment special attention is paid to the concept of sustainable development, it is advisable to con¬sider the assessment of the level of development of the financial services market simultaneously through the prism of three components: economic growth, social welfare, environmental well-being. In connection with the above, the relevance of the study is to develop a methodology for assessing the functioning of the financial services market, which allows revealing the level of its development from the perspective of ensuring the sustainability of the region’s development. The article uses the method of comparative analysis to study existing approaches to determining the level of development of the financial services market and the method of expert assessments to calculate the weighting coefficients of the methodology indicators in the formation of an integral indicator. The main results of the study are the development of a comprehensive system for assessing the level of development of the financial services market in relation to such areas as economics, society, ecology. The purpose of the study is to develop a methodology for assessing the level of development of the regional financial services market based on the concept of sustainable development. The practical significance of the study lies in the possibility of using the results of the study in the activities of public authorities in the development of regional policy or analysis of socio-economic development of regions in the formation of a strategy within the financial and economic block.

Current trends in the development of financial intermediary in the context of military challenges: the Ukrainian case

Introduction. The current situation on the financial market of Ukraine, in the conditions of military challenges, depends not only on financial and economic factors, but also on social, political and security factors. The war defines non-typical rules for the functioning of both financial intermediaries and the financial market in general. Safety of all participants and creation of conditions for access to financial services in conditions of fragility of the financial intermediation system became the main dominant factors. And this, in turn, requires the rapid reorientation of financial intermediaries to remote communication channels, digitization of services, flexible policy in the field of regulation, the search for new alternative sources of replenishment of resources, ensuring financial stability and liquidity, the search for new tools, quick response to challenges related to with wartime activities. All of the above causes considerable pressure on the functioning of financial intermediaries, who are responsible for their financial stability. Goal. Elucidation of the main factors affecting the state of the financial market in the conditions of military challenges; analysis of the real state of financial intermediaries and generalization of factors and reasons for the reduction of market activity and the fragility of systems and financial intermediation; justification of the need to change the policy of prudential supervision; identification of the potential and channels for the introduction of financial innovations to improve the market; outline of the main trends in the development of financial intermediaries in the post-war period. Results. It was found that financial intermediaries in Ukraine work during the period of "shock" challenges caused by wartime. It is shown that their activities are aimed at introducing financial innovations and ensuring stable access of consumers to all financial services. The pragmatism of the functioning of financial intermediaries in the financial services market, their real state, the problems of activity and state regulation are revealed, the challenges faced by financial market participants in the wartime period are emphasized. It is argued that in the conditions of the fragility of the financial intermediation system, ensuring the sustainability and stability of the activity of financial intermediaries, their effective activity, openness and transparency has an important place. The importance of inclusiveness in the activities of financial intermediaries has been demonstrated. It is proven that military challenges became a systemic determinant of the "cleansing" of the financial market, forcing a part of financial intermediaries (usually from the market of non-banking financial institutions) to make a difficult but responsible decision - to leave the market. Under such circumstances, it is important for the state regulator to take preventive measures aimed at supporting this sector of the financial market. Another challenge is operating in conditions of total economic decline and lack of financial resources to fulfill the obligations assumed. Financial intermediaries are ready to make concessions and soften the terms of obligations, however, there should be counter-steps in the system of regulatory policy to create soft rules and requirements in war conditions (reducing the level of provisioning for overdue loans, canceling the norm of the ratio of productive and non-productive assets, the level of profitability and softening of other activity indicators for the period of the war and the determination of a specific and adequate period of recovery in the post-war period). Conclusions. Based on the results of the conducted research, the following conclusions were drawn: new trends are crystallizing in the financial market of Ukraine and in the system of financial intermediation; the issues of introducing technologies for remote and asynchronous access to services provided by financial intermediaries into the activities of financial intermediaries are updated; military challenges cause serious changes in the configuration of the financial market, both in terms of the segmentation of financial intermediaries, and in terms of the introduction of innovations in the financial intermediation system.

Insurance of risks on the financial (banking) services market of Ukraine

Insurance of risks on the financial (banking) services market of Ukraine

ЗАБЕЗПЕЧЕННЯ ТРАНСФОРМАЦІЇ СФЕРИ ФІНАНСОВИХ ПОСЛУГ В УМОВАХ СТАЛОГО РОЗВИТКУ НАЦІОНАЛЬНОЇ ЕКОНОМІКИ

The article examines the theoretical aspects of the transformation of the financial services sphere in the context of national economy sustainable development. It has been substantiated the importance of the development of the financial services market on the basis of digitalization as a priority tool for promoting sustainable development. It has been noted that modern globalization trends create difficult forecasting conditions for the national economies of the countries of the world, which creates constant challenges for ensuring sustainable development. A comparative description of the paradigms of tradi-tional finance and sustainablefinance has been given. It has been noted that the digital transformation of the financial services market involves a focus on the use of business models and business processes as basic forms of service provision, which makes it possible to intensify the introduction of innovative financial products. The transformation of banking institutions into high-tech organizations requires their compliance with the following requirements: the ability to provide consumers with a comprehensive product within the fintech ecosystem; transparency of information; improvement of digital technologies and their spread in all spheres of the bank's management activity. It has been determined that the current state of functioning of the financial market is characterized by the transformation of the traditional model of financial and economic relations based on digital platforms and ecosystem economics. The features of the digital transformation of the financial services market have been analyzed. The main directions of the digital strategy of the banking institution have been considered. The basis of the devel-opment of the bank's digital strategy is the definition of the key elements of sustainable development, namely the development of a digital product, including a personalized banking service, ensuring con-stant interaction with consumers, governing bodies and partners, and the development of a financial ecosystem of partners. The internal and external environment of the financial system, as well as the level of digitalization offinancial relationships, have a significant impact on the compliance of the financial services market with the criteria of sustainable development.

СУЧАСНІ СВІТОВІ ТРЕНДИ ЦИФРОВІЗАЦІЇ ІНДУСТРІЇ ФІНАНСОВИХ ПОСЛУГ У СФЕРІ СПОЖИВАННЯ

The article examines the digitalization trends of the financial services market in the field of personal consumption. Attention is paid to the spread of various financial services in the field of personal finance management and e-commerce. Examples of foreign financial institutions focused on servicing trade and investment personal financial transactions are given. The specificity of digital technologies makes financial services remote, but their availability is increasing. It is shown that users prefer those banks that provide the opportunity to remotely manage personal accounts and monitor their own financial situation using online platforms and mobile applications. Therefore, the number of digital financial services offered in the field of personal financial transactions becomes a factor in the modern competitiveness of a financial institution. The development of consumer finance (consumer finance) covering operations from investing in real estate to paying for college education is analyzed. Wellplanned consumer finance helps users securely purchase products and services by paying for them in installments over a fixed period of time. The peculiarities of the BNPL industry – "buy now, pay later" – which modernized deferred and installment payments, were studied. BNPL solutions are available in online stores and are immanent for e-commerce. Therefore, the growth of e-commerce sales by 44.4% in 2021 compared to the same year in 2020 stimulated the spread of BNPL's financial services. This increases the competition of firms in this segment of the financial services market. In order to strengthen their competitive positions, the companies offer a number of new approaches to the implementation of BNPL products and solutions. First, they are direct providers of new financial services that are at the heart of BNPL's US solution development. Second, there are facilitators, large payment companies with well-established commercial relationships that seek to capitalize on the growing interest in direct supplier solutions. Third, retroactive suppliers offering different financing options for all purchases made with their credit card after the fact of payment.

КОНЦЕПТУАЛЬНІ ПОЛОЖЕННЯ ВИКОРИСТАННЯ REGTECH-ТЕХНОЛОГІЙ У РЕГУЛЮВАННІ ПРОЦЕСІВ ЦИФРОВІЗАЦІЇ ФІНАНСОВИХ УСТАНОВ

Digitization of the financial services market leads to increased interest of the regulator in the use of innovative digital technologies (cloud computing, blockchain, big data, artificial intelligence, ma-chine learning, etc.) in its activities. RegTech (regulatory technologies) offers significant advantages to organizations in terms of optimizing compliance processes and managing regulatory risks, helps moni-tor and timely take into account changes in current legislation. The main prerequisites for the emergence and development of such technologies are the constant complication of the regulatory field, its high dynamism, as well as the active dissemination of the achievements of scientific and technical progress. The purpose of the article is to analyze the key modern trends in the regulation of the activities of finan-cial institutions in the field of information technology implementation. The conducted research made it possible to single out the following trends: increased attention to data privacy and security; strengthen-ing cybersecurity requirements for financial institutions to protect against data leaks and cyber attacks; development by regulators of a regulatory framework for the regulation of cryptocurrencies and digital assets; research by regulators of ways to manage algorithms of artificial intelligence and machine learn-ing in the work of financial institutions; development by the regulator of recommendations and instruc-tions on the use of cloud computing; introduction of regulatory sandbox regimes in territories for testing new digital financial services in a controlled regulatory environment; ensuring consistent supervision of global financial institutions; deepening of requirements for the protection of consumer rights, etc. The authors come to the conclusion that despite some problems and difficulties in the introduction and use of regulatory technologies, they remain quite relevant and are in high demand on the market. Among the primary tasks facing developers of RegTech solutions, it is worth highlighting the solution to the problems of protecting the confidential data of clients of financial institutions, as well as increasing the transparency of their activities

Управління формуванням прибутку банку

In the context of martial law and the State budget deficit, the profitability of systemically important banks plays a key role in supporting the national economy as a whole. Changing economic conditions and growing competition in the financial services market impose certain requirements on banks and require them to constantly analyze the external environment and improve their performance. As banks are focused on making a profit, which is the main goal of their activities, management of profit formation is one of the key functions of banks. Thus, given the variability of the external environment, the issue of management of profit formation is relevant and requires research both at the level of individual banks and at the level of the banking system as a whole. The aim of the article is to define the theoretical aspects of bank profit and to conduct a practical study of profit formation of a systemically important market participant - JSC CB «Privatbank». The objectives of the article are to define the concept of «profit» and its components, to conduct an analytical study of the financial results of the banking system and JSC CB "Privatbank", to conduct a correlation and regression analysis of profit and to identify the main directions of its formation. The article applies such research methods and techniques as abstraction, specification, theory development, as well as methods of analysis, evaluation and modeling. The article defines the relevance of this topic, considers theoretical definitions of the concept of "bank profit", its bibliographic component, provides the authors' own definition of the studied concept, analyses financial results and indicators of profitability of the banking system, analyses profit indicators of JSC CB "Privatbank", conducts correlation and regression analysis using the least squares method, and draws conclusions on the analysis of bank profit formation. Further research will help to specify the influence of factors on the formation of profit and identify ways to maximize it in the context of crisis phenomena.

EFFICIENCY OF THE ACTIVITIES OF BANKING INSTITUTIONS IN UKRAINE

Introduction. The article examines statistical data on the number of banks that have a banking license, banks with foreign capital and the dynamics of the influence of foreign capital on the Ukrainian banking system in 2010–2021. The analysis of the dynamics of bank assets and liabilities and the share of bank assets in the gross domestic product is carried out of Ukraine in 2010–2021. The structure of ownership of the assets of the banking system, the dynamics of income, expenses, financial results, return on assets (ROA) and return on capital (ROE) of banks of Ukraine were studied. The conclusions regarding the current state and efficiency of operations were substantiated banks in 2010–2021. The purpose of the article is to analyze the efficiency of banking institutions in Ukraine in 2010–2021, to assess the capital concentration of the Ukrainian banking system and to substantiate the directions for increasing the efficiency of the functioning of the Ukrainian banking sector in modern conditions. Methods. Statistical methods, methods of techno-economic and financial analysis and observation are used to study development trends, the current state of functioning of the banking system of Ukraine. Statistical and graphic methods are used for processing and generalization of statistical data and their display in tables and figures. On the basis of the dialectical method of cognition, the ownership structure of the banking system, the dynamics of income, expenses, financial results, return on assets (ROA) and return on capital (ROE) of Ukrainian banks are summarized. The system method was used when studying the level of concentration of the banking system. Results. The study of trends in the development of the main indicators of banks' activity in Ukraine shows that during the analyzed period the number of commercial banks systematically decreased. At the same time, during the same period, the value of assets and liabilities of the banking sector increased. Banks occupy the leading place in the financial services market of Ukraine. However, for the modern banking system, there is a noticeable tendency towards a gradual decrease in the share of bank assets in GDP. In the analyzed period, the ownership structure of the banking system underwent significant regrouping in the groups of banks with a state share, banks of foreign banking groups, and banks with private capital. As a result of the transfer in 2016 of the system JSC CB “Pryvatbank” to 100% ownership of the state, the share of state banks in the structure of assets of the banking system has increased significantly. The banking market of Ukraine is concentrated, as evidenced by the values of the share of the largest bank in net assets (CR1), the five largest banks in net assets (CR5), the ten largest banks in net assets (CR10), the largest twenty banks in net assets ( CR20) and the Herfindahl-Hirschman index (HHI). The volume of non-performing loans (NPL) in Ukrainian banks was considered. Conclusions. Today, the banking sector has successfully adapted to work in the conditions of a pandemic and martial law and is properly performing its functions, supporting the economy. According to the results of recent years, the banking sector has been making profits. The profitability of assets and capital of the banking sector is growing. Increasing the efficiency of Ukrainian banks through cost reduction, the search for new sources of income, mainly commissions, through expanding the areas of interaction between banks and clients, in particular remote banking services, the use of modern innovations, financial technologies requires further scientific research.

UKRAINIAN FINANCIAL MARKET DURING THE WAR: REALITIES OF FUNCTIONING

Introduction. The war in Ukraine has a significant impact on the financial sector in general and the financial market, in particular. Without exaggeration, the year 2022 became a turning point for the Ukrainian financial market, as well as an indicator for the entire global financial system regarding its stability and flexibility, speed of response to challenges and adaptability, the ability and readiness to introduce innovations, acceptance of challenges by all market stakeholders. The main triggers of the functioning of the financial market are the rapid and client-oriented digitalization of services; volatility of regulatory policy due to Russia's military actions in Ukraine; immediate response to changes in conditions of limited access to financial resources; quick adaptation to work with clients under conditions of strict limitation of financial transactions. The answers to these challenges were: virtualization of services through cooperation with Fin-Tech companies and, as a result, the emergence of new tools in the financial services sector; forced transition and the inevitability of acceptance of new online offers by financial intermediaries; diversification and hedging of savings by converting them into currency-equivalent deposits and cryptocurrencies; modification of mobile banking applications. The purpose of the article to is analyze the realities of the functioning of the financial market of Ukraine during the war and to scientifically justificate the challenges of the financial sector in the conditions of the isolation of the financial market due to the introduction of martial law; identify the key development challenges, the latest financial and military activity trends; identify the channels of implementation of financial innovations by intermediaries of the financial services market; outline the triggers for the development of the financial market of Ukraine and understand the prospects for the introduction of new business models for financial market participants. Results. It was found that the financial market of Ukraine is a "key financial front" for ensuring the stability of the entire financial system; the war has a huge impact on the functioning of all components of the market and is an "indicative marker" of the mood in the country. It is shown that in conditions of systemic challenges and threats, innovative approaches in the field of financial technologies have a significant impact on the financial market landscape, which are widely implemented in all its areas, expand the functionality of financial intermediaries, offer diversification of tools and work methods, expand opportunities for participants, modernize existing norms and rules and, most importantly, establish new traditions and develop new habits in all participants of the financial market. It is argued that the main reason for radical changes and innovations, both in regulatory policy and in the daily activities of financial market participants, is the war in Ukraine, which became a catalyst for the revision of many policies and approaches to activity. It has been demonstrated that new vectors of financial sector development are crystallizing in the financial environment, which are aimed at: digitization and automation of most financial processes; raising access to financial services to a qualitatively new level; creation of new offers in the field of financial services with an emphasis on their inclusiveness and accessibility through the use of remote customer service channels using virtual communication technologies. It has been proven that during the russian aggression, the financial market developed high loyalty and flexibility when introducing new products; established a network of new partnerships; changed the focus of activity to the effective use of technological solutions in the financial sphere. It is substantiated that the key determinants of the functioning of the financial market in the conditions of martial law are: deep understanding of the essence of market problems; adaptation of the legislative field and flexibility of prudential supervision; introduction of innovations in the development of new financial products and digitization of existing products; creation of favorable conditions for the activity of financial intermediaries in the market. Conclusions. Based on the results of the conducted research, the following conclusions were drawn: new trends regarding the development and introduction of the latest financial tech nologies in the activities of financial intermediaries are outlined in the financial market; in modern realities, changes are taking place in the landscape of the domestic financial market – the war became a catalyst for the "survival" of both institutions and products; repurposing to remote work with clients creates a platform for promoting new products and introducing new business models.

ГОСУДАРСТВЕННАЯ ИНФОРМАЦИОННАЯ ПОЛИТИКА В ЗЕРКАЛЕ ФИНАНСОВОГО ПОВЕДЕНИЯ НАСЕЛЕНИЯ РФ

The article, based on an analysis of the state and peculiarities of financial behavior of citizens of the Russian Federation, attempted to determine the degree of influence on these processes of the state information policy and propose some legislative initiatives that can positively affect the level of confidence of citizens in the financial system. The analysis made it possible to conclude that the population of Russia as a whole adheres to conservative and restrained financial strategies. The authors attribute to the main reasons for this phenomenon the insufficient development of the financial services market in the field of working with private investors, due to the lack of financial consulting institutions. To improve the efficiency of regulation of financial behavior, as well as to stabilize it, the work proposed legislative initiatives aimed at creating a trusting environment in the state, increasing the interest and awareness of the population about various financial instruments, as well as increasing the level of rational financial activity of the population and preventing risky behavior of citizens.

Optimalisasi Google SEO Menggunakan Google MyBusiness Untuk Memasarkan Produk Asuransi (Studi Kasus Kantor Galaxy Lion Heart)

The FC (Financial Consulting) Galaxy Lion Heart Lombok team conducts marketing of financial services (insurance) products only limited to social media such as on Facebook, Instagram, Twitter and WhatsApps groups. Their activities are only limited to sharing product flyers, sometimes the presence of FC activities is not necessarily liked by the community on social media. Therefore, to maximize the potential of digital marketing in the FC profession at the Lombok branch office, namely Galaxy Lion Heart, a mentoring activity was made to use Google SEO for the FC profession in increasing sales on financial services products of PT AJ Generali Indonesia. This Community Service (PkM) is part of a routine assignment every semester once a year which has been given routine tasks to resource persons by the highest leadership of the Lombok branch office, the name of the branch office is Galaxy Lion Heart Lombok. The method of this PkM activity is to assist in creating links with Google SEO to each FC team in the office. The Pk Mini implementation chart describes the following: a) Conducting a literature study; b) Determination of the type of assistance; d) Activity planning; e) Composing the topic of presentation and practice materials; f) Delivery of material topics; g) Demonstration of Google SEO material topics; h) Discussion of Google SEO materials; i) Creation of PkM reports; j) Creation of PkM articles; k) Publication of the PkM journal. The results of this PkM output are in the form of PkM journal publications and a practicum module for making Google SEO for Financial Consulting. This activity is highly appreciated by most of the FC teams, therefore their attendance every semester increases in the class. Therefore, this PkM activity has been requested directly by the head of the Galaxy Lion Heart office to be held every year.

THE NEWEST SCIENTIFIC AND METHODICAL APPROACH TO ASSESSING THE OPENNESS OF INVESTMENT FINANCIAL SERVICES MARKETS

The scientific article is devoted to the development of a scientific and methodological approach to assessing the level of openness of the investment financial services market. Regarding the basic concept of the scientific article – “openness” - it is proposed to interpret it according to the flow approach, according to which three types of markets should be distinguished - markets with a net outflow of investment resources, markets with a net inflow of investment resources and markets with a balanced movement of investment resources.It is proposed to evaluate the openness of investment financial services markets by the k-means method, that is, by the cluster analysis approach, the purpose of which is to divide m observations into k clusters, while each observation refers to the cluster closest to its center (centroid). The advantages of the k-means cluster analysis method are as follows: firstly, the possibility of using this method with relatively small amounts of data, since it is not necessary to meet the requirements for the normal distribution of random variables, which are mandatory for classical methods of statistical analysis; secondly, to divide a set containing n objects into k clusters, the number of clusters must be specified in advance.Approbation of the methodological approach was carried out on the example of various national models of investment financial services markets, namely: on the example of the countries of the European Union and Ukraine.In general, the markets of investment financial services of post-socialist EU countries (Bulgaria, Estonia, Latvia, Lithuania, Slovakia, Slovenia, Poland, Romania, Hungary, Czech Republic) and Ukraine belong to the group of countries with a low level of market openness, compared to other markets of EU countries.The article develops a scientific-methodical approach to evaluating the openness of investment financial services markets, which, unlike other approaches, involves: distinguishing between markets with a net inflow of investment resources, markets with a net outflow of investment resources, and markets with a balanced movement of investment resources; distribution of markets using the iterative method of "k-means" cluster analysis into three clusters: 1) markets with a high level of openness; 2) markets with an average level of openness; 3) markets with a low level of openness; determination of the average volumes of portfolio investments in securities issued by non-residents, as well as liabilities for securities in which portfolio investments were made by non-residents, for each cluster.

ІНСТИТУЦІЙНІ ДЕТЕРМІНАНТИ КОНКУРЕНТНОЇ ПОЛІТИКИ НА РИНКУ ФІНАНСОВИХ ПОСЛУГ

Проблематика інституційних детермінант конкурентної політики на ринку фінансових послуг являє собою актуальний і перспективний дослідницький напрям, важливий як у теоретичному контексті, так і в практичному вимірі. Обґрунтування напрямів реалізації конкурентної політики на ринку фінансових послуг є особливо актуальним у країнах з ринками, що формуються, до яких належить і Україна. Зроблено висновок, що протягом останніх років застосування регуляторних механізмів на ринку фінансових послуг стало основою цифрової трансформації підприємницької моделі його суб’єктів. Активізацію розвитку таких технологій обумовлено діями регуляторів, спрямованими на підвищення дієвості інструментів нагляду після фінансових криз і зростання витрат на дотримання нових нормативних вимог. Засадничими детермінантами досягнення належного рівня конкурентних відносин між суб’єктами ринку фінансових послуг є розроблення і реалізація адекватної та збалансованої конкурентної політики держави. В Україні створено законодавчу базу й сформовано організаційні засади для реалізації ефективної державної конкурентної політики, проте поглиблення ринкових перетворень постійно породжує нові проблеми у сфері конкурентної політики, які потребують удосконалених підходів до їх вирішення. Дослідження інституційних детермінант конкурентної політики на ринку фінансових послуг дозволило визначити основні, серед яких зростання залежності від екзогенних чинників, недосконалість стандартів поширення інформації та її асиметрія, порушення прав споживачів, деформація норм і практик провадження підприємницької діяльності, низький рівень довіри до суб’єктів ринку, динамічний розвиток фінансових інновацій. Інституційне середовище детермінує особливості функціонування ринку фінансових послуг, при цьому розвиток національної економіки неможливий за умов його розбалансованості. Завдання вирішення ідентифікованих проблем покладається в першу чергу на державні інститути, водночас і споживачі фінансових послуг мають брати активну участь у здійсненні постійного моніторингу діяльності суб’єктів ринку.

Decentralized Finance (DeFi) Projects: A Study of Key Performance Indicators in Terms of DeFi Protocols’ Valuations

Decentralized finance (DeFi) protocols use blockchain-based tools to mimic banking, investment and trading solutions and provide a viable framework that creates incentives and conditions for the development of an alternative financial services market. In this respect, they can be seen as alternative financial vehicles that mitigate portfolio risk, which is particularly important at a time of increasing uncertainty in financial markets. In particular, some DeFi protocols offer an automated, low-risk way to generate returns through a “delta-neutral” trading strategy that reduces volatility. The main financial operations of DeFi protocols are implemented using appropriate algorithms, but unlike traditional finance, where issues of value and valuation are commonplace, DeFis lack a similar value-based analysis. The aim of this study is to evaluate relevant DeFi performance metrics related to the valuations of these protocols through a thorough analysis based on various scientific methods and to show what influences the valuations of these protocols. More specifically, the study identifies how DeFi protocol valuations depend on the total value locked and other performance variables, such as protocol revenue, total revenue, gross merchandise volume and inflation factor, and assesses these relationships. The study analyzes the valuations of 30 selected protocols representing three different classes of DeFi (i.e., decentralized exchanges, lending protocols and asset management) in relation to their respective performance measures. The analysis presented in the article is quantitative in nature and relies on Granger causality tests as well as the results of a fixed effects panel regression model. The results show that the valuations of DeFi protocols depend to some extent on the performance measures of these protocols under study, although the magnitude of the relationships and their directions differ for the different variables. The Granger causality test could not confirm that future DeFi protocol valuations can be effectively predicted by the TVLs of these protocols, while other directions of causality (one-way and two-way) were confirmed, e.g., a two-way causal relationship between DeFi protocol valuations and gross merchandise volume, which turned out to be the only variable that Granger-causes future DeFi protocol valuations.

THE IMPORTANCE OF WORK PLACE SAFETY

Work place safety involves activities that are task oriented and is more than proactive selling of products and services through use of face-to-face interactions or by use of other communications means such as telephone or mail. The goal of customer satisfaction should be designed, communicated and performed with the aim of achieving two goals which are to satisfy the customer and to achieve operational efficiency. The behavior and interaction of the service provider with customers for services that are offered face to face is a replica of what goes on inside the organization (Lovelock, 2014). The marketing of financial services is not only more complex but also much broader and it involves increased interactions between the customer and the organization as the service is made, sold and also consumed. The customer’s view of the quality of the service is drawn from the behaviour and personality of the service provider. High quality customer service can be drawn from thinking, attitude and a philosophy that puts more emphasis on a way of doing business which is committed and sincerely dedicated to satisfy the firm’s customers. Such a philosophy emphasise that customer satisfaction is the greatest priority of the organization (Lovelock, 2014).

Relationship between financial literacy of preschool children and their parents

Introduction. The intensive development of the financial services market, optimal financial relations, which characterize the socio-economic situation in the modern world, require the improvement of the quality of education. The social order of the education system is a competitive member of society with a developed economic thinking and the ability to solve emerging problems in a constantly changing environment. Of particular importance is the task of developing financial literacy at the stage of preschool childhood, when children are just beginning to form ideas about financial categories. The purpose of this article was to identify the relationship between the levels of development of financial literacy in children and their parents. Materials and methods. The study involved 226 children of senior preschool age and their parents in the amount of 134 people. The main method for studying the financial literacy of older preschool children was a survey conducted on the basis of A.A. Smolentsev, modified by us. In order to identify the level of financial literacy of parents, we used a survey. For statistical processing of the obtained results, the Pearson correlation coefficient was used. Results. A high level of financial literacy was shown by 13% of six-year-old children: they explained the meaning of financial concepts, showed a steady interest in the work of their parents. 57% of children were at the average level. The existing representations of preschoolers were characterized as fuzzy and superficial. A low level was found in 30% of respondents. Preschoolers had no idea about the economic life of people. The results of the survey of parents showed the following: 12% of respondents were at a high level of financial literacy, 56% – at an average level and 32% – at a low level. A positive correlation was found between the levels of financial literacy of six-year-old children and their parents (p<0.05). Conclusion. The novelty of the study is to identify the relationship between the level of financial literacy of children and the specifics of economic literacy of their parents. The results obtained will improve the scientific and methodological support for the process of developing the basics of financial literacy in children of six years old, and can also be used in the development of preschool education programs.

Ways of preserving investment activity of insurance companies during martime

The article analyzes the key indicators of domestic insurance companies and assesses the state of the insurance market in Ukraine in the pre-war period. An analysis of innovations in the insurance market regulation system of Ukraine was carried out, namely the adoption of the Law of Ukraine "On Amendments to Certain Legislative Acts to Improve Functions on State Regulation of Financial Services Markets" and the Law of Ukraine "On Insurance". The dynamics of insurance companies' activity in the insurance market of Ukraine in the pre-war period and during the war is studied. The analysis of directions of placement of assets and reserves of insurance companies is carried out. The interaction of the insurance market with the regulator of the non-banking services market by the National Bank of Ukraine during the imposition of martial law in the country is analyzed. The risk standards for the placement of insurance assets and reserves by insurance companies in Ukraine in the pre-war period have been studied and recommendations for regulatory changes during martial law have been developed. The mechanism of state regulation of investment activity of insurance companies by the Solvency II directive is analyzed, the problems of the Ukrainian approach are outlined and the methods of regulation of investment activity during martial law are offered. Measures to stabilize the national insurance market and preserve the investment activity of Ukrainian insurance companies are proposed. It is concluded that the use of SCR (Solvency Capital Requirement) for investment activities of insurers in Ukraine, in particular, when calculating investment risks on several models, the main of which is the so-called “Standard formula” given the correlation between investments types.