scholarly journals Modern directions of development of financial technologies in the banking sector of Ukraine

2021 ◽  
pp. 9-13
Author(s):  
Olha RATS ◽  
Anzhelika ALFIMOVA
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Structural Changes ◽  
Banking Sector ◽  
Consumer Confidence ◽  
Current Trends ◽  
Use Of The Internet ◽  
The Stability ◽  
Financial Technology

Introduction. One of the factors of structural changes in the financial market of Ukraine is the growing use of the Internet and mobile devices to provide financial services. At present, it can be seen that radical changes in the field of technology have affected not only the information sphere, but also the economic one. The modern technological revolution has significantly affected the infrastructure of the banking sector, which is associated with increased automation in the work of financial institutions and greater customer focus. This encourages banks to constantly improve, introduce new products and provide services to their customers with greater speed, quality and reliability. The purpose of the paper is to identify and study current trends and directions of development of financial technologies in the banking sector of Ukraine. Results. The article reveals the economic essence of the concept of “financial technology”. Modern tendencies of fintech development in Ukraine are analyzed. Successful examples of the use of innovative financial technologies in the domestic banking sector in recent years are presented. Possible areas of partnership between fintech companies and traditional banks have been identified. Conclusion. When formulating their own strategy, banks should consider the innovative vector of development as the most important way to ensure the stability of their operation, economic growth and competitiveness, as the effectiveness of their activities depends on the ability to meet the needs of consumers. Therefore, banks need to implement advanced financial technologies, as well as improve ways to provide them to their customers. Equally important is the cooperation of banks with fintech companies, which will promote the development of innovation and maintain consumer confidence in both parties.

CURRENT STATE AND TRENDS IN THE DEVELOPMENT OF THE UKRAINIAN MARKET OF NON-BANK FINANCIAL SERVICES

2021 ◽  
Vol 1 (21(49)) ◽  
pp. 82-87
Author(s):  
Anna Novak ◽  
Yana Yukhimchuk
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Banking Sector ◽  
Analytical Data ◽  
Insurance Companies ◽  
Adverse Conditions ◽  
Current State ◽  
Banking Institutions ◽  
Crisis Conditions

The article highlights the concept of the market of non-banking financial services in accordance with the requirements of Ukrainian legislation and identifies the main intermediaries operating in this market. The study contains analytical data on the number of non-bank financial institutions operating in Ukraine, as well as the volume of assets of such financial institutions. The authors also present an analysis of the main trends in the development of the non-banking financial services market. For comparison, the structure of the financial market is presented in the form of the ratio of the number of banking and non-banking institutions. The article provides an analytical overview of the number of private pension funds, financial companies, pawnshops, credit unions and insurance companies operating in Ukraine over the past three years. The structure and volume of financial services provided by insurance companies have been studied separately. The authors state that despite the existence of non-bank financial institutions, the banking sector still prevails. Moreover, financial companies predominate in terms of assets among representatives of non-bank financial institutions. Despite the coronary crisis during 2016-2020, the number of financial companies and other non-banking institutions, including pawnshops and insurance companies, grew steadily. Such trends are assessed positively, as it indicates the development of the financial market and its stability in adverse conditions. In Ukraine, the market of non-banking financial services is underdeveloped compared to other countries, but despite the mentality and transition in the formation of the non-banking financial sector, it has good prospects for development. However, despite the positive changes, ways to improve the performance of non-bank financial institutions in crisis conditions have been proposed.

scholarly journals FORMATION OF UKRAINE TRANSPARENCY BANKING

2019 ◽  
pp. 35-41
Author(s):  
T. Savchenko ◽  
L. Mynenko
Keyword(s):  
Development Strategy ◽  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Banking Sector ◽  
Banking System ◽  
Market Participants ◽  
Financial Organization ◽  
Credit Bureaus ◽  
National Bank

The article analyzes requirements of the National Bank of Ukraine for transparency of banks, banking groups and non-banking financial market participants. Transparency development process in the Ukrainian banking sector considered in a dynamic and in context of the EU's transparency requirements. Authors came to conclusion that the National Bank of Ukraine have to extended last achievements at banks transparency issues on activities of banking groups and to non-banking financial institutions. This conclusion based on rudiments of effective supervision of banking groups on a consolidated basis, as well as the adoption by the Verkhovna Rada of Ukraine of the Law on "Split". This law extends the National Bank's responsibility in the supervision of non-banking financial institutions (insurance, leasing, financial companies, credit unions, pawnshops and credit bureaus) since July 2020. Therefore, the National Bank should introduce new regulatory requirements to increase the transparency of banking groups and non-bank financial intermediaries. These reforms will establish uniform approaches and standards for disclosure of information on the activities of financial institutions, as well as provide the harmonization of national legislation with EU requirements. Expanding the list of public reporting information and establishing proper reporting intervals will ensure the stable functioning of the financial market and will increase the confidence in the financial system by the users of financial services. These measures will also help management of the financial organization to make informed decisions in defining their development strategy. Besides, they will provide further development of the competitive environment in the financial services industry. Keywords: transparency of banking system, transparency requirements, bank, banking group.

scholarly journals THEORETICAL ASPECTS OF FINANCIAL MARKET FORMATION AND ANALYSIS OF ITS ACTIVITY IN UKRAINE

2021 ◽  
Author(s):  
Natalya Tataryn ◽  
Marta Bida ◽  
Iryna Batsman
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Banking Sector ◽  
Insurance Companies ◽  
Financial Resources ◽  
Economic Sectors ◽  
Insurance Premiums ◽  
Economic Relations ◽  
Effective Development

Our article is devoted to the theoretical aspects of the formation of the financial market and analysis of its activities in Ukraine. In economic essence, the financial market is a set of economic relations associated with the distribution of financial resources, purchase and sale of temporarily free cash and securities. The purpose of the financial market is to provide enterprises with appropriate conditions for attracting the necessary funds and selling temporarily free resources. Effective development of the financial market will ensure the formation of investment processes, increase GDP in the country, as well as create opportunities for the development of various economic sectors. In view of this, the article fully reveals the essence of the concept of the financial market through the definition of domestic and foreign scientists. Theoretical bases of activity of the financial market in Ukraine, and also use of the basic functions (namely tasks) and the principles applied on it are considered. The role of objects and subjects of the financial market is defined. Among the objects are various market instruments, which reflect the temporarily free funds (financial resources) of the subjects of the financial services market, which include the state, households, financial and non-financial institutions. In particular, the activities of financial market entities that are most active in Ukraine, namely financial institutions, which include commercial banks and insurance companies, are analyzed. The dynamics of the number of changes in banking institutions and insurance companies is studied. A comparative description of the dynamics of revenues and expenditures of the banking sector for 2015-2019, as well as current information for January-September 2020. A comparison of the main indicators of insurance companies in the domestic market for the first quarter of 2019-2020, namely: the volume of gross insurance premiums, the volume of net insurance premiums, the share of net insurance premiums, as well as the number of insurance contracts. Based on the results of the study, the directions of improving the financial market in Ukraine are proposed.

scholarly journals Types of Non-Banking Financial Institutions

2021 ◽  
Vol 16 (11) ◽  
pp. 32-41
Author(s):  
V. V. Chistyukhin
Keyword(s):  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Legal Regulation ◽  
Professional Services ◽  
The Other ◽  
Research Issue ◽  
The Stability ◽  
The One ◽  
Definition Of

The paper is devoted to the study of the types of non-banking financial organizations. A classification  is an integral part of scientific knowledge, which allows us to visually demonstrate the inner content of the  category under consideration and identify the features of each element of the analyzed concept. The research  issue of the paper is predetermined by the lack of legal division between non-banking financial organizations.  The classification given in the paper, according to the author, on the one hand, most fully reflects the range of  financial services provided by non-banking financial institutions, and, on the other hand, allows differentiating the roles that separate non-banking financial institutions play in the organization and functioning of the financial  market. The latter is important for determining the specifics of legal regulation of different groups of non-banking  financial organizations, since each of them has a different meaning for ensuring the stability and sustainability of  the financial market. The paper reflects the author’s position concerning the definition of the concept of "non-banking financial organizations" and the place of individuals providing professional services in the financial market  in the system of financial organizations.

scholarly journals COMPARATIVE ANALYSIS OF FINANCIAL TECHNOLOGY REGULATION SYSTEMS: FOREIGN AND DOMESTIC EXPERIENCE

2019 ◽  
pp. 7-13
Author(s):  
A. Semynoh ◽  
A. Bukhtiarova ◽  
N. Bort
Keyword(s):  
Comparative Analysis ◽  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Personal Data ◽  
Regulation System ◽  
Market Regulation ◽  
The World ◽  
Technology Market ◽  
Financial Technology

In the article, based on the analysis of scientific sources, a comparative analysis of financial market regulation systems in different countries of the world is made. The level of development of regulatory systems in the UK, France, USA, India and Ukraine is characterized. The main institutions that regulate and supervise in the countries of the world are listed. The basic principles of their functioning are presented. It also analyzes the regulatory and provisions governing the activities of fintech companies. It is determined that a particular problem for the development of the financial technology market is the lack of a single regulatory approach to different types of Fintech companies and solutions. This is evidenced by the lack of unified regulatory bodies in the field of fintech, as well as adequate regulatory support both in Ukraine and in foreign countries. At the moment, in most countries of the world, fintech companies are subject to the laws that were adopted in the times of existence of only classical financial institutions, and therefore do not take into account the specifics of individual fintech businesses, and their peculiarities of cooperation with banking and non-banking financial institutions, with intermediaries of the securities market. It is determined that, in accordance with the potential of the financial technology market development and the benefits of its growth, programs for the support and development of the financial market through the introduction of special commissions, accelerator funds and simplified regulation systems in the form of sandbox fintech are being implemented in all analyzed countries. It is determined that the driver of the growth of fintech solutions in the financial services market was the active dissemination of open APIs in the activities of financial institutions, which provide for voluntary exchange of information about bank customers with fintech companies. It is substantiated that an important component of increasing confidence in the financial technology market is ensuring the storage and protection of personal data of fintech companies’ clients. Keywords: financial technology market, fintech, financial services, financial institutions, financial technology market regulation system.

scholarly journals MODERN FINTECH DIRECTIONS IN THE BANKING SECTOR

2020 ◽  
pp. 36-48
Author(s):  
Yaroslav CHAIKOVSKYI ◽  
Yaroslava KOVALCHUK
Keyword(s):  
Financial Services ◽  
Structural Changes ◽  
Banking Sector ◽  
Service Industry ◽  
Visual Presentation ◽  
Future Research ◽  
Consulting Services ◽  
Theoretical Generalization ◽  
Banking Institutions ◽  
Financial Technology

Introduction. One of the factors behind structural changes in Ukraine's financial market is the increasing use of the Internet and mobile devices to provide financial services. It can be seen now that radical changes in technology have affected not only the information sphere but also the economic sphere. The current technological revolution has also had a significant impact, including on the banking sector's infrastructure, which is associated with increased automation in bank operations and greater customer focus. For the most part, such transformations in the industry are associated with the need to reduce costs, improve the security of financial transactions, and ensure that the service industry is responsive to an ever-evolving society. The purpose is to determine trends directions of research of new financial technologies in the banking industry. Methods. The theoretical and methodological basis of the article is the scientific works of domestic and foreign scientists and specialists in the theory of banking innovation and financial technologies. In the course of the research, such general scientific methods of cognition were used as: theoretical generalization, comparison, and systematization (in the study of the essence of the concepts of “financial technology”, “fintech”, “artificial intelligence”, “open banking”, “blockchain”; definition of types of financial technologies); observation (during the study of implemented fintech in banking institutions); graphical method – for visual presentation of analysis results. Results. The essence of the concept of “financial technology” is disclosed in the article. Modern fintech trends in Ukraine and in the world are analyzed. Also, presents the most successful examples of the use of financial technologies in the banking sector in recent years. In addition, a number of areas for future research in the field of financial technology, which are currently very promising in the banking sector and could be launched in Ukraine and worldwide are offered. Conclusions. Given the significant interbank competition, the problem of developing financial technologies in the provision of financial services by banking institutions has become particularly urgent. In addition, the improvement of financial technologies is not a simple matter and should be multifaceted in order to ensure the efficiency and expected performance of banks. Therefore, it is necessary to improve not only financial technologies, financial services and products, but also ways of providing them to clients of banking institutions, communication of bank employees with clients, advertising, promotion of modern financial technologies, etc. Financing, all kinds of consulting services and payments can all be considered as one of the most promising areas for future research in financial technology.

The Systemic Effects of Prudential Regulation Toughening:The Results of a Stress-test for Russian Banks

2012 ◽  
pp. 4-31 ◽  
Author(s):  
M. Mamonov ◽  
A. Pestova ◽  
O. Solntsev
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Stress Test ◽  
Credit Market ◽  
Capital Adequacy ◽  
Government Support ◽  
Government Ownership ◽  
Prudential Regulation ◽  
The Government ◽  
The Stability

The stability of Russian banking sector is threatened by three negative tendencies - overheating of the credit market, significant decrease of banks capital adequacy ratios, and growing problems associated with banks lending to affiliated non-financial corporations. The co-existence of these processes reflects the crisis of the model of private investments in Russian banking sector, which was observed during the last 20 years. This paper analyzes the measures of the Bank of Russia undertaken to maintain the stability of the banking sector using the methodology of credit risk stress-testing. Based on this methodology we conclude that the Bank of Russias actions can prevent the overheating of the credit market, but they can also lead to undesirable effects: further expansion of the government ownership in Russian banking sector and substitution of domestic credit supply by cross-border corporate borrowings. The later weakens the competitive positions of Russian banks. We propose a set of measures to harmonize the prudential regulation of banks. Our suggestions rely on design and further implementation of the programs aimed at developing new markets for financial services provided by Russian banks to their corporate and retail customers. The estimated effects of proposed policy measures are both the increase in profitability and capitalization of Russian banks and the decrease of banks demand for government support.

COVID -19 and Indian Financial Markets: A Review

2020 ◽  
Vol 16 (02) ◽  
pp. 1-8
Author(s):  
Kamaldeep Kaur Sarna
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Financial Services ◽  
Stock Markets ◽  
Global Economy ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Management Strategies ◽  
The Impact

COVID-19 is aptly stated as a Black Swan event that has stifled the global economy. As coronavirus wreaked havoc, Gross Domestic Product (GDP) contracted globally, unemployment rate soared high, and economic recovery still seems a far-fetched dream. Most importantly, the pandemic has set up turbulence in the global financial markets and resulted in heightened risk elements (market risk, credit risk, bank runs etc.) across the globe. Such uncertainty and volatility has not been witnessed since the Global Financial Crisis of 2008. The spread of COVID-19 has largely eroded investors’ confidence as the stock markets neared lifetimes lows, bad loans spiked and investment values degraded. Due to this, many turned their backs on the risk-reward trade off and carted their money towards traditionally safer investments like gold. While the banking sector remains particularly vulnerable, central banks have provided extensive loan moratoriums and interest waivers. Overall, COVID-19 resulted in a short term negative impact on the financial markets in India, though it is making a way towards V-shaped recovery. In this context, the present paper attempts to identify and evaluate the impact of the pandemic on the financial markets in India. Relying on rich literature and live illustrations, the influence of COVID-19 is studied on the stock markets, banking and financial institutions, private equities, and debt funds. The paper covers several recommendations so as to bring stability in the financial markets. The suggestions include, but are not limited to, methods to regularly monitor results, establishing a robust mechanism for risk management, strategies to reduce Non-Performing Assets, continuous assessment of stress and crisis readiness of the financial institutions etc. The paper also emphasizes on enhancing the role of technology (Artificial Intelligence and Virtual/Augmented Reality) in the financial services sector to optimize the outcomes and set the path towards recovery.

PSYCHOLOGICAL ASPECTS OF ORGANIZATION OF FRAUD SCHEMES IN THE FIELD OF THE FINANCIAL MARKET

2021 ◽  
Vol 1 (12) ◽  
pp. 69-77
Author(s):  
Аleksey V. Zverev ◽  
◽  
Marina Yu. Mishina ◽  
Andrey V. Novikov ◽  
◽  
...  
Keyword(s):  
Critical Thinking ◽  
Financial Market ◽  
Financial Services ◽  
Psychological Aspects ◽  
Financial Fraud ◽  
Stressful Situation ◽  
Potential Victim ◽  
The Stability ◽  
The Relationship

This article reflects the peculiarities of the psychological connection between a financial fraudster and his potential victim. The process of forming a stressful situation depending on the type of financial fraud is described, the reasons for its occurrence and the result of implementation associated with a decrease in critical thinking are indicated. The essence is also revealed, including from the perspective of the relationship between the fraudster and the potential victim, and the types of financial fraud and practical examples of their manifestation are considered. The psychological portrait of a financial fraudster and his transformation in connection with the changing preferences of consumers of financial services are described. The role of the Bank of Russia in reducing the activity of financial fraud and ensuring the stability of the financial market is reflected.

The First Android Based Sharia Fintech Innovation In Indonesia To Increase Inclusive and Literate on Society’s Finance

2021 ◽  
Vol 1 (2) ◽  
pp. 01-19
Author(s):  
Suhartono Suhartono ◽  
Juniato Sidauruk ◽  
Octa Pratama Putra ◽  
Syamsul Bahri ◽  
Martias Martias ◽  
...  
Keyword(s):  
Financial Services ◽  
Research Method ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Descriptive Research ◽  
Technology Industry ◽  
Technical Procedure ◽  
Interview Session ◽  
Personal Finances ◽  
Financial Technology

Technology has become the part of today’s people life. Then, it is actually close to the application of it. Absolutely, it has example; such as the electricity for having more sophisticated in financial technology (Fin-Tech). The simplicity and speed of this technology have led people to adopt it in everyday’s life. One of the innovations in developing business and the economy, especially in the banking sector, is currently to develop Fintech (Financial Technology) which is able to facilitate all types of buying and selling transactions, investments and fundraising. Next, the purpose of this study is to explain and provide an understanding of the technical, procedures and benefits of the application, it is called Sharia FinTech. Then, it is also to contribute to the literature on the capacity of the latest technological and non-technological innovations. The research method used is descriptive research method with a qualitative approach. It is to describe and explore the phenomena in the form of engineering human innovation in the financial technology industry. It is done by taking into account the characteristics, quality, and interrelationships between activities It has several aspects; they are: conducting the observation, having an interview session, creating the documentation, and the last one is doing the Literature review. The result of this study is to increase the knowledge, skills and confidence of the community in managing personal finances to be better and to provide access to be having convenient and accountable financial services. Afterwards, this study linits on explaining and providing an understanding of the technical, procedure and benefits of Sharia Fintech for all people in need. Thence, the limitation of the research only discusses the role of Islamic Fintech in increasing the public financial inclusion and literacy. As for the the next researchers, they can be even wider by adding the collaboration of fintech and the banking world. The novelty of this research is the use of the android application as a digital platform in financial inclusion and literacy.

Sign in / Sign up

Export Citation Format

Share Document