The development of financial technologies in Ukraine as a driver of banking sector modernization

Abstract

The implementation of digital solutions, such as artificial intelligence, blockchain, big data, and cloud technologies, allows to reduce operating costs, improves customer service, and increases the transparency of financial transactions. The purpose of the study is to determine the role of financial

technologies in the modernization of the banking sector of Ukraine. Methods. The research methodology includes analyzing current statistical data, comparing trends in the banking sector, and assessing the impact of technologies on its activities. Results. The study shows that the use of FinTech solutions contributes to the automation of business processes, improving of risk management, and reducing the level of fraud. The usage of blockchain technology contributes to increasing the transparency of transactions, and the analysis of big data allows to understand customer behavior better and optimize engagement strategies.

Cloud technologies reduce IT infrastructure costs, improving banks' operational efficiency. The cumulative impact of these technologies ensures the banking system's competitiveness and adaptability to modern challenges.

The article also provides statistical data that show the successful implementation of FinTech in the banking sector of Ukraine. In particular, 93% of banks have introduced mobile applications, and 96% provide online banking services. In addition, an increase in the number of clients using remote services has been noted, which indicates a change in approaches to the provision of financial services.

Conclusions. Thanks to the development of FinTech, the banking system of Ukraine demonstrates increased financial stability, in particular through a decrease

in operating costs and an increase in net profit. The article also emphasizes the importance of adapting regulatory policy, in particular through the introduction of regulatory and supervisory technologies that allow to make effective control of financial institutions and ensure transparency of operations. Thus, the development of financial technologies is an important stage in the transformation of the banking sector of Ukraine, contributing to its stability and increasing access to financial services for various categories of clients.