PROSPECTS OF FINANCIAL SUPERMARKETS ACTIVITY IN THE CONTEXT OF DIGITAL TRANSFORMATION IN UKRAINE

Abstract

The rapid development of information technologies has significantly changed the interaction of subjects on the financial markets. The use of the new digital services in the economic activities of business entities and people’s private lives is already a necessity. And, from the first days of the war in Ukraine, due to the high level of development of digital infrastructure it was possible to effectively curb panic and ensure stable monetary support for the economy and the population, both within the country and abroad. At the same time, classic financial intermediaries – large retail banks operating in Ukraine as powerful financial supermarkets – have new competitors, in particular fintech companies. With this in mind, in the conditions of further digitalization of the financial system of Ukraine, in the center of these scientific researches there were questions of determining ways to improve the work of financial supermarkets. This study analyzes the existing financial supermarkets, their advantages for customers, and for the supermarket participants themselves and identifies a number of disadvantages of the model of financial supermarkets. The authors of the article argue the expediency of changing and expanding the interaction of financial intermediaries in order to provide increasingly digitalized services to retail customers, and the transition to a new business model – fintech supermarkets. The defining characteristics of fintech supermarkets should be considered: the widespread use of remote channels to provide services to legal entities and individuals (technical component), expanded range of financial and related services (financial component) and the possibility of "anticipating" and generating customer needs to build emotional connections with them (social component). Having studied the functioning of foreign and domestic financial institutions in the conditions of digital transformation of financial markets, the authors suggested the most relevant areas for improving the activities of fintech supermarkets in Ukraine. In particular, these are: emphasis on personalization of relations with customer, gamification of services and the introduction of innovative services, such as Embedded Finance, Pay on Demand and Autonomous Finance.