DIGITALIZATION OF THE BANKING SYSTEM OF UKRAINE IN MODERN CONDITIONS
Abstract
The article examines the features of digitization of the banking system of Ukraine in modern conditions. The main services that customers can receive through online banking are described: transferring funds, paying bills, viewing balances and transaction history, ordering a card, making deposits, issuing loans, investing and insurance. The peculiarities of the domestic banking system due to the introduction of the latest technologies and services on the fintech market were considered: a significant number of online banks appeared on the market; development of non-cash payments; achievements in the development of the cryptocurrency industry in Ukraine. The advantages of online banking services provided by the largest banks of Ukraine: PrivatBank, Raiffeisen Bank Aval, Oschadbank, Monobank and Kredobank were studied. Each of these banks provides access to all major banking services and products through a mobile application and online banking; the possibility of opening a deposit and applying for a loan online. One of the key advantages of almost any online banking is the ability to quickly process transactions while reducing the cost of personnel and other resources. In addition, the number of errors that can be made by people is reduced. The most common problems in the digitalization of the Ukrainian banking system are highlighted: low level of trust in digital financial services, lack of standards and uniform rules in Ukraine that regulate the use of digital technologies in the banking sector, lack of developed infrastructure in Ukraine for the digitalization of the banking system, lack of proper regulation and control from the state. It is recommended that banks continue activities in the field of digitization by expanding access to online services, providing customers with access to new financial products and services, such as instant payments, contactless cards, virtual wallets, and others. Continuing development in the field of digitization is a key task for banks in modern conditions based on the principles of security, reliability, accessibility and convenience for serving their users.
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