THE ROLE OF OPEN BANKING IN THE DIGITAL TRANSFORMATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE
Abstract
The article іs devoted to the role of open banking as one of the key areas of digital innovation shaping the transformation of the financial services market in Ukraine. The study explores the conceptual foundations of open banking, revealing its economic nature, core principles, and functional characteristics. Attention is paid to the specifics of implementing open banking within the national financial system, considering regulatory requirements, market maturity, and the level of digitalization of financial institutions. The impact of open banking on the development of financial innovations is analyzed, emphasizing its contribution to increased competition, the emergence of new business models, and the expansion of customer-oriented financial services. The article highlights how open access to financial data through standardized application programming interfaces enhances transparency, promotes personalized financial solutions, and improves the quality and accessibility of services for consumers. Special focus is placed on the advantages and risks associated with the practical application of open banking. These include issues related to information security, personal data protection, compliance with regulatory frameworks, operational resilience, and the achievement of strategic objectives by financial market participants. The study emphasizes the need to balance innovation incentives with effective risk management mechanisms to ensure the stability and security of the financial ecosystem. Furthermore, the article outlines the prospects for the evolution of open banking toward the broader concept of open finance, which extends data sharing principles to other segments of the financial market, including insurance, investment services, lending, and pension systems. It is argued that such an evolution can significantly enhance consumer control over financial resources and strengthen trust in digital financial services. In this context, open banking is identified as a key driver of digital transformation, contributing to the transparency and efficiency of Ukraine’s financial market and facilitating its integration into the European financial ecosystem.
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