INNOVATIVE POLICY OF BANKS IN THE MARKET OF BANKING SERVICES
Abstract
The growth of competition in the financial services market, the emergence of FinTech companies, the development of cryptocurrencies highlights the study of banking innovation and banking innovation policy as ways to compete not only in the banking market but also in the financial market as a whole. The purpose of the article is to substantiate the theoretical and practical principles of development of modern innovative solutions in the market of banking services, as well as to develop recommendations for improving the innovation policy of domestic banks with state participation. The research used such general scientific methods of cognition as: theoretical generalization, comparison and systematization (in the study of the essence of the concepts of "innovation", "banking innovation"); observation (during the analysis of the innovation policy of Oschadbank JSC); system analysis (in determining the directions of innovation policy of Oschadbank JSC); generalization (when forming recommendations for improving the innovation policy of Oschadbank JSC). It is noted that the creation and implementation of banking innovations in banking institutions is in the process of managing banking based on the analysis of internal and external environment, the needs of the bank and customer needs in changes in certain banking products and technologies. The effectiveness of banking innovations is measured not only by the number of innovations and convenience for employees and customers, but also by increasing financial performance and increasing the number of bank customers, which in turn depends on the art of managing a banking institution in general and various processes in particular. The key trends in the development of the banking services market (contactless payment, biometric identification, digital wallets and QR codes, Internet of Things, cryptocurrencies) are highlighted and characterized. The financial condition of Oschadbank JSC is analyzed. The transformation of the innovation policy of Oschadbank JSC has been studied. It is established that one of the directions of innovation policy of Oschadbank JSC is the introduction of innovations in the system of household services. The development of postal and banking services jointly with Ukrposhta is proposed as an effective innovative solution for maintaining and increasing the number of Oschadbank's clients.
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