Current Status and Development Prospects of the Financial Services Market in Ukraine

  • Violetta I. ROSHYLO Department of Finance, Banking and Entrepreneurship, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and Economics, Chernivtsi, Ukraine
  • Dariia A. KOVALEVYCH Department of Finance, Banking and Entrepreneurship, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and Economics, Chernivtsi, Ukraine
  • Liubov V. GUT Department of Finance, Banking and Entrepreneurship, Chernivtsi Institute of Trade and Economics of Kyiv National University of Trade and Economics Chernivtsi, Ukraine
  • Viktor T. VENTSEL Department of Social and Humanitarian Policy, National Academy of Public Administration under the President of Ukraine, Kyiv, Ukraine
  • Marharyta M. BERDAR Department of Environmental Management and Entrepreneurship, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine

Abstract

The relevance of the topic is that in the modern world financial services are developing most intensively in the field of electronic payments. With the development of digitalization of sales, services and even settlements between individuals, the old mechanisms do not provide the necessary convenience and speed for customers. Therefore, active development is taking place in the field of circulation of bank cards, payments from card to card (quick payments), electronic money, acquiring of various types. It is these aspects of the development of financial services that are considered in this article. The development of such financial services is relevant for Ukraine, which has significant potential in the development of innovations and their perception by the population and business. The purpose of the article is to analyze the development of the financial services market in Ukraine, identifying problems and prospects for the development of this market. The main results of the study: currently, the development of the financial market is closely connected with the development of financial technologies (FinTech) of financial organizations. Innovative solutions in this area allowed such banks in Ukraine as PrivatBank or FUIB to significantly increase their liabilities, assets and income. Further, the development of the financial services market should be associated with stimulation by the state of the development of non-cash payments, payment infrastructure (especially in regions where it is not yet developed enough). Prospects for further research are related to further study of the development of financial technologies in the financial sector, operations with bank cards and electronic money in Ukraine. The applied value of the material lies in determining the directions of development of financial operations, financial services for customers and financial products, primarily in Ukrainian banks.

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Published
2020-06-15
How to Cite
ROSHYLO, Violetta I. et al. Current Status and Development Prospects of the Financial Services Market in Ukraine. Journal of Advanced Research in Law and Economics, [S.l.], v. 11, n. 4, p. 1353 – 1366, june 2020. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/5340>. Date accessed: 15 aug. 2020. doi: https://doi.org/10.14505/jarle.v11.4(50).32.