FOREIGN EXPERIENCE IN PROMOTING THE IMPLEMENTATION OF INNOVATIVE-INFORMATION TECHNOLOGIES BY FINANCIAL INSTITUTIONS
The article is devoted to the analysis of the foreign experience of stimulating the innovative-information technologies introduction by financial institutions to improve the quality of providing financial services to economic agents in modern conditions. It is proven that the changes created by the introduction of innovative-information technologies are aimed at changing the strategic focus of financial institutions, which leads to changes at the organizational level and at the level of the financial system as a whole. Based on the experience of the leading countries of the world, the advantages for financial institutions that they receive due to the use of innovative-information technologies are outlined, including: improving the quality of providing financial services to consumers by facilitating the process of obtaining them, increasing the value proposition, as well as speeding up the process of obtaining these services; the possibility of using several channels for interaction with consumers of financial services, as well as the remote nature of the relationship; ensuring the stability of financial institutions in conditions of turbulence and uncertainty of the external environment; increasing satisfaction and gaining experience of economic agents from the consumption of financial services; the use of a personalized approach to consumers of financial services; reducing the cost of financial services and increasing profitability due to the reduction of operating costs; use of information for analytics; increasing the transparency and reliability of the movement of financial resources and reducing the overall level of risk. The main principles of the implementation of innovative-information technologies are presented. The possibilities and risks of using digital technologies by financial institutions were analyzed, as well as innovative-information technologies that increase the quality of providing financial services were considered. The foreign experience of state initiatives to stimulate financial institutions to implement digital technologies is outlined. Directions for state stimulation of the introduction of innovative-information technologies by financial institutions are given. Practical recommendations on improving the quality of services provided by financial institutions to economic agents in the new conditions of their work are provided.
2. Danylyshyn B., Dubyna M., Zabashtanskyi M., Ostrovska N., Blishchuk K., and I. Kozak. “Innovative Instruments of Monetary and Fiscal Policy.” Universal Journal of Accounting and Finance, vol. 9(6), 2021, pp. 1213-1221.
3. Dubyna, M., Zhavoronok, A., Kudlaieva, N., and I. Lopashchuk. “Transformation of household credit behavior in the conditions of digitalization of the financial services market.” Journal of Optimization in Industrial Engineering, vol. 14(1), 2021, pp. 97–102.
4. Dubyna, M.V., and O.M.Kozlianchenko. “Conceptual aspects of the study of the essence of digitalization and its role in the development of modern society.” Problems and prospects of economics and management, no. 3 (19), 2019, pp. 21-32, doi: 10.25140/2411-5215-2019-3(19)-21-32. Accessed 06.04.2023.
5. Dubyna, M., Serediuk, I., and N. Bilous. “The role of cyber insurance in the risk management system of banking institutions.” Problems and prospects of economics and management, no. 1 (21), 2020, pp. 183-196.
6. Panteleeva, N. Financial innovations in the banking system: theory, methodology, practice. UBS NBU, 2013.
7. Mavlutova, I. et al. “Financial Sector Transformation In The Era Of Digitalization”. Studies of Applied Economics, vol. 38, no. 4, 2021.doi.org/10.25115/eea.v38i4.4055. Accessed 06.04.2023.
8. Póta, C.P., and P.Becsky-Nagy. “Impact of digitalization on the financial sector.” Competitio, vol. 21, no. 1-2, 2022, pр. 29–42. doi.org/10.21845/comp/2022/1-2/6. Accessed 06.04.2023.
9. Abbasov, A., Mamedov, Z., and V.Kovalenko. “Financial innovation in the conditions of digitalization of the economy.” Economic and Social Development: Book of Proceedings: 55th International Scientific Conference on Economic and Social Development, Baku, 18–19 June 2020. Baku, 2020, pp. 515–524.
10. Kholiavko, N., Popelo, O., and O. Tarasenko. “Innovation and information technologies in the activities of financial institutions: world experience.” Black Sea Economic Studies, no. 70, 2021. doi.org/10.32843/bses.70-24. Accessed 09.04.2023.
11. “EU Digital Single Market Aspects.” Department of Enterprise, Trade and Employment – DETE, enterprise.gov.ie/en/what-we-do/the-business-environment/digital-single-market/eu-digital-single-market-aspects. Accessed 09.04.2023.
12. “General Data Protection Regulation (GDPR) – Official Legal Text.” General Data Protection Regulation (GDPR), gdpr-info.eu. Accessed 09.04.2023.
13. “Digital Finance Strategy for the EU. Legislative Train Schedule.” European Parliament, www.europarl.europa.eu/legislative-train/theme-a-europe-fit-for-the-digital-age/file-fintech-action-plan. Accessed 09.04.2023.
14. “Five minutes on… Europe’s Fintech Action Plan. The Association of Corporate Treasurers.” The Association of Corporate Treasurers, www.treasurers.org/hub/treasurer-magazine/five-minutes-…-europe’s-fintech-action-plan. Accessed 09.04.2023.
15. “Fintech Laws and Regulations Report 2022-2023 USA.” International Comparative Legal Guides International Business Reports, iclg.com/practice-areas/fintech-laws-and-regulations/usa. Accessed 09.04.2023.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution NonCommercial NoDerivs 4.0 Unported License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)