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Development of Neobanks in the World and in Ukraine
Breheda O. A.

Breheda, Olena A. (2024) “Development of Neobanks in the World and in Ukraine.” Business Inform 8:357–364.
https://doi.org/10.32983/2222-4459-2024-8-357-364

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.7

Abstract:
The development of modern technologies affects all spheres of human life. The growing popularity of neobanks, their dynamic development and spread in the world require their further study and research. The aim of the article is to outline the trends in the development of neobanks, their general features and features of activity, to identify the prospects for the development of neobanks and digital banking in Ukraine. The carried out study showed the dynamic development of neobanks in the world, which occurs regardless of the peculiarities of the emergence of players in the market. In the world, fintech companies and e-commerce giants are becoming significant competitors of banks, which often come to the sale of banking products having mastered other niches of the financial market. The concentration of neobanks by regions is considered, the reasons for the emergence and development of neobanks in Europe, in particular in the United Kingdom, are determined. The article also defines the peculiarities of the activities of neobanks in Ukraine, where they do not have an independent license for banking activities and operate on the basis of traditional banks, therefore they cannot be fully considered as independent structures compared to the vast majority of other countries. It is found that, despite the prospects and significant achievements of neobanks, their number in Ukraine has decreased. The reasons for these processes are analyzed and the factors influencing this are identified. It is shown that such a reduction in neobanks does not have a negative impact on the penetration and development of digital banking in the country, and traditional banks are actively introducing new solutions and services for the population and business through their mobile applications. The leading positions in digital banking are occupied by Monobank, which is a pioneer and undisputed leader in this area. It is found that a significant problem for neobanks and all digital banking both in Ukraine and around the world is serous DDoS attacks, the number of which is constantly growing. Therefore, significant efforts should be directed to countering such challenges, strengthening the protection of systems, preventive work and cyber hygiene.

Keywords: neobank, digital banking, mobile bank, fintech company, fintech project, DDoS attacks.

Fig.: 3. Tabl.: 3. Bibl.: 12.

Breheda Olena A. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Banking and Insurance, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

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