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Liburkina L. M.

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Bank System in the Digital Economy
Akymenko N. V., Mamontenko N. S.

Akymenko, Natalia V., and Mamontenko, Nataliia S. (2021) “Bank System in the Digital Economy.” Business Inform 5:333–338.
https://doi.org/10.32983/2222-4459-2021-5-333-338

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.71

Abstract:
The article is aimed at analyzing the activities of domestic banks in the digital economy. The publication proves the need to consider the digital economy as an economy based on the use of digital data and is not limited to the trade sphere. Accordingly, it is proposed to consider the process of digitalization of the banking sector as a process of transition of the banks’ activities from the traditional form to one based on the use of information and communication technologies. The digitalization process has both a negative and positive impact on the activities of banks. As a result of new technologies, the advantage of banks was leveled, which was based on the use of expensive system software for their work within the framework of the desintermediation process. Under the new conditions, large global or local tech giants have significantly influenced the market, which, having a large customer base, additionally offer them financial services. Significantly affect the market the neo-banks, which, having transferred most of the activity online, caused the need to revise the feasibility of the existence of bank branches. Fintech companies have become the main competitors of banks, which is explained by their awareness in the innovation market and great flexibility. At the same time, cooperation between banks and fintech companies is promising. The article takes into account the impact of the pandemic on the financial services market and the activities of all participants, including banks. A significant restriction of social contacts led to the transition of a large number of services online, including the banking ones. Customers of banks received a push to use mobile applications. In a pandemic, the criteria that influence the choice of the bank have significantly changed. Changing priorities towards a greater choice of remote services, the convenience of obtaining them, should be taken into account by banking institutions in their activities.

Keywords: banking activity, digital economy, digitalization, financial services.

Bibl.: 8.

Akymenko Natalia V. – Candidate of Sciences (Economics), Associate Professor, Department of Management of Organizations, Odesa Regional Institute for Public Administration of the National Academy for Public Administration under the President of Ukraine (22 Henuezka Str., Odesa, 65009, Ukraine)
Email: [email protected]
Mamontenko Nataliia S. – Candidate of Sciences (Economics), Associate Professor, Department of Management of Foreign Economic and Innovation Activity, Odesa National Polytechnic University (1 Shevchenka Ave., Odesa, 65044, Ukraine)
Email: [email protected]

List of references in article

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