METHODOLOGY FOR ASSESSING THE TRANSFORMATION OF THE FINANCIAL SERVICES MARKET IN UKRAINE UNDER THE INFLUENCE OF FINTECH
Abstract
The relevance of the study is determined by the increasing number of new technologies being implemented in the financial sector (or FinTech) and the associated changes in the traditional model of their operation. In particular, the highlighted model undergoes a series of changes that result in the expansion of the intermediation function of its core agents. Such changes can include increased speed and accessibility of financial services; improved decision-making processes; enhanced data security. In fact, new technologies in the financial sector are shaping digital financial assets and enabling the development of new forms of financial services. At the same time, new digital technologies in the financial sector are leading to a transformation of the essence of financial services markets, forming a distinct model of their transformation aimed at improving the efficiency of conducted operations. Based on the provided provisions, the research is aimed at studying and determining the key indicators that most comprehensively characterize the state of financial services markets, as well as establishing a methodology for assessing the transformation of financial services markets in Ukraine. Digital financial technologies (FinTech) are considered as various tools for influencing the financial sector, which are utilized by resident corporations of Ukraine, including quasi-corporations whose primary function is to provide financial services. It is worth noting that these technologies themselves are not functional but shape such functionality when integrated into various technological structures existing in the financial sector. It is precisely the processes of such integration that define the forms of FinTech-related transformations in financial services markets, including their performance indicators (which are linked to the value of underlying assets). It is important to highlight that these technologies themselves are not inherently functional; rather, they shape functionality when integrated into various technological structures within the financial sector. The processes of integration are what define the manifestations of FinTech-driven transformations in financial services markets, including their performance indicators, which are closely tied to the value of underlying assets.
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