MODERN INFORMATION TECHNOLOGIES IN THE MARKET OF FINANCIAL SERVICES OF UKRAINE

Abstract

The main trends in the development of the financial services market of Ukraine are globalization, growing competition, capital consolidation, diversification of services, digitalization, introduction of innovative products and technologies. Thefull-scale armed invasion of the aggressor country into the territory of Ukraine transformed the activities of domestic finan-cial institutions, putting them in front of completely untypical challenges that required prompt response. At the initiative of the National Bank of Ukraine, financial institutions of the state introduced “credit vacations” for clients, but this measure has a short-term character. The country report an increase in credit risk and significant losses. The regulator is expected to take a set of measures to support Ukrainian financial institutions, recapitalize banks and establish a grace period in order to restore their competitiveness in the market. In turn, financial institutions make every effort to adapt to work in martial law. This article substantiates the potential of new information technologies in the development of the modern financial technolo-gy market. The authors focus on describing the role of blockchain technologies, Big Data Analytics, cloud technologies, Arti-ficial Intelligence, Internet of Things in the activities of financial institutions. It is proved that the use of digital technologies can speed up and simplify the process of providing financial services, optimize the cost structure of financial institutions,improve their management, as well as increase the level of household trust to the financial institutions. The expediency of forming long-term partnerships between financial institutions and FinTech companieswas emphasized. Among the prospects for further research, the authors highlighted the need to develop effective mechanisms and tools to protect information sys-tems and data of financial institutions from hacking, leaks and cyber-attacks.