REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

 FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

 PUBLISHER

Liburkina L. M.

 SITE SECTIONS

Main page

Editorial staff

Editorial policy

Annotated catalogue (2011)

Annotated catalogue (2012)

Annotated catalogue (2013)

Annotated catalogue (2014)

Annotated catalogue (2015)

Annotated catalogue (2016)

Annotated catalogue (2017)

Annotated catalogue (2018)

Annotated catalogue (2019)

Annotated catalogue (2020)

Annotated catalogue (2021)

Annotated catalogue (2022)

Annotated catalogue (2023)

Annotated catalogue (2024)

Thematic sections of the journal

Proceedings of scientific conferences

The Ways to Improve the Interaction of Banks and Fintech Companies in Ukraine Based on Foreign Experience
Romashko O. M., Krykhivska N. О.

Romashko, Oleksandra M., and Krykhivska, Nataliia О. (2022) “The Ways to Improve the Interaction of Banks and Fintech Companies in Ukraine Based on Foreign Experience.” Business Inform 10:168–174.
https://doi.org/10.32983/2222-4459-2022-10-168-174

Section: Finance, Money Circulation and Credit

UDC 330.332: 336.717

Abstract:
The article is aimed at distinguishing the main advantages of partnership between banking institutions and fintech companies and highlight the main ways to improve such interaction. Recently, the number of banks cooperating with fintech startups has been constantly increasing. An important role here was played by the introduction of modern financial technologies, which contributed to the transition of banks to the digitalization of activities. The article proposes a conceptual scheme of innovative interaction between banks and fintech companies. The purpose of this interaction is the introduction of innovative financial instruments, which will improve the quantitative and qualitative composition of banking services and provide commercial banks with competitive advantages. The main advantages of integration of banking institutions and fintech companies are distinguished, including: comfort of receiving banking services; acceleration of work speed; expansion of activities without increasing the network of branches; gradual transition from offline banking to Internet and mobile banking; reducing the bank’s expenses and increasing its economic efficiency; increase in sales; income growth; complex competitive advantages in the long run. Emphasis is placed on the fact that the result of cooperation between banks and fintech startups is to create new products and services or products and services with updated characteristics, which are represented by: innovative programs and projects; novel intellectual products; modern new technological equipment and processes; new approaches to the development and formation of the market of modern banking products and services. On the basis of foreign experience, the main innovative financial instruments in the directions of fintech have been summarized, the introduction of which into the activities of domestic banks will allow banking institutions to reach a higher level of competitiveness in the world financial markets. Prospects for further research are to distinguish the major reasons that hinder the effective implementation of digitalization trends in the activities of banking institutions.

Keywords: commercial banks, fintech companies, interaction, financial instruments.

Fig.: 1. Tabl.: 1. Bibl.: 17.

Romashko Oleksandra M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Ivano-Frankivsk National Technical University of Oil and Gas (15 Karpatska Str., Ivano-Frankіvsk, 76019, Ukraine)
Email: [email protected]
Krykhivska Nataliia О. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Ivano-Frankivsk National Technical University of Oil and Gas (15 Karpatska Str., Ivano-Frankіvsk, 76019, Ukraine)
Email: [email protected]

List of references in article

Shevchenko, O. M., and Rudych, L. V. “Rozvytok finansovykh tekhnolohii v umovakh tsyfrovizatsii ekonomiky Ukrainy“ [Development of Financial Technologies in Conditions of Digitalization of Ukraine's Economy]. Efektyvna ekonomika, no. 7 (2020). DOI: 10.32702/2307-2105-2020.7.61
Zherdetska, L. V., and Horodynskyi, D. I. “Rozvytok finansovykh tekhnolohii: zahrozy ta mozhlyvosti dlia bankiv“ [Development of Financial Technologies: Threats and Opportunities for Banks]. Ekonomika i suspilstvo. 2017. https://economyandsociety.in.ua/journals/10_ukr/101.pdf
Klyoba, L. H, Dobosh, N. M., and Soroka, O. P. “Vprovadzhennia finansovykh tekhnolohii - stratehichnyi napriam rozvytku bankiv“ [Implementation of Financial Technologies - Strategic Direction of Bank Development]. Efektyvna ekonomika, no. 12 (2020). DOI: 10.32702/2307-2105-2020.12.128
Diuk, R. “Banky ta fintekh: vid konkurentsii do kooperatsii“ [Banks and Fintech: From Competition to Cooperation]. NV-Biznes. August 01, 2019. https://biz.nv.ua/ukr/experts/banki-i-finteh-osnovni-sferi-spivpraci-novini-ukrajini-50035226.html
“Kataloh fintekh-kompanii Ukrainy 2019“ [Catalog of Fintech Companies of Ukraine 2019]. https://fintechua.org/page5261262.html#rec116118524
Stoiko, O. Ya. “Perspektyvy rozvytku fintekh i bankivskoho biznesu“ [Prospects for the Development of Fintech and Banking in Ukraine]. Problemy ekonomiky, no. 2 (2020): 356-364. DOI: https://doi.org/10.32983/2222-0712-2020-2-356-364
Vorobiov, V., and Sydorenko, D. “Fintekh zminyt uiavlennia pro rynok finansovykh posluh u maibutnyomu“ [Fintech Will Change the Perception of the Financial Services Market in the Future]. Yurydychna hazeta online. 2020. https://yur-gazeta.com/interview/finteh-zminit-uyavlennya-pro-rinok-finansovih-poslug-u-maybutnomu.html
“Ally Bank Introduces Ally Assist (SM) Customer Voice Interaction“. https://media.ally.com/2015-05-18-Ally-Bank-Introduces-Ally-Assist-SM-Customer-Voice-Interaction
“Hello, I'm ENO“. Official site Capital One. https://www.capitalone.com/digital/eno/
“Meet Erica, your virtual financial assistant in the Bank of America Mobile Banking app.“ Official site Bank of America. https://promotions.bankofamerica.com/digitalbanking/mobilebanking/erica
Official site Feedzai. https://feedzai.com/
Official site Accertify - An American Express company. InAuth is now Accertify. https://www.accertify.com/inauth/
Official site Aspiration. https://www.aspiration.com/
Official site Chime. https://www.chime.com/?src=chimebank
“Zvit «FinTekh v Ukraini: tendentsii, ohliad rynku ta kataloh». Proekt USAID «Transformatsiia finansovoho sektoru» ta innovatsiinoho parku UNIT.City. 2018“ [The Report "FinTech in Ukraine: Trends, Market Overview and Catalog". USAID Project "Transformation of the Financial Sector" and UNIT.City Innovation Park. 2018]. http://www.fst-ua.info/wp-content/uploads/2019/02/FinTech_Catalogue_feb2018_en_ua.pdf
“Uchasnyky systemy BankID Natsionalnoho banku na 2021 rik“ [Participants of the BankID System of the National Bank for 2021]. Natsionalnyi Bank Ukrainy. https://bank.gov.ua/ua/bank-id-nbu/abonents
“Stratehiia rozvytku fintekhu v Ukraini do 2025 roku“ [Fintech Development Strategy in Ukraine until 2025]. Natsionalnyi Bank Ukrainy. July 2020. https://bank.gov.ua/ua/files/DDWIAwXTdqjdClp

 FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

 INFORMATION

The Plan of Scientific Conferences

 OUR PARTNERS

Journal «The Problems of Economy»