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The Theoretical Aspects of Developing the Comprehensive Instruments for Implementing Financial Innovations
Khitsan D. V.

Khitsan, Dmytro V. (2025) “The Theoretical Aspects of Developing the Comprehensive Instruments for Implementing Financial Innovations.” Business Inform 8:428–436.
https://doi.org/10.32983/2222-4459-2025-8-428-436

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336:330.3

Abstract:
Changes in the financial activities of the most successful companies are typically associated with the comprehensive adoption of high-tech innovations. The aim of this study is to analyze and identify the possibilities for implementing financial innovations in the operations of business entities as an effective comprehensive toolkit that will provide new competitive advantages. Rapid scientific progress and the accompanying technological development offer additional opportunities to seek new competitive advantages for economic entities, including those in the financial sector. The current competitive environment in the financial sector requires business entities to take action in searching for and implementing innovative solutions in organizational and technological processes. A significant number of innovative inventions are connected to or built upon digital technologies. The search for new innovative tools, both among ordinary business entities and leading financial service providers, continues, with companies creating new opportunities for consumers to ensure competitive advantages. Seeking the optimal combination of organizational methods and tools enables a harmonious alignment of the needs of business entities and service consumers. The set of interaction elements that arise between economic entities and consumers during the process of innovative development is presented in the form of a matrix. The most important factors that facilitate or hinder the innovative development of economic entities have been theoretically summarized. These factors are general in nature, their influence is realized at different scales of economic activity, and the selection of financial innovation tools for a specific entity ultimately involves optimizing the choice from the array of available innovative solutions. An organizational scheme has been proposed for decision-making regarding the implementation of an organizational-technical innovative measure. The proposed scheme outlines the sequence of actions and stages for identifying an innovative measure or tool that is optimal for ensuring a competitive advantage. Determining the capabilities of the entity, implementation timelines, scaling of the organizational measure, and selection of performers depends on management, owners, or investors. The formation of a comprehensive implementation of financial innovations should aim to optimize the combination of selected elements and maximize results.

Keywords: innovative development, financial activity, financial innovations, innovative tools, financial innovation toolkit, innovative measures, interaction elements, organizational decisions, investors.

Fig.: 2. Tabl.: 1. Bibl.: 14.

Khitsan Dmytro V. – Postgraduate Student, Department of Accounting and Finance, National Technical University «Kharkiv Polytechnic Institute» (2 Kyrpychova Str., Kharkіv, 61002, Ukraine)
Email: [email protected]

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