DIGITALIZATION IN THE FINANCIAL SERVICES MARKET: ESSENCE AND SIGNIFICANCE FOR THE ECONOMY OF UKRAINE IN TODAY'S CONDITIONS

Abstract

Introduction. In today's dimension, digitalization in the market of financial services is a process of transition from traditional services to the use of modern technologies in electronic form. It is an integral part of the development of the modern economy and an important tool for improving the financial sector. Digitization in the market of financial services in Ukraine is becoming a determining factor for changing financial practices and improving the efficiency of managing financial activities. As a result, we can expect an increase in the level of availability and quality of services, a decrease in their cost for customers, as well as the development of the financial sector as a whole. Taking into account the specified positioning in this context, the importance of digitization in the market of financial services, in particular in the context of Ukraine in today's conditions, becomes particularly relevant. Purpose. To determine the significance of digitization for the economy of Ukraine in the market of financial services in today's conditions. Methodology. In the research process, such methods as logical were used, which made it possible to analyze scientific works in the field of digitization in the financial services market; analysis and synthesis that made it possible to identify factors influencing digitalization in the financial services market. Results. The essence of the definition "digitalization" is defined. Author's approaches to its understanding are proposed. The diagonal between the concept of "transformation" and "digitalization" is drawn. With the help of the "Google Trends" tool, the popularity of requests for these concepts was investigated and emphasis was placed on their importance. The directions of digitization in the market of financial services in Ukraine have been identified, including: electronic payments, mobile banking, electronic loans, fintech solutions, cyber security. The main advantages of applying digitization in the financial services market are highlighted: improving the quality of services and convenience for customers - services become more convenient and accessible, making communication with the office impossible, giving customers the opportunity to stay in comfortable conditions; reduction of costs for conducting operations - the use of technologies allows you to get rid of bureaucratic procedures, paper documentation and other additional costs, which leads to a decrease in costs; increase in the potential market - with the help of digitalization, new opportunities for expanding markets that were previously inaccessible are opened.