Dorofeiev D. Development of financial innovations in the non-banking financial sector of Ukraine.

In the thethes on the basis of the development of theoretical principles of financial intermediation and innovation activity the theoretical and practical aspects of the use of financial innovations in the non-banking financial sector are investigated in order to increase the efficiency of managing innovation processes and ensure sustainable and efficient development of the financial sector of Ukraine. It is determined that in recent years the non-banking financial sector has been developing quite dynamically, and its creation and functioning can be considered as an independent systemic financial innovation in the economic system of Ukraine. Based on the implementation of the principles of complexity and systematicness, the concept of "financial innovation" is proposed to be considered as a certain innovation or qualitative change in the activity of financial markets and financial institutions based on the use of new, significantly improved or modified financial instruments and products, execution of new operations, provision of new or modified types of financial services and the use of new financial technologies to ensure the stability and efficiency of the functioning of financial markets and financial institutions. By combining product, functional and productive approaches to the process of innovation, the classification of financial innovations by the following features has been improved: the sphere of origin (financial markets, financial institutions, financial instruments, financial transactions); the object of implementation (money market, capital market, financial institution, financial instrument, financial service, financial technology); methods of organizing financial work; the level and nature of the regulation and supervision of the non-banking financial sector. The practical use of the proposed classification allows to take into account the main structural elements of financial innovation and industry specific activity of non-banking financial institutions, and will help to improve the development, planning and organization of financial innovation implementation in the activities of financial markets and institutions in order to improve the management of innovative processes in the non-banking financial sector. The main problems that hinder the use of financial innovations in the non-banking financial sector are identified: insufficient capitalization of financial institutions; imperfect mechanisms of protection of intellectual property rights; lack of inclusiveness of financial services; high risks of financial innovation implementation; lack of organizational and management mechanisms and structural units in the non-bank financial institutions responsible for the development and implementation of innovations; low level of financial literacy of the population; insufficient level of regulation and supervision of the activities of non-banking financial institutions in the field of innovation use. It is substantiated that the main directions of solving these problems should be: strengthening of capital requirements and solvency of financial institutions; improvement of legislative and regulatory support; activation of innovation diffusion processes; enhancing the effectiveness of financial innovation risk management; improving corporate governance; improvement of mechanisms of state regulation and supervision in the field of use of financial innovations. The research further developed a scientific and methodological approach to the calculation of minimum equity ratios for non-bank financial institutions based on the calculation of the average values of the corresponding indicators over the last five years with the prospect of their gradual periodic increase to the level of European requirements, which allows to take into account the real the level of development of financial institutions in accordance with the state of the economy, contributes to raising the level of concentration of capital of financial institutions and support financial stability. The scheme of combining certain types of financial services that can be provided by non-banking financial institutions has been improved, which allows to take more fully into account their industry specificity and functional purpose in the structure of the financial sector of Ukraine, and its practical use will allow financial institutions to fully realize their innovative potential and satisfy the needs of financial consumers services.