Chiipesh N. Development of digital innovations in the credit market in the national economy structure of Ukraine

In the dissertation, theoretical and methodological foundations are deepened, and practical recommendations for the development of digital innovations in the credit market in the national economy structure are develop. Taking into account the above-mentioned trends in the development of digital innovations in the credit market highlights the study of the features of the credit market functioning, its digital transformation and justification of the role of this market in the national economy development. The purpose of the dissertation is to substantiate theoretical and methodological foundations and develop practical recommendations for the development of digital innovations in the credit market in the national economy structure. The object of research is the process of developing digital innovations in the credit market to stimulate the national economy development. The subject of the research is theoretical and methodological provisions of the functioning and applied aspects of the development of digital innovations in the credit market in the national economy structure. Among the main theoretical, methodological and scientific-practical results of scientific research, it is worth highlighting the following ones. The concept of “credit market” is defined as one of the components of the financial market, which closely interacts with all elements of the financial market. This made it possible to substantiate the peculiarities of the credit market functioning in the modern economic system and its connection with other structural components of the national economy, in particular: the ability to attract, combine financial resources and lend them, ensure the growth of production and trade turnover of the national economy, stimulate investment, business development, and influence the internationalization of the world economy. The types of innovations in the credit market are identified and systematized, which are grouped according to the following criteria: by technological feature; by the depth of changes; by the scale of implementation; by the rate of innovation; by effectiveness; by efficiency; by the fact of continuity; by the innovation potential; by the reasons of occurrence; by time; by the strength of impact; by the essence of the needs to be met; by the sources of occurrence; by the specifics of the activities of credit institutions. These classification features are supplements with the following: by the impact on the national economy development, by the level of digitalization. Diagnostics of the state of the credit market functioning in Ukraine was carried out, and the main current trends of its development were identified, among which the following can be distinguished: innovations in the remote service system, biometric identification (NBU BankID system), introduction of artificial intelligence and robotization of credit processes, cloud services and peer-to-peer lending. The study of these trends has shown that the current state of the credit market in Ukraine is aimed at digitalization and robotization of lending processes, introduction of the latest technical means and advanced credit technologies. The world experience of developing digital innovations in the credit market is considered and the leading countries in the development of these technologies are identified. Among the global trends in the development of innovations in the credit market are: opening a digital account, video communication, cloud services, using artificial intelligence and machine learning, p2p lending. The study of these trends confirmed active development of digital innovations in the world and their spread in the Ukrainian market, which has a positive impact on the national economy development. The study of the development of digital innovations in the credit market allowed us to determine the main scientific provisions of the mechanism for the development of digital innovations in the credit market, namely the purpose, goals and functions, the main principles of building the mechanism, resource support for its formation and implementation. Taking into account the current state of the credit market and identification of the obstacles to its development, the measures are proposed to improve the conditions for the development of innovation in the credit market of Ukraine. Within the article, the institutional support for the development of digital innovations in the credit market are examined, which identified the following components: regulatory support, infrastructure support, educational and scientific support, as well as the Fintech ecosystem of the credit market. A block diagram of the credit market ecosystem has been developed, which defined subjects, their functions and areas of activity. Measures are proposed to improve the institutional support for the development of digital innovations in the credit market to create a favourable economic space for the functioning of credit institutions.