This dissertation is dedicated to the development of theoretical-methodological foundations and practical recommendations for the economic integration of banks and fintech companies in Ukraine.
In the context of ongoing transformations, economic processes within the banking system and financial markets are intertwined with the socio-economic development of the state. The activities of banks and financial companies aim to ensure sustainable economic development, increase the population's well-being, create a reliable financial system and provide users with high-quality, accessible and safe financial services. Financial innovations have a multidirectional impact on global economies and their banking systems. On the one hand, fintech companies ensure the growth of financial inclusion of consumers, flexibility, speed, accessibility, quality of financial services, stimulate e-commerce, cryptocurrency transactions, while on the other hand, traditional banks, having the potential to scale, experience, skills and reliability guaranteed by state regulation, are losing competitive positions due to the outflow of their customer base. Given the competitive advantages and gaps of banks and fintech companies, there is a well-established trend in Ukraine and globally towards collaboration and integration to maximise profits and increase the volume and variety of financial services on a mutually beneficial economic basis. Therefore, the economic development of banking systems is taking on the characteristics of a qualitatively new architecture and requires the development of integration models and a digitised banking ecosystem, taking into account the achievements of the fintech sector.
The innovative element of scientific novelty is the developed model of economic integration of banks and fintech companies in Ukraine, which includes three levels: the first, the core of the model, is the bank that provides traditional banking services, digital and open banking services, and other fintech services; the second - fintech companies that operate in cooperation with banks on a contractual (partnership) basis; the third - global and international banking and fintech institutions. The implementation of the model will significantly increase the competitiveness of banks and the efficiency of economic activities and profitability through the provision of fintech services and the corresponding growth of commission income, income from risk-free (intermediary) operations, and the expansion of the customer base with high-quality and digitised services.
The dissertation summarises the categorical apparatus of modern banks and financial technologies and forms the theoretical basis for the economic integration of banks and fintech companies as the basis for the formation of a new banking ecosystem. It proposes the use of an ecosystem approach as a progressive theoretical direction and means of practical implementation of economic relations in the context of the digital economy and the dynamic introduction of financial technologies. This allows systems to be created, scaled, serviced and managed to maintain their integrity, structure, functions and values based on the interaction, integration and collaboration of participants. The author's interpretation of the integrated banking ecosystem is offered as a system that connects financial institutions, fintech companies, regulators, consumers of banking and financial services, united around a bank, and operating on the basis of digital technologies and platforms, established rules and norms in an integrated global space.
The directions for the integration of financial technologies into the economic activities of banks are justified, including the creation of new business models using contactless payments, biometric technologies, artificial intelligence, blockchain, mobile payments, voice technologies, regulatory technologies, personal robotic assistance, cloud technologies and cryptocurrencies.
The economic activities of banks are analysed, taking into account digital transformation and the spread of financial technologies. On this basis, the growth dynamics of contactless payments, payment cards and commission income are assessed. A trend towards the rapid growth of e-commerce in Ukraine and its impact on increasing payments and transfers will be identified. A SWOT analysis, involving experts from fintech, banking, public administration and academia, is conducted to identify strengths, weaknesses, threats and opportunities. The results of the PEST analysis reveal external factors influencing the processes of economic integration of banks and fintech companies.
