The article examines the influence of the current stage of economy digitalization on the financial inclusion in Ukraine. The purpose is to assess the level of financial inclusion in the country, to determine the dominant influence of price and non-price barriers to access to financial services for the Ukrainian population when compared to other world countries and to define which part of the adult population is able to join the formal financial services system through the use of innovative channels and financial service systems. Based on the methodological approaches proposed by the World Bank and the G20 Financial Inclusion Indicators, the authors analyze the real traditional and digital access opportunities of the general public to financial services in Ukraine compared to other countries across the world. Particular emphasis is placed on overcoming existing non-price barriers that impede formal financial inclusion of the Ukrainian population. The research findings stress the need to adhere to the basic principles of digital financial inclusion in order to regulate activities of financial institutions and their agents in the digital provision of financial services, strengthen regulatory control over the use of innovative financial products and service systems, and protect the rights of consumers of financial services in Ukraine.

The extensive use of financial technologies and innovations in the provision and utilization of financial products and services causes new risks that require constant attention. The article aims to improve innovation risk management methods to increase the operational stability of financial institutions in Ukraine. By generalizing international practice, the types of innovation risks are classified, and their impact on the activities of financial institutions and consumers is characterized. The attention is drawn to the control strengthening over the impact of operational and regulatory risks, based on important theoretical provisions contained in WBG, BIS, BCBS, and FSB documents. An organizational scheme for the interaction of a financial institution and an IT company is proposed to conclude “smart contracts” based on the use of a cloud service and blockchain technology. The authors propose additional methods of insurance protection and compensation for losses caused by the implementation of risks of using ICT and innovation based on creating the Collective Risk Insurance Fund of financial institutions; offer approaches to the calculation of variable and fixed parts of the contribution to the insurance fund for certain groups of financial institutions. It is concluded that to maintain the proper operational stability of financial institutions in Ukraine, it is necessary to introduce additional collective compensation methods for the risks of innovation and the strengthening of cyber threats.

ДВНЗ «Університет банківської справи» МЕТОДОЛОГІЧНІ ЗАСАДИ ЗАПРОВАДЖЕННЯ ТА ВИКОРИСТАННЯ ФІНАНСОВИХ ІННОВАЦІЙ У НЕБАНКІВСЬКОМУ ФІНАНСОВОМУ СЕКТОРІ Анотація. Досліджено методологічні засади та обґрунтовано методичні підходи щодо запровадження та використання фінансових інновацій у небанківських фінансових установах. Визначено сутність та охарактеризовано зміст понять фінансова інновація, фінансова послуга, фінансовий інструмент, фінансова операція, фінансова технологія, охарактеризовано відмінності між ними. Розроблено класифікацію основних фінансових інновацій, які можуть застосовувати небанківські фінансові установи у своїй діяльності, за окремими класифікаційними ознаками. Визначено сутність і проведено аналіз процесу дифузії інновацій у небанківському фінансовому секторі з урахуванням особливостей використання банківських інновацій та їх передачі від установ-новаторів до установ-послідовників. До основних форм дифузії інновацій віднесено: переміщення, адаптацію, інтегрування, конструювання, створення нових фінансових установ, нових інновацій та методів управління ними. Розроблено схему послідовної реалізації процесу дифузії інновацій у небанківському фінансовому секторі з урахуванням особливостей функціонування установ фінансової інфраструктури. Ключові слова: небанківський фінансовий сектор, фінансова інновація, фінансова послуга, фінансова операція, фінансова технологія, дифузія інновацій. Dorofeiev Dmytro Banking University METHODOLOGICAL PRINCIPLES OF IMPLEMENTATION AND USE OF FINANCIAL INNOVATIONS IN THE NON-BANK FINANCIAL SECTOR Summary. The methodological principles and methodical approaches to introduction and use of financial innovations in institutions of the non-banking financial sector are substantiated. The essence and content of the concepts of financial innovation, financial service, financial instrument, financial transaction, financial technology are described, the main differences between them are determined. A classification of key financial innovations that may be applied by non-bank financial institutions in their activities, based on certain classification features, objects, tools used, methods and operations is developed. The essence is determined and the process of diffusion of innovations in the non-banking financial sector is analyzed, taking into account peculiarities of using banking innovations and their transfer from non-banking institutions-innovators to institutions-followers. The main forms of diffusion of innovations are: displacement, adaptation, integration, design, creation of new financial institutions , new innovations and methods of management of them. The scheme of consistent implementation of the process of diffusion of innovations in the non-banking financial sector, taking into account the features of the functioning of institutions of financial infrastructure has been developed. It is proved that the process of diffusion of innovations is complex and dynamic, and the main principles of its practical implementation in the institutions of the non-banking financial sec...

The article examines the current state and prospects for the introduction and implementation the innovations in the non-banking financial sector of Ukraine, which is considered as an independent systemic financial innovation in the domestic financial market. On the basis of analysis of the main trends of the non-banking financial sector, four main stages have been identified: 1991-1999 - the period of formation on the basis of the creation of new financial institutions and the use of new financial instruments, operations and technologies; 2000-2008 - the stage of extensive innovative development; 2009-2013 - post-crisis recovery; 2014 and to date - the transition to an intensive use of innovations. The main challenges hampering the implementation of financial innovations include the following ones: insufficient level of capitalization of financial institutions; imperfect legislative and regulatory framework; low level of inclusiveness of financial services; lack of managerial mechanisms for the implementation of financial innovations; insufficient level of supervision of the non-bank financial institution activities in the field of the use of financial innovations. The main types of perspective financial innovations are determined, and it is substantiated that the main directions of solving existing problems are the following: higher capital requirements, solvency and liquidity of financial institutions; ensuring efficient functioning of an extensive network of non-bank financial institutions and stimulating regional diffusion of financial innovations; increasing the level of corporate governance; improving the regulation systems of the non-bank financial institution activities in the field of using financial innovations based on the implementation the best European practices.