Pandemic as a Catalyst of Digitalization of the Banking System in Ukraine

Zaverbnyi, A.; Sokulskyi, Nazarii

doi:10.32702/2306-6814.2021.2.5

Cited by 4 publications

(5 citation statements)

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“…The works of such domestic and foreign scientists as J. Dovhan, A. Zaverbny, N. Sokulsky, L. Marichak, I. Masyk, Lai Hi May Phuong, V. Varzaba, T. Boru, N. Mosteanu, A. Faccia, L. Cavaliere, S. Bhatia, Z. Korzeb, P. Niedziolka devoted to the issues of banks functioning and banking systems in the conditions of the pandemic Covid-19. In particular, J. Dovhan determined the main problematic aspects of the banking sector in the context of the Covid-19 pandemic [1]; A. Zaverbny, N. Sokulsky investigated the level of the banking system digitalization during the Covid-19 pandemic [2]; L. Marichak, I. Masyk substantiated the development of internet and mobile banking in conditions of current restrictions and the emergence of new opportunities for banks and their clients in connection with the transition to distance services [3]. Peculiarities of the banking system and banks under martial law have not been studied yet.…”

Section: Analysis Of Recent Research and Publicationsmentioning

confidence: 99%

Banking system of Ukraine in war

Еркес¹,

Kalyta²,

SUNDUK³

2022

Herald of KNUTE

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Introduction. With the beginning of hostilities on the territory of Ukraine on February 2022, the domestic banking system has undergone considerable turmoil and it functions in a stress mode and uncertainty. At the same time, banks continue their activities, try to fulfill all their obligations and adhere to regulations. However, certain transformations take place in the banking sector. The banking system quickly adjusts to functioning under martial law. Problem. The specified circumstances led to changes in the banking infrastructure, influenced the current trends of the banking market and accelerated the pace of digitization of banking processes. The aim of the article is to study the functioning of the domestic banking system under martial law. Methods. Methods of theoretical generalization, analysis and synthesis, grouping, and system approach were used in the paper. Results. The features of the domestic banking system and the functioning of banks under martial law were considered. The changes that took place in the structure of the banking sector and banking infrastructure under martial law were determined. The key trends of the banking market during the period of martial law were studied. The authors identified digitization features of the banks under current conditions and defined the key principles and instruments of financial support of the banks by the regulator. Conclusions. The country’s banking system operates stable and ensures continuous work of financial institutions through the coordinated actions of the regulator and the banks under martial law. There are no significant changes in the structure of the banking market, but the infrastructure of banks has been transformed under martial law. In addition, the current trends of the banking market demonstrate the presence of obvious difficulties in the work of banks due to the influence of martial law. Despite the war risks, the banks have a sufficiently high level of liquidity, which allows ensuring the further continuous implementation of non-cash payments and other obligations.

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Section: Analysis Of Recent Research and Publicationsmentioning

confidence: 99%

Banking system of Ukraine in war

Еркес¹,

Kalyta²,

SUNDUK³

2022

Herald of KNUTE

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“…З огляду на важливість банківського сектора для забезпечення функціонування економіки, питання його роботи в нових умовах цифрової економіки почало активніше висвітлюватись. Так, безпосередньо цьому питанню були присвячені дослідження [1][2][3][4][5][6][7][8]. Загальні аспекти функціонуванння банків в умовах цифрової економіки розглядається в роботах А. І. Гулей, С. А. Гулей [1], О. Г. Казарян [3], С. А. Шелудько, П. П. Браткевич [8].…”

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“…Однак на процес трансформації істотно вплинула пандемія, що мала істотні наслідки для банківського сектора. Безпосередньо її вплив на банківський сектор висвітлювали у своїй роботі А. С. Завербний, Н. Р. Сокульський [2].…”

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“…Пандемія спонукала багатьох людей відкривати рахунки в більш доступних банках з максимальною диджиталізацією та зручностями дистанційної взаємодії з рахунками. Як з'ясували аналітики Capgemini, 36% споживачів фінансових послуг задумалися про зміну свого банку або сервісу під час карантину [2]. Це свідчить про те, що досить велику частку людей на час пандемії передусім цікавило саме те, чи зможе їх банк якісно надавати свої послуги в режимі онлайн.…”

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Bank System in the Digital Economy

Akymenko¹,

Mamontenko²

2021

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The article is aimed at analyzing the activities of domestic banks in the digital economy. The publication proves the need to consider the digital economy as an economy based on the use of digital data and is not limited to the trade sphere. Accordingly, it is proposed to consider the process of digitalization of the banking sector as a process of transition of the banks’ activities from the traditional form to one based on the use of information and communication technologies. The digitalization process has both a negative and positive impact on the activities of banks. As a result of new technologies, the advantage of banks was leveled, which was based on the use of expensive system software for their work within the framework of the desintermediation process. Under the new conditions, large global or local tech giants have significantly influenced the market, which, having a large customer base, additionally offer them financial services. Significantly affect the market the neo-banks, which, having transferred most of the activity online, caused the need to revise the feasibility of the existence of bank branches. Fintech companies have become the main competitors of banks, which is explained by their awareness in the innovation market and great flexibility. At the same time, cooperation between banks and fintech companies is promising. The article takes into account the impact of the pandemic on the financial services market and the activities of all participants, including banks. A significant restriction of social contacts led to the transition of a large number of services online, including the banking ones. Customers of banks received a push to use mobile applications. In a pandemic, the criteria that influence the choice of the bank have significantly changed. Changing priorities towards a greater choice of remote services, the convenience of obtaining them, should be taken into account by banking institutions in their activities.

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“…The study of the impact of the COVID-19 pandemic on the development of banking sector and the level of its digitalization is interesting for both domestic and foreign scientists and practitioners. J. Dovhan identified the main problematic aspects of the banking sector in the context of the COVID-19 pandemic and proposed measures to avoid the consequences of the crisis for banking institutions [2]; A. Zaverbny, N. Sokulsky studied the current state of the banking system digitalization and society experience of using banking services during the pandemic, and also considered the prospects for the future of the banking business [3]; L. Marichak, I. Masyk considered the acelerated development of electronic and mobile banking in the face of restrictions and the emergence of new opportunities for banks and their customers in connection with the transition to remote service in many areas of society in their work [4]; Lai Cao Mai Phuong studied the response of the banking sector to lockdown / blocking reports to prevent the COVID-19 epidemic in Vietnam [5]; V. Varzaba, T. Boru, N. Mosteanu, A. Faccia, L. Cavaliere, S. Bhatia, Z. Korzeb, P. Niedziolka and others also considered this issue.…”

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Banking Digitalization During the Covid-19 Pandemic

Olena¹,

Kalyta²,

Tetiana³

2021

Herald of KNUTE

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This article studies the impact of the COVID-19 pandemic on the processes of innovative development and digital transformation of the banking sector. The authors analyze the COVID-19 pandemic as a factor in accelerating the introduction of innovative digital banking technologies. The key changes that took place in the banking sector under the influence of the coronavirus pandemic were considered, which allowed to identify main vectors of digitalization of banking processes in Ukraine and to develop criteria for classifying banks according to their digital development.

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Pandemic as a Catalyst of Digitalization of the Banking System in Ukraine

Cited by 4 publications

References 0 publications

Banking system of Ukraine in war

Banking system of Ukraine in war

Bank System in the Digital Economy

Banking Digitalization During the Covid-19 Pandemic

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