Socio-Economic Problems
of the Modern Period of Ukraine

Collection SEPSPU -- sep2018.02.067

Repository of Institute of Regional Research Repository of Vernadsky Library UDC 336.71:73; JEL O52, О31, P43, P45
Rudenko, Z. (2018). Vplyv rozvytku FinTekh na bankivs'kyy rynok v Ukrayini [Effect of Fintech development on banking market in Ukraine]. In Sotsial'no-ekonomichni problemy suchasnoho periodu Ukrayiny [Socio-Economic Problems of the Modern Period of Ukraine]: Vol. 130 (2) (pp. 67-71). Retrieved from [in Ukrainian].
Sources: 9


Rudenko (Zastavna) Zoryana Mykhaylivna

Ph.D. of Economics

Associate Professor of the Department of finance, banking and insurance of the Lviv Institute of the University of Banking




FinTech (financial technology) is experiencing a world of rapid development. During the last three years, FinTech is also developing in Ukraine, where 80 companies are currently active in the market. Among them there are both startups and more mature service providers. In connection with this typical banking operations to which accustomed customers bank lose its significance. The financial services market requires the provision of innovative products that require digital connectivity and synchronization with smartphones and mobile client applications in the digital era. Therefore, banking institutions can not always compete with FinTech companies, and the latter having client bases can not meet their own capacity. Therefore, the effect of interaction between banking institutions and FinTech is considered and analyzed in this article. Financial technology is a term that is far from new, but only in recent years, this activity began to emerge from the banking world and gain the characteristics of a separate industry. FinTech is a company that uses the latest developments in the area of mobile payments, online lending, digital instant messaging and other breakthrough technologies in building its own business model. The main factors of the emergence and development of FinTech are: the development of technology and innovation, increased labor migration and the search for alternative ways of financing small and medium businesses. FinTech today offers the following services: payment solutions and merchant services, internet banking and P2P lending, international money transfers, investment management and private banking, processing and organization of large volumes of information – Big data. Factors that are unique to Ukraine and in combination with developed infrastructure contribute to the development of FinTech: infrastructure, legal and regulatory environment, access to capital and investment, qualifications. Among the trends of the FinTech industry in Ukraine are: market demand, technology trust and proper legal regulation. Powerful infrastructure in the form of high penetration of mobile communication and smartphones in combination with well-educated and technologically competent people will help accelerate the development of FinTech, as well as an opportunity for banks to find innovative solutions for startups to increase investment and attract customers, and international venture funds – bargain deals.


FinTech, Finteh companies, banking institutions, payments, lending, banking technologies


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