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The Problems and Prospects of Digital Transformation of the Banking Sector of Ukraine
Bezhan O. A., Roshko N. B.

Bezhan, Oleh A., and Roshko, Nataliia B. (2023) “The Problems and Prospects of Digital Transformation of the Banking Sector of Ukraine.” Business Inform 12:287–293.
https://doi.org/10.32983/2222-4459-2023-12-287-293

Section: Finance, Money Circulation and Credit

UDC 336.717

Abstract:
Digital transformation is a key driver of changes in the established state of the banking sector both in Ukraine and in the world as a whole. Digital transformation is a lever for strengthening the level of efficiency of banks and increasing the level of profitability of activities by optimizing costs, deepening customer analytics, and accelerating managerial decision-making in the bank. Digital transformation also poses a number of challenges for the established work of banks that have not prioritized their work in the field of digitalization. Accordingly, the problems of planning and implementing strategic plans of the Ukrainian banking sector within the framework of digital transformation are becoming more acute. The aim of the article is to analyze the specifics of the digital transformation of banks at the present stage and the formation of a set of actions to strengthen the results of digital transformations for banks in Ukraine. The article examines the current context of digital transformation of the banking sector. The key challenges for banks in the direction of digital transformations are allocated. The main priorities for banks in the framework of digital transformation are considered. The ramification of the effects of digital transformation for banks is emphasized, in particular in terms of increasing the level of efficiency and increasing the profitability of the banking business. An analysis of the context of the main trends in the digital transformation of the banking sector from the point of view of the regulator based on the experience of the European Central Bank (ECB) is carried out. The main challenges of digital transformations of the Ukrainian banking sector are allocated. A comprehensive set of key measures has been formed that will contribute to strengthening the efficiency of the digital transformation of Ukrainian banks. The presented study may be of scientific and practical interest to specialized researchers, the expert community of the banking market, digital transformation consultants, public authorities, and the NBU. Prospect for further research is an extended study of the problems of integrating digital transformation into the development strategies of Ukrainian banks in the plane of various groups of stakeholders, as well as adapting the process of digital transformation of banks in Ukraine to the requirements of the EU banking sector in the context of the European integration movement.

Keywords: digital transformation, infrastructure, digital culture, integration, stakeholders.

Fig.: 2. Tabl.: 1. Bibl.: 16.

Bezhan Oleh A. – Postgraduate Student, Department of Accounting and Finance, Bukovinian University (2a Ch. Darvina Str., Chernivtsi, 58000, Ukraine)
Email: [email protected]
Roshko Nataliia B. – Candidate of Sciences (Economics), Head of the Department, Department of Accounting and Finance, Bukovinian University (2a Ch. Darvina Str., Chernivtsi, 58000, Ukraine)
Email: [email protected]

List of references in article

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Shkodina, I. V., Derid, I. O., and Zelenko, O. O. “Tsyfrova transformatsiia hlobalnoho bankivnytstva: problemy i perspektyvy“ [Digital Transformation of Global Banking: Challenges and Prospects]. Finansovo-kredytna diialnist: problemy teorii ta praktyky, no. 3 (2019): 45-51. DOI: 10.18371/fcaptp.v3i30.179680
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Naimi-Sadigh, A., Asgari, T., and Rabiei, M. M. “Digital Transformation in the Value Chain Disruption of Banking Services“. Journal of the Knowledge Economy, vol. 13, no. 2 (2021): 1212-1242. DOI: https://doi.org/10.1007/s13132-021-00759-0
Khanboubi, F., and Boulmakoul, A. “Digital transformation in the banking sector: surveys exploration and analytics“. International Journal of Information Systems and Change Management, vol. 11, no. 2 (2019): 93-127. DOI: https://doi.org/10.1504/IJISCM.2019.104613
Dudic, B. et al. “Counterparty Credit Risk Closure: Challenges in Big Data Era“. Innovation Management and Education Excellence through Vision 2020. https://ibima.org/accepted-paper/counterparty-credit-risk-closure-challenges-in-big-data-era/
Stone, S. M. Digitally Deaf: Why Organizations Struggle with Digital Transformation. Switzerland: Springer Nature Switzerland AG, 2018.
Mirkovic, V. et al. “Key characteristics of the organizational structure that supports digital transformation“. 24th International Scientific Symposium Strategic Management and Decision Support Systems in Strategic Management. Subotica, Republic of Serbia, 2019. 255-261. DOI: 10.46541/978-86-7233-380-0_46
“What's Going on in Banking 2022. Free 2022 Report“. Cornerstone Advisors. https://www.crnrstone.com/whats-going-on-banking-2022
“Ukraina 2030E - kraina z rozvynutoiu tsyfrovoiu ekonomikoiu“ [Ukraine 2030E Is a Country with a Developed Digital Economy]. Ukrainskyi instytut maibutnyoho. 2022. https://strategy.uifuture.org/kraina-z-rozvinutoyu-cifrovoyu-ekonomikoyu.html
Kharlamov, P. “Tsyfrova transformatsiia: chomu vona neobkhidna kozhnii kompanii“ [Digital Transformation: Why Every Company Needs It]. Mind.UA. July 30, 2021. https://mind.ua/publications/20229223-cifrova-transformaciya-chomu-vona-neobhidna-kozhnij-kompaniyi
“Publications on Digitalisation“. European Central Bank. 2022. https://www.ecb.europa.eu/home/search/html/digitalisation.en.html
“NBU ta Mintsyfry spilno pratsiuiut nad tsyfrovizatsiieiu bankivskoi systemy Ukrainy“ [The NBU and the Ministry of Digitization are Jointly Working on the Digitalization of the Banking System of Ukraine]. Natsionalnyi bank Ukrainy. https://bank.gov.ua/ua/news/all/nbu-ta-mintsifri-spilno-pratsyuyut-nad-tsifrovizatsiyeyu-bankivskoyi-sistemi-ukrayini
“Natsionalnyi bank zoseredytsia na opratsiuvanni tryokh mozhlyvykh variantiv vykorystannia e-hryvni“ [The National Bank Will Focus on Developing Three Possible Options for Using the e-hryvnia]. Natsionalnyi bank Ukrainy. https://bank.gov.ua/ua/news/all/natsionalniy-bank-zosereditsya-na-opratsyuvanni-troh-mojlivih-variantiv-vikoristannya-e-grivni
Pavlysh, O. “Mintsyfry prosyt NBU pryshvydshyty protses rozvytku e-hryvni“ [The Ministry of Digitization Asks the NBU to Speed Up the Development of the e-hryvnia]. Ekonomichna pravda. February 13, 2023. https://www.epravda.com.ua/news/2023/02/13/696999/

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