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Digital Transformation of the Banking Sector in Ukraine
Andriushchenko I. S., Skydan V. L.

Andriushchenko, Iryna S., and Skydan, Vladyslav L. (2023) “Digital Transformation of the Banking Sector in Ukraine.” Business Inform 12:77–82.
https://doi.org/10.32983/2222-4459-2023-12-77-82

Section: Innovative Processes

UDC 336.71

Abstract:
The aim of the article is to assess the key aspects of digital transformation in the economy, with a special emphasis on the banking sector of Ukraine. An attempt is made to consider digital transformation as a complex phenomenon that includes not only the introduction of the latest technologies, but also strategic changes in the organizational structures of banks. As a result of the study, changes in traditional business ecosystems have been identified, which have led to the creation of new digital business ecosystems that affect the strategic decisions of banks. The main barriers hindering the implementation of digital initiatives in the banking sector of Ukraine are identified and the best practices that can be applied for the successful implementation of digital transformation are systematized. It is determined that in the context of digital transformation, one of the key obstacles is resistance to change on the part of staff and management, often due to fear of the unknown and concern about preserving jobs. It is determined that digital transformation requires of banking institutions effective management, a new attitude towards employees, increased innovation and flexibility, greater cooperation and readiness for constant change, which in turn requires the mastery of new digital competencies not only by management, but also by all employees. Scientific examples in the field of digital transformation are also analyzed and the main factors that have a significant impact on the success of digital transformation are identified: digital strategy and management skills, relevant digital competencies of employees, access to modern business information, management flexibility, digital organizational culture, investments in artificial intelligence, analysis of large databases, blockchain, sufficient digital maturity of banks to implement digital changes. It is concluded that digital transformation involves change management, the use of new methods, the encouragement of innovation and the introduction of new business models, including the digitization of assets and the much greater use of technology to increase employee productivity, meeting the demands and requirements of customers, suppliers, partners and other stakeholders. Thus, digital transformation has become a cultural challenge that the banking system is already facing.

Keywords: digital transformation, banking sector, business ecosystems, artificial intelligence, strategic changes, change management.

Tabl.: 1. Bibl.: 12.

Andriushchenko Iryna S. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance, Banking and Insurance, State Biotechnological University (44 Alchevskykh Str., Kharkiv, 61002, Ukraine)
Email: [email protected]
Skydan Vladyslav L. – Master, Department of Finance, Banking and Insurance, State Biotechnological University (44 Alchevskykh Str., Kharkiv, 61002, Ukraine)
Email: [email protected]

List of references in article

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Diener, F., and Spacek, M. “The Role of “Digitalization” in German Sustainability Bank Reporting“. International Journal of Financial Studies, art. 16, vol. 8, no. 1 (2020). DOI: https://doi.org/10.3390/ijfs8010016
Shulzhyk, Yu. O., Hrytsko, R. Yu., and Pekanets, S. R. “Upravlinnia zminamy v umovakh tsyfrovizatsii“ [Management of Changes in the Conditions of Digitalization]. Naukovi pratsi Mizhrehionalnoi Akademii upravlinnia personalom. Seriia «Ekonomichni nauky», no. 3 (2022): 127-134. DOI: https://doi.org/10.32689/2523-4536/66-18

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