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Innovation management as basis of digitalization trends and security of financial sector

Author

Listed:
  • Svitlana Khalatur

    (Dnipro State Agrarian and Economic University, Ukraine)

  • Halyna Pavlova

    (Dnipro State Agrarian and Economic University, Ukraine)

  • Lesja Vasilieva

    (Dnipro State Agrarian and Economic University, Ukraine)

  • Daria Karamushka

    (Dnipro State Agrarian and Economic University, Ukraine)

  • Alina Danileviča

    (Daugavpils University, Latvia)

Abstract

Digital innovations significantly affect the security of the financial sector of Ukraine, Latvia, and the world, and transform financial services. Financial innovations such as mobile money, peer-to-peer or market-based lending, robot advisors, insurtech, and cryptocurrencies have emerged around the world. Over the past decade, financial technology has contributed to the access, convenience, and security of financial services for retail users. Meanwhile, artificial intelligence, cloud services, and other technologies are being transformed into wholesale markets in a variety of areas such as trading in financial markets, regulatory and supervisory technologies (regtech and suptech). Many new firms have emerged to deliver new technologies to meet consumer demand, and most officials point to the fact that digital transformation is a strategic priority for the financial sector. The purpose of the article was to substantiate the need for the development of digitalization of the financial sector, analysis of digitalization and security trends, identify areas for further management of consumer expectations of financial products and services. Constant innovation and new technologies in the financial sector, on the one hand, undermine the market and pose threats, and on the other hand, open up many financial opportunities to prosper. The pace of change in financial services is only increasing, as is the need for industries and businesses to respond to them. This paper assesses the steady growth of new business models and technologies emerging in the world and Ukraine in the financial sector.

Suggested Citation

  • Svitlana Khalatur & Halyna Pavlova & Lesja Vasilieva & Daria Karamushka & Alina Danileviča, 2022. "Innovation management as basis of digitalization trends and security of financial sector," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(4), pages 56-76, June.
    • Handle: RePEc:ssi:jouesi:v:9:y:2022:i:4:p:56-76
    DOI: 10.9770/jesi.2022.9.4(3)
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    References listed on IDEAS

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    1. Natalia Vasylieva, 2019. "Improvement of Agricultural Management: Functional Comparative Approach," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 15(1), pages 227-238.
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    Cited by:

    1. Massimo Arnone & Alberto Costantiello & Angelo Leogrande & Syed Kafait Hussain Naqvi & Cosimo Magazzino, 2024. "Financial Stability and Innovation: The Role of Non-Performing Loans," FinTech, MDPI, vol. 3(4), pages 1-41, October.

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      More about this item

      Keywords

      globalization; economy; development; threats; digitalization trends; challenges; financial sector;
      All these keywords.

      JEL classification:

      • F29 - International Economics - - International Factor Movements and International Business - - - Other
      • G20 - Financial Economics - - Financial Institutions and Services - - - General
      • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
      • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
      • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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