The Role of Digital Technologies in Ensuring Stable Functioning of the Financial Services Market

Abstract

In the article, the role of digital technologies in ensuring stable functioning of the financial services market in the conditions of dissipatedness and uncertainty is examined. Important attention was paid to the analysis of the impact of modern information and communication innovations on the activities of financial institutions of various types. Among the methods that were used to conduct the research, the following should first be highlighted: content analysis, abstraction, systematization, comparison, induction and deduction, visualization methods for presenting statistical information. In the article, the main consequences of digital transformation are also identified, which are inherent in certain components of the financial services market (credit services market, deposit services market, insurance services market, investment services market). The analysis of the features of the functioning of the financial services market in the conditions of instability of the macroeconomic environment was carried out. Using the experience of Ukraine, which is currently facing nonstandard and unpredictable challenges for the activity of financial institutions, the trends of the activity of financial institutions in Ukraine since the beginning of the war were investigated. The experience of using digital technologies by banking and non-banking financial institutions in Ukraine to ensure their own stable functioning in complex, unpredictable conditions is also analyzed. This made it possible to generalize and single out the main possible areas of positive impact of digital technologies on ensuring stable operation of financial institutions and functioning of the financial services market in general.