The State Regulation of Banking Institutions in Ukraine in the Context of the Formation of an Information Society
Arefieva O. V., Mushnykova S. A., Abernikhina I. H.

Arefieva, Olena V., Mushnykova, Svitlana A., and Abernikhina, Iryna H. (2024) “The State Regulation of Banking Institutions in Ukraine in the Context of the Formation of an Information Society.” The Problems of Economy 4:235–244.
https://doi.org/10.32983/2222-0712-2024-4-235-244

Section: Finance and banking

UDC 336.71:351.82:004.9

Abstract:
The article is aimed at studying the directions of the State regulation of banking activity in the context of the formation of an information society. The article considers the key role of banks in the financial system, which is ensured by their ability to attract liquidity, promote productive allocation of resources, implement monetary policy, ensure economic stability and develop the payment system. The importance of the State regulation of banking activities, carried out by the National Bank of Ukraine through administrative and indicative management, in order to maintain the stability, efficiency and reliability of the banking system, is determined. The authors’ definition of the concept of «State regulation of banking activity» and six key directions of the State regulation of banking activity in the context of the formation of the information society are suggested. Attention is focused on the challenges and prospects of banks’ activities and development in the context of the formation of the information society. It is noted that digital technologies are changing traditional approaches to the functioning of the banking system, in particular in the areas of cybersecurity, electronic payments and remote identification of customers through the BankID system. The regulatory framework of the State regulation of banking activities in the field of data protection and cybersecurity is generalized. The positive impact of digitalization on the expansion of banking services, accessibility and convenience for users is considered. The importance of the State regulation in terms of ensuring information security, creating a regulatory framework for data protection, developing cybersecurity standards and introducing innovations is specified. The growing popularity of mobile banking, electronic payments, and digital deposits underscores the urgency of adapting the banking system to today’s digital challenges. The main directions of improving the banking system within the framework of global digitalization and integration into the international financial space are outlined. The types of interaction and prospects for the development of partnership between banks and fintech companies are studied, and the directions of harmonization of the regulatory framework with international standards to ensure integration into the global financial system are outlined.

Keywords: State regulation, banking, information society, impact of digitalization on the expansion of banking services.

Fig.: 3. Tabl.: 2. Bibl.: 19.

Arefieva Olena V. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Air Transport Economics, State University "Kyiv Aviation Institute" (1 Lubomyra Husara Ave., Kyiv, 03058, Ukraine)
Email: olena.arefieva@npp.nau.edu.ua
Mushnykova Svitlana A. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Financial Management, Accounting Analytics and Business Monitoring, Educational and Scientific Institute «Dnipro Metallurgical Institute» of the Ukrainian State University of Science and Technology (4 Nauky Ave., Dnipro, 49005, Ukraine)
Email: svetamush@gmail.com
Abernikhina Iryna H. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Financial Management, Accounting Analytics and Business Monitoring, Educational and Scientific Institute «Dnipro Metallurgical Institute» of the Ukrainian State University of Science and Technology (4 Nauky Ave., Dnipro, 49005, Ukraine)
Email: irina.abernihina@gmail.com

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