FinTech інновації як детермінанти розвитку національної економіки

Abstract

У дисертації уточнено визначення сутності поняття "FinTech інновація", поглиблено критеріальну базу структуризації ринку FinTech інновацій та обгрунтовано їх роль у розвитку національної економіки. Розроблено методологічні засади інтегрального оцінювання рівня технологізації фінансових послуг, виявлено загальні закономірності його взаємного впливу з детермінантами розвитку національної економіки. Запропоновано структурно-логічну схему вибору моделі онлайн-фінансування, виявлено регіональні закономірності та детермінанти їх розвитку. Систематизовано ознаки, сфери функціонального використання й ризики криптовалют, запропоновано концепцію оцінювання їх вартості. Оцінено рівень цифрової фінансової інклюзії сектору домогосподарств, розроблено рекомендації щодо вибору моделі онлайн-фінансування в секторі нефінансових корпорацій.

The dissertation is devoted to the development of new and improvement of existing methodological approaches and methodological tools of consideration the impact of the main types of FinTech innovations on the development of the national economy as a whole and its individual sectors. It is proposed to define FinTech innovation as information-based innovation in the financial sphere, the introduction of which leads to radical changes in financial products, financial technologies (processes) and/or business models of financial intermediaries. The FinTech innovation market is proposed to be structured according to four basic criteria: type of financial service, type of entity – provider of FinTech-services, type of innovative technology that forms the basic concept of FinTech-services, focus consumer segment. The transformational impact of FinTech innovations on the national economy is considered by its sectors: the financial corporations sector (banking and non-banking financial institutions), the household sector, the enterprise sector (non-financial corporations) and the public administration sector. According to the results of the TFSI calculation, it is determined that the Scandinavian countries (Norway, Denmark, Finland, Sweden) and the Netherlands are characterized by a high level of technologization of financial services. Estonia, the United Kingdom, Luxembourg and Belgium have average, but close to high, TFSI levels. Average TFSI values are also typical for Ireland, Latvia, Germany, France, Austria and the Czech Republic. Ukraine belongs to the group of countries with critically low levels of technologization of financial services, along with Bulgaria, Romania and Greece. The rest of the EU has a low level of TFSI. Correlation analysis of the relationship between the parameters of the national economy and the level of technologization of financial services revealed that the highest level of correlation is observed between TFSI and indicators of ICT prevalence and readiness for digitalization; levels of financial and economic development have no decisive influence on the spread of FinTech innovations; political and social environment parameters have a strong correlation with TFSI; the environmental parameters of the national economy do not have any connection with innovations in the financial sector. Countries with a higher level of digitalization have more statistically significant correlations between the level of technologization of financial services and the parameters of the national economy development. With a high level of digitalization, the growth of the level of technologization of financial services is accompanied by a decrease in inequality in income distribution, as well as an increase in correlation between the level of technologization of financial services and the parameters of political and socio-cultural dimensions. The choice of the most acceptable model of online financing is made depending on the specifics of the provider (subject, purpose, monetization of income) and the recipient (subject, purpose and motivation) of financial resources. Cluster analysis of the impact of a country`s regional affiliation on the choice of the dominant model of online financing showed that the key factors in dividing countries into clusters are the volumes of peer-to-peer consumer loans, peer-to-peer business loans and online debt financing. At the same time, the regional features of the development of online financing are available in such parameters as the type of provider of financial resources; type of recipient of financial resources; direct participation of the online platform in providing loans as a lender. The main determinants of the growth of online financing operations in the country are the level of its economic development, innovation and financial inclusion; the relationship with the level of economic freedom is direct and moderate. On the other hand, the development of information and communication technologies and the nature of regulatory influence do not significantly affect the development of online financing. Cryptocurrency is a type of virtual money, characterized by a set of specific features, opportunities for functional use and risks. Taking into account the peculiarities of the economic nature and functional use of cryptocurrencies, it is proposed to assess their value from three positions: as a means of circulation and payment (exchange rate), as specific goods (mining costs) and as speculative assets (crypto market rates). Indicators of the level of digital financial inclusion in Ukraine are lower than the world average both in terms of the integrated indicator and its components. Digital financial inclusion of the household sector is not a significant determinant of reducing income inequality, but it largely determines the growth of economic well-being. FinTech innovations create alternative sources of financial resources for the sector of non-financial corporations (enterprises). The best suited models of online financing for small and medium-sized businesses are profit sharing crowdfunding, equity-based crowdfunding and reward-based crowdfunding, the choice of which is made in accordance with the purpose of attracting resources – financing current, investment and innovation activities. The success of online financing depends on the SMEs themselves, as well as on the providers of financial resources and the specifics of the online platform. In the context of the impact of FinTech innovations on the financial corporations sector, the development of digital and open banking is relevant for Ukraine. Regarding the public administration sector, FinTech innovations are manifested primarily through the emergence of new regulatory (RegTech) and supervisory (SupTech) tools, as well as through the regulation of the FinTech innovation market to ensure economic security.