Digital Transformation of the Banking Sector in Ukraine

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.

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