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Strategic and tactical benchmarks for restructuring the financial system of Ukraine

Serhiy Frolov, Volodymyr Orlov, Olha Lozynska, Fathi Shukairi

Abstract: General trends of the current stage of development of the world and domestic economies confirm the most important trends of financial systems of the leading countries, including Ukraine. Among them, it is advisable to highlight the following: financial inclusion, formation of an unassailable reputation by financial institutions, reducing the volume of shadow banking, increasing the level of the population’s financial literacy, developing financial technologies, and deepening the financial system. All of this involves increasing the size of financial assets in relation to the size of the economy based on the GDP indicator. Based on the results of generalizing the approaches of scientists to the list of determining factors affecting the development of the country’s financial system, the key role of the level of financial literacy of the population was established. The article presents the total index of financial literacy of the population of individual countries of Europe and the world based on the index components. The development of the financial system in all these areas creates conditions for a gradual transition to the development of a new quality financial ecosystem. The article proposes a definition of the financial ecosystem in the context of established hybrid of real and digital space based on the integration of financial institutions as key players with technology companies, public service providers and other participants. To ensure development, the advantages and disadvantages are specified based on the results of the SWOT analysis, which allowed to systematize the strengths and weaknesses, as well as the opportunities and threats of the financial ecosystem development. Based on the results of the analysis, four basic strategies for restructuring the financial system were developed, which are the basis for proposals for the development of the financial ecosystem and changing the business models of functioning of its subjects in Ukraine.
Keywords: financial institutions / Europe / functioning / models / literacy / Ukraine / restructuring the financial system

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