IMPLEMENTATION OF FINTECH IS THE BANK'S COMPETITIVE ADVANTAGE

Abstract

The article examines the application of FinTech in banks, the main factors of their emergence and development, and the competitive advantages of the influence of innovative financial technologies in the banking system. Scientific works were analyzed to systematize the main trends in the development of banking innovations in Ukraine and argue the relevance of financial technologies in banking operations in conditions of digitalization. The influence of innovative financial technologies on the competitive advantage of banks in the modern context of the development of FinTech companies has been studied, as well as the involvement of Ukrainian banks in cooperation with FinTech companies. An analysis of the interaction of the leading banks of Ukraine with FinTech products was carried out, namely, the interaction with international FinTech products and the list of Internet banking services provided by the banks were considered. Prospects for research in this context are innovative financial technologies that banks use and determine their competitive advantage. The article presents an overview of the impact of innovative financial technologies on banks, identifies competitive advantages and challenges that are directly related to this process, and also provides recommendations for using innovative financial technologies in the banking system.