USING OPEN BANKING IN THE BANKING SYSTEM OF UKRAINE: OPPORTUNITIES AND RISKS

Abstract

The purpose of this article is to study the problems of implementing Open Banking in the banking system of Ukraine. In the era of the digital economy, modern technologies open up new opportunities for the banking industry of our country. Financial institutions are dynamically developing the digital space, introducing information technologies and optimizing business strategies, as well as introducing innovative products and services, and working to accelerate the introduction of new types of products and services to the financial market. In recent years, a new direction of digital banking has been gaining momentum and is already becoming an international trend in the financial market − the open banking system, thanks to which financial organizations, including fintech companies and service companies, can develop new financial technologies and services. The main objectives of the study are to study the features of implementing Open Banking in the banking system of Ukraine; to assess the risks and opportunities of implementing Open Banking in Ukraine; to substantiate the prospects for implementing and developing Open Banking in Ukraine. The introduction of open APIs in the activities of financial organizations made it possible to optimize the processes for receiving and exchanging internal and external data. Increasing the value of the services provided was made possible by a number of technological solutions, including open API technology. The relevance of covering the development of open banking based on the technology of implementing open programming interfaces is due to the growing influence of the use of APIs in the process of providing services by financial organizations. The research methods are general scientific methods: analysis and synthesis; system, logical and comparative analysis; sample surveys; economic and mathematical modeling; graphical method. Reference, statistical, and regulatory materials on the problem under study were used. The research is based on the works of domestic and foreign authors in the field of the banking system of Ukraine, legislative and other regulatory documents, publications in the periodical press, monographs of leading economists of the country. Results. Empirical results have shown the influence of factors that contribute to the development of open banking in Ukraine and determine the main areas of application and tools of open banking in modern conditions. The value of research. The results of the study emphasize the importance of these areas, combined with observations related to the implementation of projects by banks participating in the Open API system in the digital banking market in Ukraine, will allow us to formulate possible ways of developing Open Banking in Ukraine and its future competitiveness in the global financial market.