Introduction of New Features in Ukrainian Fintech

by Olha Povaliaieva
Wednesday, February 23, 2022
Introduction of New Features in Ukrainian Fintech

New and old fintech trends supersede traditional banking

Financial services in Ukraine are rapidly changing. The changes are caused by the pandemic, which has moved people to telecommute and accelerated the digitization process.

By 2022, Ukraine had replaced classical banks with nonbanks and chatbots. The cryptocurrency had recently been legalized, and the Open Banking market would soon be created.

Nonbanks or digital banks have become entrenched in Ukraine’s financial trends in recent years. Western financial systems and several new domestic companies are expected to enter the Ukrainian market in 2022.

Artificial intelligence helps digital banks operate. Machine intelligence brings to work:

  • Chatbots;
  • Virtual and voice helpers.

They can inform the client about the appearance of new services, answer his questions, etc.

Ukraine has created a legal framework for the legalization of crypto culture. Such a step will attract international players. This means that the IT sector will increase the performance of cryptocurrency startups and attract investments.

The most anticipated phenomenon in the financial sphere remains Open Banking. The project is expected to start in 2023. The implementation of the project will provide banks with an additional channel to sell products. This will reduce the cost of running large front-end systems. 

All these points imply that the creation of a new financial ecosystem is a major trend in Ukraine. The main factor in the formation of banking ecosystems is the development of IT technologies and machine intelligence. The shift to machine learning technologies has a decisive impact on the formation of ecosystems in the financial sector.

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