Comparative analysis of the activities of neobanks

Matskiv Olena
PhD (Economics), Associate Professor of the Department of Accounting, Analysis and Audit, Odesa National University of Economics, Odesa, Ukraine, E-mail:lmatskiv123@gmail.com, ORCID ID: https://orcid.org/0000-0002-6404-5473

Cite this article:

Matskiv O. (2024) Comparative analysis of the activities of neobanks. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Komparatyvnyi analiz diialnosti neobankiv; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 5-6 (318-319), pp. 16-25.

Abstract

The article is devoted to the study of the problem of digital transformation of the banking sector, in particular, the analysis of the peculiarities of the formation and development of neobanks. The modern financial space is accompanied by rapid changes in digital technologies, which transform traditional banking and create new directions for the development of the field of digital financial services. One of such innovative directions is neobanking, as a concept of digital banking that combines modern technologies, the Internet and digital implementation of financial services in order to provide quick and convenient access to financial products and services for a wide range of clients.The purpose of the article is to conduct a comparative analysis of the development of neobanks and outline the prospects for their development in Ukraine. The essence of the concept of "neobank" is defined, the main difference of which from a traditional banking institution is that it does not have a network of "physical" branches and works entirely online. The factors contributing to the rapid development of the global neo-banking sector have been identified. The main attention is paid to the consideration of the development models of neobanks existing in foreign practice, their product and technological specifics. The domestic experience of the development of neobanks is considered and a description of their activities is provided. The prospects for the further development of the neobanking industry should be the strategy of their participation in ensuring the sustainable development of the country.

Keywords

banking system; banks; non-banks; innovations; virtual bank; financial technologies.

JEL classification: М110; DOI: https://doi.org/10.32680/2409-9260-2024-5-6-318-319-16-25

UD classification: 657.1:004.65

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