Digitalization of financial services in European countries: Evaluation and comparative analysis

Pakhnenko, Olena Mykhailivna; Rubanov, Pavlo Mykolaiovych; Hacar, Dusan; Yatsenko, Valerii; Vida, Imre

doi:10.14254/2071-8330.2021/14-2/17

Cited by 28 publications

(11 citation statements)

References 49 publications

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“…Having calculated the short-term and long-term impact of digitalization, it was established that e-commerce and e-government have a long-term impact on financial markets and financial institutions. Pakhnenko et al (2021) investigated the level of digitalization of financial services in European countries and built an integral indicator of digitalization of financial services based on the Fishburn method and weighted sums, which includes three components such as digital inclusion, financial inclusion and digital financial services. The obtained results made it possible to divide European countries into four groups: with a high, medium, low and critically low level of digitalization of financial services.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors

Shkolnyk

Фролов

Orlov³

et al. 2022

Investment Management and Financial Innovations

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The military actions in Ukraine have actualized the transformation and revision of existing approaches to assessing the country’s economic security. Financial security, which is considered in this paper through its standard components such as financial sector security, stock market security, debt and budget security, has a significant effect on the formation of economic security. At the same time, digitalization in the financial sector was identified as a new component that provides access to financial resources even in the context of the deployment of hostilities in Ukraine. Therefore, this study assessed the effect of the state of financial security, taking into account the importance of financial digitalization for the economic security of Ukraine. Based on quarterly data for the period 2015–2021, 42 indicators were analyzed, which were grouped according to the relevant components of financial security, and their integral indicators were determined using the Harrington method. A factor analysis of the formation of economic security was carried out using the principal components analysis, and an integral indicator of a country’s economic security was calculated based on the Kinney multiplicative convolution. The integral indicator of economic security for 2025–2021 doubled and amounted to 0.63 units, which was due to the increased influence of financial digitalization processes, all other components either slowly decreased or were stable. Thus, the reserve of economic security that was formed during this period, including due to the intensive digitalization of the financial sector, allowed Ukraine to survive the first weeks of the war and ensure the functioning of the financial system. Acknowledgment Comments from the Editor and anonymous referees have been gratefully acknowledged. Inna Shkolnyk and Yevhenii Kozmenko gratefully acknowledge financial support from the Ministry of Education and Science of Ukraine (0122U000774 “Digitalization and transparency of public, corporate and personal finance: the impact on innovation development and national security”).

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Section: Literature Reviewmentioning

confidence: 99%

The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors

Shkolnyk

Фролов

Orlov³

et al. 2022

Investment Management and Financial Innovations

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“…[27] has proved, based on bibliometric analysis of research, that the balanced development of a country depends to a greater extent on its social, economic and information security. Informatization processes are also relevant for the economy's financial sector, where there is the greatest need to digitalize financial services [28]. With the growth of information flows, the confidentiality of big data must be ensured [29].…”

Section: Problem Formulationmentioning

confidence: 99%

The barycentric model of determining the sustainable growth determinants

Vasilyeva

Yarovenko

Babenko

et al. 2022

Heritage and Sustainable Development

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The authors investigate the issue of modelling the balance of sustainable growth determinants based on determining the center of mass. They have identified the most relevant factors that characterize countries' social, economic, and political spheres, digital capability, and cybersecurity to determine sustainable development and growth. The research has been carried out based on empirical values of the selected 17 indicators for 127 world countries in 2018. As a result, the four–pole barycentric models were built as quadrangles, the vertices of which are composite targets formed by the determinants of the four spheres. The models' calculations were carried out taking into account three components: the values of the composite targets (as a geometric mean), the level of pairs balance (as the sum of opposite pairs of quadrilateral angles), and all four targets (as the distance between the actual and standard value of the center of mass). According to the analysis result of the first component, developed countries have the most effective targets (top five – Switzerland, Denmark, Norway, Finland, and the Netherlands). Research of the results of the second component has revealed an imbalance in target pairs for most countries. Determinants of socio–political development are the most effective for developed countries. The economic sphere is most unbalanced for the least developed countries. Various determinants can cause an imbalance for developing and new industrial countries. The analysis of the center of mass distances revealed that not only developed countries could be balanced, but also developing, new industrial and the least developed, which indicates a balanced development of their determinants, which is pretty slow. New Zealand, Mauritius, South Africa and Mali were the most balanced in each country's sustainable growth group.

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“…− финансовая инклюзия как внутреннее состояние личности, включение себя в систему финансовых услуг; примечательно исследование [3], в котором опрошенные считают финансовые услуги чем-то эксклюзивным даже при активном владении цифровыми навыками, а также исследования, показывающие отсутствие потребности у населения сельских территорий в финансовой инклюзии [4; 5]; − финансовая инклюзия как финансовая доступность, соответственно, её формирование определяется вопросами инфраструктуры и наличия финансовых продуктов и услуг, которые учитывают особенности бизнеса и населения сельских территорий [6].…”

Section: Abstract: Financial Inclusion Digitalization Financial Servi...unclassified

International Experience in Studying Financial Inclusion of Rural Territories in the Conditions of Digitalization

Baetova¹

2022

НО ЭН (SR ES)

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Digitalization of financial services in European countries: Evaluation and comparative analysis

Cited by 28 publications

References 49 publications

The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors

The impact of financial digitalization on ensuring the economic security of a country at war: New measurement vectors

The barycentric model of determining the sustainable growth determinants

International Experience in Studying Financial Inclusion of Rural Territories in the Conditions of Digitalization

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