Infrastructure requirements for the sustainable development of the credit system of Ukraine
Year: 2024
Type: article
Abstract: The article highlights the interpretation of the concept of "infrastructure of the credit system" by domestic scientists and presents the author's definition of the presented term. The components of the infrastructure of the credit system are defined, namely: the banking system, which is represented by the central element, which includes the central bank (NBU) and commercial banks; non-bank financial and credit institutions; digital payment systems; information systems; regulatory framework of credit provision; credit market infrastructure institutes. The main functions of the infrastructural development of the credit system are presented, namely: credit risk management, ensuring the stability of the credit system, protecting the rights of consumers of credit services. Key aspects of infrastructure prerequisites are graphically presented. Elements of key aspects of infrastructure prerequisites are detailed, such as: legal and regulatory infrastructure; information infrastructure; technological infrastructure; institutional infrastructure. Peculiarities of the formation of FinTech innovations of the infrastructural component of the credit system, which include: democratization of credit operations; increasing the efficiency of process automation and the use of new digital technologies; sustainability of infrastructural FinTech innovations for the digitalization of financial and credit technologies and credit transactions; integration into the global world credit economic system. The positive impact of infrastructural factors on the sustainable development of the credit system is considered, namely: reduction of lending risks; increasing the attractiveness of the investment climate in the state; simplifying access to financial and credit services. The author's definition of the category "infrastructural factors influencing the sustainable development of the credit system of Ukraine" is given. The scheme of infrastructural factors influencing the sustainable development of the credit system of Ukraine is graphically depicted, which include the following components: stability of economic conditions; tax and regulatory policy; support for the development of small and medium-sized businesses; adequate political support and political stability.
Authors: Iryna Sadchykova, Myroslav Ievsiienko
Institution: Chernihiv Polytechnic National University
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4408529900