Driving financial innovations: The role of digitisation, transparency, and social responsibility in banking systems
Year: 2025
Type: article
Abstract: The study of financial innovations in banking systems is highly relevant within the current context of global digitalisation, increasing demands for transparency, and the growing importance of corporate social responsibility. These aspects are crucial for strengthening consumer trust, improving the efficiency of banking operations, and ensuring the resilience of the banking system in Ukraine. The study aimed to examine financial innovations in banking systems, focusing on the interplay between digitalisation, transparency, and social responsibility. Quantitative and qualitative methods were employed, including the analysis of banks’ financial statements, regulatory documents, and reports from the National Bank of Ukraine for the period 2019-2023. Econometric modelling identified key factors affecting banking performance indicators, such as return on assets, customer perception, and financial stability. The results demonstrated that digitalisation facilitates the automation of banking processes, reduces customer service costs, enhances the accessibility of financial services, and allows banks to adapt more quickly to changes in customer behaviour. It was found that transparency measures, particularly the implementation of reporting standards, improve customer trust and loyalty. The study showed that corporate social responsibility initiatives positively impact banks’ reputations and ensure compliance with regulatory requirements, collectively enhancing their competitiveness. The findings can be utilised by bank managers, policymakers, and regulators to develop strategies for improving operational efficiency, advancing digital services, strengthening customer trust, and ensuring the sustainable development of Ukraine’s banking system
Source: Innovation and Sustainability
Authors: Artem Koldovskiy, Ihor Rekunenko
Institution: Sumy State University
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4411355438