Keywords: banking innovations, banking institutions, cloud technologies, artificial intelligence, blockchain, internet banking, cryptocurrency


The article identifies the concepts and types of banking innovations, establishes the main properties and characteristics that banking innovations must meet, identifies the benefits of their use for both banking institutions and consumers. The purpose of the article is to identify the concept of banking innovations, their types in banking, as well as the features of the application of innovative products in the practice of domestic and foreign banking institutions. It is established that the main modern banking innovations that operate in the financial market of Ukraine are technologies such as clouds, artificial intelligence, blockchain, Big Data. The paper also shows the impact of innovation on the banking sector of the financial system, as well as identifies the main benefits of the use of innovation by banking institutions: reducing the cost of periodic tasks; differentiation of banking products and services; obtaining additional revenue due to the introduction of innovative products; improvement of already existing banking products and services. Thus, among the main trends in banking innovation should be noted the shift of emphasis from price and quantity characteristics of financial products to service and quality characteristics, such as individual approach to the client, speed and quality of service. The bulk of customer inquiries focus on the extraterritoriality and continuity of systems, forcing banks to focus on management tools regardless of location and time of day, public access, multiple access channels and interactivity of service, real-time operations and minimization of manual processing. Innovations in these areas are due to both changing customer demand and the widespread development of information technology. Currently, the financial market and the market of P1-technologies are closely intertwined, and this interaction is bilateral. On the one hand, the development of new information technologies offers innovative solutions for the banking business, which can significantly increase the efficiency of the financial institution and improve the quality of services provided to customers and stimulates the emergence of certain innovations in the range of banking products and services.


1. Chajkovsjkyj Ja., Kovaljchuk Ja.(2018). Bankivsjki innovaciji: perspektyvy ta zaghrozy elektronnykh bankivsjkykh poslugh.[ Banking innovations: prospects and threats of electronic banking services]. Svit finansiv. Vol.4. рр.121-136. [in Ukrainian].

2. Dzubluk, O. (Ed.). (2013). Bankivski operatsii [Banking operations]. (2 nd ed., rev.). Ternopil: Ltd. Terno-graf. 678 pp. [in Ukrainian].

3. Yehorycheva, S.B. (2010). Innovatsiina diialnist komertsiinykh bankiv: stratehichni aspekty [Innovative activity of commercial banks: strategic aspects]. Poltava: TOV “ASMI” [in Ukrainian].

4. Shmigheljsjka Z. (2014). Bankivsjki innovaciji: sutj, neobkhidnistj i rozvytok. [Banking innovations: essence, necessity and development]. Visnyk NBU. Рр. 34 – 41. [in Ukrainian].

5. Ofitsiinyi sait GfK Ukraine [Official site of GfK Ukraine]. Available at: 12. Eurostat. URL: http://essuir.sumdu. cybersecurity.pdf. [in Ukrainian].

6. Rjabokinj M. V. (2018). Bankivsjki innovaciji jak neobkhidna umova pidvyshhennja konkurentospromozhnosti banku na finansovomu rynku. URL: (Accessed 10.11.2020). [in Ukrainian].

7. Eurostat. URL: (Accessed 10.11.2020). [in Ukrainian]. Eurostat. URL:

8. Oficijnyj sajt Nacionaljnogho banku Ukrajiny. URL: (Accessed 5.11.2020).

9. Ofitsiinyi sait AT KB “Pryvatbank” [The official website of the JS “Privatbank”]. URL:

10. 2Ofitsiinyi sait Derzhavnoi sluzhby spetsialnoho zviazku ta zakhystu informatsii Ukrainy [Official site of the State Service for Special Communications and Information Protection of Ukraine]. URL:

11. Kuzjminov S. V., Zadoja Ju. A. (2018). Innovaciji u bankivsjkij dijaljnosti: sutnistj i klasyfikacija. [Innovations in banking: essence and classification]. Jevropejsjkyj vektor ekonomichnogho rozvytku. Vol.1 (24). рр.64-70. [in Ukrainian].

12. Technology, The Biggest Threat For Big Bank. URL: articles/personal-finance/040115/technology-biggest-threat-big-banks.asp.

13. Karlin M.I. Borysjuk O.V.(2013). Upravlinnja derzhavnymy finansamy. [Public Finance Management]. Lucjk: PP Ivanjuk V. P. 273 pp. [in Ukrainian].

14. Karlin M. I. Borysjuk O.V.(2016). Finansovi ofshory. [Financial offshore]. Lucjk : Vezha-Druk, 240 pp. [in Ukrainian].