Conditions and determinants of digital transformation of financial services market participants

The country's financial system is considered to be the true heart of the national economy, ensuring effective cash flow management and financial and economic stability, facilitating investment and creating conditions for its further development. Problem statement.The financial sector is characterized by constant transformations, which are driven, among other things, by the country's gradual transition to a digital economy. This creates a need for financial services market participants to transform their business processes based on the active implementation and advanced use of digital technologies. Unresolved aspects of the problem. The theoretical basis of the study is the work of modern foreign and domestic researchers devoted to the study of the impact of digitalization processes on the functioning of the economy and its financial sector, as well as certain aspects of digital transformation at different levels of socio-economic systems. Purpose of the article. The purpose of the study was to identify key markers of the development of fintech companies in Ukraine and to build a deterministic conceptual model of digital transformation of financial services market participants. Presentation of the main material. The object of the study is the financial sector of Ukraine's economy and financial services market participants, in particular, fintech companies. The article examines certain indicators of the functioning of financial banking and non-banking services market participants in Ukraine in the context of the country's strategic course towards digitalization. The determinants are identified and a determinant conceptual model of digital transformation of financial services market participants is built. The study used statistical and dynamic analysis methods, methods of logical generalization, and applied a deterministic approach to building a conceptual model of digital transformation of financial services market participants. Conclusions. Based on open analytical materials, the key markers of the development of fintech companies in Ukraine are identified in terms of parameters characterizing their human resources, the spread of the Internet and innovations, the level of digital quality of life, the contribution of IT services to GDP, the dynamics of the number of market participants, their financial condition and performance, localization and access to the global arena. The determinants of digital transformation are identified, namely: digital context, digital adoption, digital vision, digital competence, digital management, and digital maturity. The conducted research creates the basis for making and implementing management decisions at the level of individual participants in the financial services market regarding the digital transformation of activities.