Impact of Artificial Intelligence on Innovation in the Financial Sector of Ukraine in 2024
DOI:
https://doi.org/10.58423/2786-6742/2025-8-380-395Keywords:
artificial intelligence, financial innovation, Ukraine, econometric analysis, technological adoption, competitive advantage, regulatory challenges, economic development, financial institutionsAbstract
The main purpose of this study focuses on the impact of artificial intelligence on innovation in the financial sector of Ukraine and the factors that improve or hinder the effective application of artificial intelligence in innovation in the financial sector. This line of research is increasingly relevant for financial institutions in Ukraine, as the management of technological innovation is becoming key to operational efficiency and competitiveness.
The article used mixed research methods, namely, a qualitative analysis of modern research by scientists in combination with a quantitative method - econometric modeling. From a sample of financial institutions in Ukraine, data was collected on the current practice of artificial intelligence integration and the main barriers to implementation, and the corresponding impact on the innovative activities of financial institutions was investigated. Also, econometric tests for multicollinearity, heteroskedasticity, and autocorrelation are included to analyze the reliability of the results.
Although AI technology is nascent in Ukraine's financial sector, there are many opportunities for innovation in areas such as customer service, risk management and operational efficiency. Regulation, lack of qualified personnel, inadequate technological infrastructure are identified as the main obstacles. The study also demonstrates successful applications of artificial intelligence where it has been successfully integrated, providing potential avenues for its expansion. Econometric analysis confirms that the adoption of artificial intelligence has a positive correlation with innovation performance, which means that financial institutions that use artificial intelligence technologies tend to improve their position compared to competitors.
This study emphasizes the need for the formation of a favorable regulatory environment and the integration of technological investments in the development of the potential of the Ukrainian financial sector. The article focuses on solving a number of issues by lawmakers, politicians and financial leaders regarding the promotion of technological progress in this area. This initiative should help the financial sector become more sustainable and competitive in today's digital economy. This article complements the research of scientists on the possibilities of using artificial intelligence as an innovation in the financial sector of Ukraine.
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