bank, ecosystem, electronic resources, banking ecosystem


Banks still play a key role in monetary transactions, but at the present stage their role for customers is declining. In the near future, many agreements may not require the involvement of an intermediary. Therefore, banks need to rethink their business models and find new ways to stay relevant to their customers. Despite the development of fintech companies, banking and, moreover, the financial market will not disappear, but we can conclude that the reasons for the preservation and, consequently, the direction of transformation of the financial market will be different. Banking institutions need to build a new model of customer relations to establish trusting relationships, on the basis of which continuous business growth is possible.

The introduction of banking ecosystems is inevitable, and Ukraine has great potential in this direction. Efficient operation of its own ecosystem platform provides endless advantages of the bank over its competitors. Therefore, such a platform in the long run will allow customers to perform everyday operations conveniently and most importantly in an accessible format.

The main advantages of the ecosystem of innovation banking activity include: expanding the list of innovative products and services for existing and new customers, reducing the cost of innovation; accelerate the introduction of innovations in the ecosystem through more dynamic feedback with all participants in the ecosystem and increase customer loyalty; formation of new principles of interaction between participants in the innovation process in order to provide a wider range of innovative banking products and services.

Digital ecosystems are a promising business model for banks, as they can not only attract and retain customers, but also generate income beyond their core business. In addition, cooperation with other companies in the form of commercial partnerships creates an attractive income and synergy for banks


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Author Biography

Tetiana Girchenko, Banking University

Professor at the Department of Banking and financial technologies


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How to Cite

Girchenko, T., Konovalenko, N., & Cherikovska, N. (2021). ENSURING FINANCIAL PERFORMANCE OF BANKS IN THE TRANSITION TOWARDS THE ECOSYSTEM. European Cooperation, 1(49), 23–35. https://doi.org/10.32070/ec.v1i49.105