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The purpose of the article is to theoretically comprehend the essence of big data, identify the advantages and risks of its use by financial organisations. The article presents the results of systematisation of knowledge about the nature and features of the big data. It has been revealed that the technology makes it possible to do better analytical research, create models for forecasting economic trends and market changes, study market dynamics, analyse medical data to improve diagnosis and choice of treatment methods, predict failure or breakdown of equipment in production by assessing data from sensors, develop social and economic programmes at the state level, identify fraud and corruption in the financial sector, etc. The relevance of the rapid development of the big data technology and the expediency of its use in this sphere is substantiated. As a result of the analysis of scientific literature, the author’s definition of the technology in the financial sector is presented. Its novelty lies in considering the features and advantages of applying the big data by financial organisations. The study of the modern practice of their usage in these institutions has revealed the main strengths and disadvantages of the technology in question.

Purpose of the study. The imposition of sanctions on the financial sector and suspending relations with international financial institutions in 2022 has significantly affected the external conditions for the development of the domestic financial sector, caused an increase in geopolitical tensions and instability in the Russian currency market. It is necessary to study and understand the processes currently taking place in the financial market. The article is devoted to the statistical assessment of the impact of sanctions on the Russian financial system in 2022 and 2023. The purpose of research paper is to identify the situation on the currency, money and credit, debt market, as well as in the budgetary sphere, to assess the relationship between the dynamics of key financial indexes in the sanctions crisis. Materials and methods. The sources of information for the calculations were official data from the Ministry of Finance of the Russian Federation, the Bank of Russia, the provider of data on financial markets Cbonds and PJSC “Moscow Exchange”. The article used statistical methods of analysis: variations, dynamics, hypothesis testing. Determination of anomalous levels of the time series was carried out using the Irwin method. Differences in average federal budget indexes were assessed using the Wilcoxon Matched Pairs Test. The dependence of the dynamics of the main financial indexes was assessed on the basis of time series correlation. Results. The study allowed us to conclude that 2022 was a critical year for the Russian financial system. All its sectors were affected by sanctions restrictions. The weakening of the national currency was revealed in the currency market, and it was found that the dollar exchange rate in 2023 was abnormally high for the period from 2000 to 2023. The budget sector hasdemonstrated stability. The results of the study showed that the sanctions pressure did not affect the revenue part of the federal budget. However, the average monthly expenditure of the federal budget increased statistically significantly by almost three times in 2022. The monetary market reacted with an excessive supply of money. The increase in the money supply has reached its highest value in the last 10 years. The money supply growth was accompanied by changes in its structure. The banking sector showed the development of the credit growth trend. The debt market reacted with a rapid growth of corporate bonds volume, the highest for the last 10 years. And the market of federal loan bonds was characterized by a rapid reduction in the volume of federal loan bonds owned by non-residents and a decrease in the share of non-residents. The interrelation between the dynamics of the US dollar exchange rate and the volume of corporate lending associated with the conversion of loans in US dollars and euros into yuan was revealed. Direct interrelation was observed in the dynamics of money supply and the volume of corporate bonds and federal loan bonds market. Conclusion. The financial system is adapting to new circumstances. The transformation of methods and tools of financial regulation accompany this process. This process requires studying and understanding changes in the composition, dynamics, and interconnection of the structural elements of the financial system, as well as finding ways for its development.

The article explores data mining methods that allow us to get helpful information from the data. The possibility of using these methods in practice in the financial sector was considered. Since financial activity is closely related to our social life, the use of data mining methods plays an essential role in the analysis and forecasting of the financial market in the modern era of big data. However, due to differences in the experience of researchers in different disciplines, it is not easy to use data mining methods when analyzing financial data. Therefore, creating a methodological basis for the practical application of data mining methods in the analysis of financial data is an urgent issue. The purpose of this article is to create a methodological basis for using data mining methods for efficient trading. When processing product data, a priori methods and visualization methods were used, and their implementation in practice was described. As a result, scenarios of computer applications were created as a sample of the practical implementation of the algorithms of these methods. Building a quantitative trading strategy requires first statistical analysis of the information in the market and then testing the quantitative model on the collected data. This study developed a quantitative trading system based on data mining methods. The primary development tool used is the Jupyter web platform, and three cores have been developed: quantitative data selection, strategy testing on data, time series analysis, and visualization. The developed system supports modules for making simple trading decisions.

The overall degree of financial development of the State depends on innovative development of the financial sector. In this regard, it is important to conduct a comprehensive assessment of the characteristics, scopes and limits of the application of digital financial innovations both at the State level and at the global level, which determines the relevance of the research topic. The aim of the research is to develop an approach to assessment of the characteristics, scopes and limits of digital innovations in the financial sector and its approbation of the approach by the example of Russia. At the theoretical level, the method of literature analysis, abstraction and aggregation are used in the research. At the empirical level, methods of statistical, structural and coefficient analysis are applied. The results of the research in terms of the development of the theory of innovation in the financial sector are development of an approach to assessment of the characteristics and scope of digital innovation in the financial sector, to allow a comprehensive assessment of the development of financial innovation at the State level and comparison of the assessment results by country or with the world average values of the indicators proposed for assessment. The paper also proposes classifications of scopes and limits for the use of digital financial technologies, which allow for a qualitative analysis of the integrated development of financial innovations. Empirical research has allowed us to make conclusions about the accelerated development of the Russian financial technology market compared to the world average values based on the developed theoretical approach. At the same time, the problems of further development of financial innovations have been identified, namely, the low level of trust of the Russian population in small businesses in the field of financial technologies, limiting the inflow of foreign investment and narrowing the external market for the dissemination of Russian financial innovations in conditions of political instability. The following measures are proposed to solve these problems: improving the quality of education and improving the working conditions of specialists in the field of innovations, developing programs for concessional lending to small businesses in the field of financial technologies, and improving the financial literacy of the population as a consumer of innovative financial services.

The sphere of trust in the financial sector, which is actively developing in the conditions of financial crises and recessions, is accompanied by a significant increase in the scientific literature that requires detailed analysis. The changes faced by trust in the financial sector over the past thirty years have remain unprecedented. Recent developments in financial technologies, blockchain, risk assessments have led to a renewed interest and rapid growth in the number of academic publications on trust in the financial domain. A number of literature reviews have been published focusing on specific aspects and trends of trust in the financial sector. However, far too little attention has been given to developing a global vision of academic knowledge about trust in the financial sector from a statistical perspective. This study was designed to provide insights and updates that have not yet been fully understood or described by other reviews in the domain of trust in the financial system by applying a thorough bibliometric (Scopus tools, Google Trends) and network (VOSviewer) analysis. This paper will make it possible to create a global picture of the phenomenon, to determine the dynamic aspects of trends from a statistical point of view, using content-contextual, descriptive, comparative, cluster, and evolutionary-temporal methods. The methodological basis of the study is a set of scientific publications indexed in the Scopus scientometric database, which were analysed using ScopusTools and VOSViewer analytical tools. A total of 1,148 academic studies published between 1967 and 2020 were analysed, including 364 authors, 158 journals, and 101 countries. By applying rigorous bibliometric and network tools, established and emergent research clusters were identified based on the key research topics and interrelations. With the help of built-in tools of the Scopus scientometric base, the main stages of scientific interest in the trust in the financial sector were determined. The most significant studies in this area by influence and citations were identified. In addition, the classification of the research on trust in the financial sector by scientific fields was considered, and the geographical centers of research were determined. A comparative analysis of Google searches showed that trust in the financial sector could be considered as one of the critical conditions for overcoming macroeconomic imbalances. Cluster analysis made it possible to identify five main clusters of scientific research. The main research findings showed that trust in the financial sector is one of the most multidisciplinary phenomena, and the keywords such as human, economy, financial management, finance, organization and management, private sector, public sector are closely related. The results of the study provide a solid roadmap for further consideration in this area.

The main hypothesis of the paper was the assumption that the increase in the level of innovation of the financial sector in the post-Soviet states and young European Union (EU) members with an imperfect banking sector and a protracted financial crisis is accompanied by difficulties accessing financing sources and significantly depends on the volume foreign banking capital. The aim of the study is to identify the correlation between the growth of financial innovativeness of the country and the level of foreign banking capital, using Panel data analysis from 2009 to 2019. Unlike previous studies, it was taken into account that the level of financial innovation of the republics of the former Soviet Union is increasingly dependent on external credit resources, while the innovative development of the EU countries becomes financially independent, and this constitutes the scientific novelty of the research. The results confirm the relationship between foreign banking capital and the growth of financial innovativeness of the country, especially with its low and medium levels. To test his hypothesis, the author presented empirical models with the conditions of interaction with the Financial Innovativeness Index. Based on a comparison of indicators of the financial innovation of the country and foreign banking capital, clusters of countries are distinguished according to the nature and direction of the relationship of the analyzed indicators. The author concludes that the increase in the level of innovation in the financial sector of the countries of the former Soviet Union and young EU members depends on the amount of foreign banking capital and the need to consistently expand the tools for the country’s economic growth by attracting it.

Objective: to study the processes of introduction and practical implementation of ESG standards in the Russian banking sector and to assess their impact on the prospects for the financial market development in general.Methods: logical and structural analysis, system-functional approach, formal legal method.Results: the author reveals the essence and features of such a relatively new phenomenon for the Russian banking sector as ESG-principles of doing business and responsible financing. The study reveals the prerequisites for the formation of modern ESG concepts in international practice, analyzes the possibility of their implementation in the practical activities of the Russian financial sector subjects and assesses the prospects for the Russian banking system development within the paradigm of responsible entrepreneurship and sustainable development.Scientific novelty: consists in the complex study of relations associated with the ESG principles implementation in the Russian financial sector. A distinctive feature of this work is the focus on both practical issues of implementing the ESG principles in the Russian financial sector and assessing the prospects for the ESG banking development in the Russian Federation.Practical significance: the formation of a certain theoretical basis necessary both for studying the essence of the ESG approach and the sustainable development of financial sector entities, and for developing proposals for adjusting regulatory policy in this area in the future.

The purpose of the article is to systematize the main directions of digital transformation of the financial sector of Ukraine, to characterize their impact on the post-war recovery of the Ukrainian economy and to analyze the risks of forming an information-digital society in connection with the active implementation of a digital strategy. As a result of the study, it is proved that special conditions that are established at present in Ukraine make inevitable the digital development strategy to ensure economic activity under martial law and post-war recovery. The publication systematizes the main mechanisms for ensuring financial access under conditions of martial law. The advantages of the actively implemented conception of open banking for investment processes and post-war reconstruction are demonstrated, while the risks of information availability related to open banking are shown. The role of neobanks in the context of post-war recovery is characterized. Given that the development of digital financial services will be associated with the further introduction of service personalization technologies, it is concluded that this will lead to the growth of financial inclusion and the deep integration of digital financial institutions into the economic and social existence of financial services consumers. The risks of these processes are identified, in particular the risks of cybersecurity and the growth of information asymmetry

Introduction. The digital changes taking place in all spheres of society are most evident in certain sectors, especially in the fi nancial sector. One of the factors of the modern development of a sustainable economy is the digitalization of society associated with the rapid development of information technologies. Informatization of this sector in Russia is associated with the synthesis of legal, economic, social, political changes. Theoretical analysis.The article is devoted to the key trends of informatization of the fi nancial sector of Russia. Consideration of theoretical and methodological approaches to the study of the penetration of digital technologies into the fi nancial sector shows the lag of the Russian practice of deploying digital technologies from Western practices, and rapid growth in 2020 under the infl uence of the covid crisis. Empirical analysis. Analysis of the main suppliers of information technologies in the fi nancial sphere and their products has been carried out. Priority directions of development of information technologies in the fi nancial sector and ways of their implementation are identifi ed. The main approaches to strengthening information security and reliability of fi nancial technologies in Russia have been studied. Synthesis of materials on research of information technologies in the fi nancial sector of Russia has been carried out. Results. Modern realities are such that new technologies based on digital services are actively being introduced into Russian practice, which changes the structure of fi nancial market entities, makes fi nancial products more accessible to citizens and businesses. The penetration of IT companies into the fi nancial services market starts the process of transforming the delivery of fi nancial products and services fi ntech becomes an independent sector of the economy. The format of the fi nancial sector, 24/7, gives users round-the-clock access to services and products, but at the same time forms a range of risks that need to be taken into account and addressed. Digitalization of the fi nancial sector, based on a global rethinking of information solutions, is the key to the transition to sustainable development.

The article presents author’s view on the current problems facing the banking system of the Russian Federation as part of the transition to digital banking services, especially aggravated due to the massive using of remote channels of interaction caused by the restrictions of the pandemic period. The author analyses the current problems of financial sector due to increased criminal cyber attacks and offers his recommendations to counter these crimes. There is evidence of the needs to revise the concepts and strategies of the development of banks in connection with digitalization, to improve approaches to information security. Finally, the author concluded that a key element in the process of digitalization of banking activities is information security, and the soundness of banking institutions can be ensured only by the joint efforts of the state, banks, and their customers.

The study is concerned with the global trends in the digitalization of the financial services market. The article distinguishes and describes the main components of accelerating the growth rate of information changes in the field of financial services on the basis of digitalization. Upon the understanding that the digitalization process is progressive, its evolution is examined, wherein three stages of its development are allocated. Leading factors in the development of digitalization of the financial services market are identified, among which, first of all, should be noted such ones as increasing the level of investment in the development of financial technologies and innovations, the spread of e-commerce based on the use of cashless payments, the transition to services aimed at customer needs, and increasing the level of financial inclusion, etc. The consequences of digitalization of the financial services market are also formulated: computerization of structural components of the financial services market and the formation of its financial digital space; directedness of financial activities towards use of the latest digital technologies; creation of the main elements of informatization of the infrastructure of the financial services market and others. On the basis of finding out the impact on the financial services market of innovative and information technologies related to the global network, the global leading tendencies in its digitalization are formed. It is proved that digitalization is a modern direction of formation and development of the insurance services market, which includes technological innovations in combination with information and communication systems, which further serves to improve the quality of service for both existing and potential consumers of financial institutions. It is determined that the formation of a real digital society and the latest digital space, based on the use of various digital technologies, are the main factors that positively affect the development of digitalization in the financial services market.

Relevance of the research topic. In the context of globalization, one of the key priorities of financial policy in the world and in Ukraine is to reduce the negative impact of exogenous and endogenous factors on economic growth, creating conditions for the development of the financial system. Formulation of the problem. In the absence of strategic coordination of public administration bodies in the financial sphere, the risks of reducing its effectiveness may increase significantly. Analysis of recent research and publications. Problems of development of the financial system in the context of globalization are revealed in many scientific studies of foreign scholars: J. Keynes, R. Musgrave, P. Samuelson, J. Stiglitz. Among domestic scientists should be noted such as: A. Epifanov, Y. Pasichnyk, I. Salo, V. Fedosov and others. Selection of unexplored parts of the general problem. Significant levels of uncertainty and variability of socio-economic problems require the restoration of control and the establishment of strategic orientation of the financial system. Problem setting, research goals. The objectives of the study are: to determine the features of the financial system of Ukraine in modern conditions; to analyze and evaluate its indicators. The purpose of the study is to substantiate the priorities of Ukraine's financial system in the context of globalization. Method or methodology of the study. To achieve this goal, a set of general scientific and special methods was used: system-structural analysis; calculation and analytical method; formal-logical analysis; method of scientific abstraction. Presentation of the main material (results of work). The peculiarities of the functioning of the domestic financial system are determined, the indicators are assessed and the priorities of its development are substantiated. Field of application of results. The results of the study can be used in the process of reforming the financial system and its components. Conclusions according to the article. At this stage, an important task is to develop new scientifically sound approaches to the development of the financial system through the introduction of systematic monitoring of macroeconomic imbalances, which will improve the quality of macroeconomic and fiscal risks, create a single information base for sound management decisions in finance.

The financial sector plays a crucial role in the economy, not only being a simple intermediary between creditors and borrowers, but also having a significant impact on the economy’s development and its various characteristics. For this reason, accounting for financial sector peculiarities is critical when developing policy-oriented general equilibrium models for practical use. This drives the interest of many researchers in development of approaches to describing the financial sector and financial frictions in DSGE models. In financial frictions models one can describe the production side of the economy in a simplistic way. However, it could be important to model the production sector in more detail. For instance, separating tradable and non-tradable sectors of the economy could be of great significance, especially for developing economies which depend on foreign trade a lot. In this paper we analyze the role of the financial sector and how important it is for transmission of monetary and fiscal shocks under different assumptions about the production sector. Namely, we compare two-sector economy with tradable and non-tradable sectors with a simplistic model which assumes that the economy produces only tradable goods. According to the results, financial frictions impact tradable and nontradable sectors asymmetrically. In the two-sector model the effect of financial frictions is quantitatively smaller than in the one-sector economy. Therefore, using the latter simplifying assumption could lead to overestimating the role of financial frictions in the transmission of monetary and fiscal shocks. In addition, the paper provides estimates of how changes in monetary and fiscal policy instruments impact the Russian economy given the existence of financial frictions.

The article provides a comparative analysis of the financial sector of Russia and other countries in the structure of the global economy; international comparisons are made over 30 years in terms of financial depth, including monetization, “saturation” with loans and securities, inflation, and interest rate. The inadequacy of the size of the financial sector to the size of the Russian economy is shown, the extremely high volatility of financial variables is analyzed (using the example of the exchange rate and changes in the institutional network (banks and non-bank financial institutions)). The model of the financial sector is revealed (excessive role of the state, overconcentration in the markets and among financial institutions, oligopolization, “monetary desertification” of regions, excessive administrative costs, focus on capital export). Shown is the “pro-crisis” nature of the financial sector in Russia (1– 2 crises in 10–15 years). The complete correspondence of the parameters of the financial sector of Russia to other developing economies is demonstrated (the fourth – seventh dozen countries in terms of financial depth). It is shown that the parameters of financial development, as a rule, are worse than the groups of countries with lower middle income (according to the international classification). The analysis of the Russian economic model made it possible to show the cause-and-effect relationships between it and the financial sector model, their interdependence. Four scenarios of the economic future (“besieged fortress”, “frozen economy”, “Spanish”, “growth economy”) are given, with estimates of their probability, and on this basis the corresponding scenarios for the future development of the Russian financial sector. The scenario of the “growth economy” based on the change in the model of the economy in Russia, the policy of “financial afterburner” and the formation of a new model of the financial sector in Russia is more fully disclosed.

The relevance of this research is due to the need to develop the financial sector of the domestic economy, which has become obvious in the context of the global economic crisis. This paper examines the structural features of life insurance markets in Russia and the West. The purpose of the study is to assess the state of the competitive environment in the markets under consideration and draw conclusions about the barriers to entry for new companies. The methodology of the work includes structural, statistical, system, logical, and other types of analysis, as well as the synthesis of the results obtained. Using the example of the Russian and Western life insurance markets, the role of geographical segments in shaping the overall market environment is evaluated. Based on the results of the research, the necessity of partial transplantation of the Western model of market environment formation based on monopolistic competition of market participants is justified.

Modern operation conditions of the market of non-bank financial services in Ukraine require the search for unconventional forms of innovation development and the need to implement information systems and digital technologies. This corresponds to the provisions of the Association Agreement between Ukraine and the EU, the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020, the Financial Sector Development Strategies and FinTech in Ukraine by 2025. The research is aimed at identifying the major tendencies in the development of microfinance organizations in Ukraine as a key element of the market of non-bank financial services using digital technologies, including FinTech. To achieve the aim, research methods such as analysis and synthesis, statistical analysis, comparison, generalization, structural and logical method, expert survey and estimation are used. The dynamics of the main indicators of the development of the market of non-bank financial services in Ukraine are analyzed: the number of microfinance organizations, the volume of assets and financial services. The specific features of «split» as an important reform of the development of the national market of non-bank financial services have been identified. The peculiarities of FinTech development in different world countries are researched. The content of the key development tendencies of microfinance organizations in terms of FinTech-transformation of the financial sector in Ukraine are covered, including: marketplaces (providing loans to customers through intermediary digital platforms); balance crediting; AI-based solutions; banking-as-a-service as a model that allows non-financial companies to add banking services to their own applications and digital products. The formation and implementation of a qualitatively new model of regulation of the market of non-bank financial services will create conditions for the use of new financial instruments and business models that will meet the requirements of the dynamic institutional environment of microfinance organizations in Ukraine.

The paper examines the problems and factors in the development of ecosystems in the financial sector and related sectors of economy. It demonstrates the prospects for expanding the population of ecosystems in both the global financial market and the Russian banking system. Special focus is on two main prerequisites for the ecosystem development: digitalization of the entire economy and the emergence of innovative information-communication technologies in the financial sector (fintech). The study aims to juxtapose theoretical concepts and definitions of ecosystem with the real practice in Russia and the prospects for the development of ecosystems in the financial sector in order to produce recommendations on activating and regulating the transition from a traditional to an ecosystem economic model. Methodologically, the research rests on system economic theory, which implies that economy is a field for creating, interacting and developing socio-economic systems of various kinds – object-, process-, project- and environment-based systems. Within the framework of this approach, an ecosystem includes: an organizational component represented by a cluster as an object-based subsystem; infrastructure – an information-technological platform as an environment-based subsystem; communication and logistics component – a network as a process-based subsystem; innovative component – a business incubator as a project-based subsystem. Ecosystems in the financial sector are analyzed for compliance with this requirements. We scrutinize the case of FinTech Association as the most technologically advanced community of banking institutions. The research methods are content analysis, ranking score and logical grouping of research objects. The findings show that it is expedient to create a regulating institution that combines the functions similar to those of the FAS of the RF and the Central Bank of the RF in relation to the ecosystems’ activities.

In the coming years, blockchain technologies may become one of the breakthrough innovations in the financial sector of the economy, optimizing and simplifying transaction operations in a number of areas, reducing their cost. Having a very significant potential for transforming the established algorithms for the interaction of financial market participants, it is important to understand what are the boundaries of these changes, what new opportunities are presented by blockchain technologies and, finally, what are the expected consequences for the development of the financial sector itself and the other sectors of the national economic system associated with it. In this regard, important and urgent task is to minimize risks for financial and other organizations in the face of impending opportunities and threats under the pressure of the process of integrating blockchain platforms into the economic environment. This research is devoted to the solution of the issues posed. The most important component of the paper is the proposed methodological toolkit, which allows you to identify in a formalized form the patterns and relationships between the level of penetration of blockchain technologies into the financial environment and the dynamics of gross domestic product ( GDP).

Nowadays, the rapidly growing technology market and the digitalization process that covers all areas of economic activity have a strong impact on financial markets. Changes in the financial sector occur both within the financial market objects themselves and in the processes of interaction with each other and clients. These changes are related to the application of new digital technologies, including distributed accounting technology, big data analysis, cloud computing, artificial intelligence, biometric technologies, augmented / virtual reality. These technologies are related to processes such as customer use of banking applications, remote payments, planning, lending and financing, trade and investment, insurance, security, regulatory operations and communications between financial market participants and customers.Such financial sector processes as fintech, regtech, investtech, creditech, inshurtech, cybertech, opertech, robotech, analytech, which reflect the digital aspect of the traditional processes of this market segment, have been described in the article. The article includes materials obtained in the course of the OECD’s work over the past few years on a number of related topics, including “Innovation in financial services”, “Digitalization and Finance”, which complements the study with additional relevant materials of international level. Technological innovations in the field of finance have been considered and their impact on the processes listed above has been evaluated. A detailed description of each of the nine processes contains the rationale and examples of the use of digital technologies, as well as the degree of integration and impact on these processes. The relevance of this topic is due to the fact that today there are no publications in domestic and foreign sources on the identification, analysis and evaluation of factors that affect the financial sector of the economy due to the lack of statistical and analytical information. In this regard, the conclusions made are of both scientific and practical interest not only in Russia, but also in other countries with developing and developed economies.

Systematically carried out over the past forty years economic reforms have given impetus to the development of the financial industry in China. Any changes suggest new approaches in the management system. Despite the results obtained there are some problems in the financial industry of China. In modern China there is a synthesis of Western and Eastern management theories, but it is necessary to pay tribute to traditional values, that influence on the thinking of leaders. The problems of human resource management in China in the financial industry have been considered in the article. The areas, where the most revolutionary changes are currently taking place, such as cross-border e-commerce, also have been indicated. In China, the proliferation of the Internet finance industry has been made possible by the surge in e-commerce. The fundamental factor in the psychology of the Chinese is Confucianism, on which they rely in all spheres of life. Despite the fact that in modern China there is a synthesis of the Western and Eastern theories of governance, it is necessary to pay tribute to the traditional values, which influence the thinking of the leaders of Chinese organizations. But new areas of activity require other, more advanced approaches to personnel training. The advantages and disadvantages of human resources management in the banking sector of China have been considered in the article. As a result of the analysis of indicators and problems of personnel management in the financial sphere, the main conclusions and recommendations on the structure of human resource management at this stage of improving society in China have been presented.

The economic essence of the concept of "blockchain" has been concretized. It is proved that today the key area of the implementation of the blockchain technology is the financial sector, namely, payment systems built on the use of crypto-currency. On the example of Bitcoin crypt-currency, a thorough analysis of the role of cryptocurrencies in the financial system has been conducted. The prospects for using the blockchain technology in food production have been identified, where, through the development of modern systems of integrated supply chains, consumers will be able to control product quality, its organic origin, production technologies, concentrations of harmful substances. The possibility of using the blockchain technology in the real estate market, where it is possible to form electronic registries of land and real estate ownership with ensuring the security of this data, has been substantiated.

The article is aimed at exploring the existing approaches to measurement of trust and carrying out an analytical review of trust in the financial sector of the world countries. Among the available to exploring approaches to trust measurement are both foreign and national indicators of trust measurement. The article provides an analytical review of the status of trust in the financial sector world-wide and the status of trust in banks in individual world countries. The level of trust among the population is also considered in terms of attributes of age and of financial literacy. The level of trust is determined on the basis of world studies, such as Edelman Trust Barometer, World Values Survey (WVS), Statista and national researches carried out by the Kyiv International Institute of Sociology (KMIS) and the Institute of Sociology of the National Academy of Sciences of Ukraine (Institute of Sociology NANU).

The active digitalization of the life of modern society observed over the past 20 years has led to real changes in the economy. The financial sector is at the heart of a digital transformation that has been spearheaded by FinTech, which is now shaping a new segment of modern financial markets. At the same time, the most wellknown objects of FinTech are cryptocurrency and token. Cryptocurrencies, regardless of the attitude of regulatory authorities to them, have become a virtual reality of the financial sector and are actively used to pay for goods and services. The peculiarity of cryptocurrencies is its anonymity and unaccountability of the state that defines a range of risks to society and the state. However, cryptocurrencies, along with risks, create opportunities — from the development of innovative technologies to the creation of new jobs and replenishment of the national budget. The penetration of FinTech into the financial market segments traditionally occupied by banks gave rise to a discussion about their future. However, it will probably not be the displacement of the banks but their FinTech transformation. An example of this is the payment industry, which has become one of the main consumers of the latest financial technologies and provides a wide range of opportunities for FinTech companies to develop. An important element of FinTech is RegTech (Regulatory Technology), which allows companies to bypass trade barriers and helps build a constructive dialogue with regulators. In turn, SupTech (Supervision Technology) is used for analysis and forecasting purposes. At the end of the article, based on the analysis of foreign experience, we formulated the main approaches, the implementation of which allows states to stimulate the introduction and development of new financial technologies, as well as we analysed the experience of interstate coordination of cooperation in the field of financial technologies in the EU and the EAEU countries.

The article analyzes the state and dynamics of modern functioning of the financial market of Ukraine, development of legislative, normative and institutional support for realization of the strategy of development of the domestic financial sector in the conditions of an open economic system. Some indicators of activity of banking and non-bank lending institutions were characterized and key problems of their functioning were determined. It has been established that medium- and long-term fiscal policy is dependent on the development of the financial sector, in particular the stock market. The lack of reliable instruments on the domestic securities market is identified, which is a deterrent to the development of institutional participants and hinders the development of the entire financial market. It is substantiated that further development of the financial sector requires strategic measures for its improvement, the definition of a single policy on the development of the financial market at the state level, a reorientation to the creation of domestic investment sources, increased transparency in the adoption of regulatory decisions and the role of associations of market entities, etc. It is noted that the key to stabilization and economic revival of the country is the creation of an effective system of control over the management of national resources and public finances. Corrective actions are proposed to develop the institutional structure of the market, develop its infrastructure, protect shareholders' rights, increase transparency and introduce effective and open regulatory policy and appropriate supervision. Also, a number of measures were proposed for successful implementation of Ukraine's European integration in the financial sector and, in the long run, to ensure macroeconomic stability in Ukraine under the conditions of an open economic system.

The aim of the paper is to conduct a research on an impact of blockchain technology platform on the financial sector through cryptocurrency, and an impact on other industries.. The subject of research is not only this technology but also its commercial exploitation. In order to understand the platform, the starting point of this research is an analysis of how the technology functions, after that the advantages for business and economic transaction are identified, and finally the paper deals with an impact of new technology on business, above all on financial operations. The basic hypothesis is that blockchain has achieved a great impact on financial sector, also it has the potential to radically change only the financial sector but also the way we buy and sell, our interaction with the authorities as a way of verifying the ownership from the authorship and the organic food production. Using the available data and synthesis of knowledge from the fields of technology, economics, finance, and politics, 4 scenarios were set up for the future of underlying technology. The scenario approach combined with trend analysis in order to prove the starting hypothesis with high reliability. The research results show that the technology being investigated already has a profound impact on the financial sector, that it is in the initial phase of changing many industries, with the likelihood that they will change them significantly in the next five to ten years. Businesses increasingly discover the power of this technology to exploit the benefits of the Fourth Technological Revolution.

The publication presents the results of an analysis of evolution of complementarity of the financial and the real sectors from the simple credit through the formation and allocation of intermediary activity to establishment of the exchange as a prototype of all the financial markets known to date. The author characterizes the European financial tradition, which is emerging from the first exchanges, linked to the mutual dependence of the banking and the securities sectors. The institutional basis for the predominantly speculative nature of securities transactions has been demonstrated, it has been shown that the current activity of banking structures in the fund space has historical roots. It has been proven that the peak of complementarity both in the financial and in the real sectors takes place in the capitalist economy, where synergy between the financial and the real economic processes has been maximized and expressed in innovative development, economic growth, and social well-being.

This article examines the evolution of approaches to the financial sector display as a part of the economy on the conceptual basis of the System of National Accounts. The main prerequisites for the formation of SNA are revealed. The formation of the methodology of national accounting and the impact of the development of economic theory on it are traced. The role and interconditionality of the Keynes' macroeconomic theory as a methodological basis of the SNA and the SNA as an empirical basis of macroeconomics are defined. The international standards SNA-1953, SNA-1968, SNA-1993 and SNA-2008; the features of presentation of the financial sector and its subsectors composition in standards are analysed.

The question of Big Data technologies, not only in the fi-nancial sector, but in general, is a logical pattern of techni-cal and scientific progress of the last decades. The change of paradigms has led to the fact that today’s managers and economists have to work not only with large volumes of information, but also with new types of data. Process-ing the new format files allows managers to make more accurate and effective financial decisions. It is necessary to say, why these decisions are important for business. They make it possible to achieve the goals that modern organ-izations set for themselves: increasing the value of the enterprise, increasing investment attractiveness, improv-ing the quality of forecasting. This situation in a well-func-tioning world system has led to the emergence and devel-opment of new trends in education, in particular, in the field of education of financial professionals. Focusing on Russian achievements and Western researches of funda-mental and applied disciplines, it should be noted that the modern financier is increasingly integrated into the Big Data technology environment. He needs knowledge of the construction of wording of requests to manage compe-tently. For this, the skills of working with search programs, the use of search operators, work with search robots are important. At the theoretical level the future financier must study strategic, statistical, mathematical, systemic, stochastic, probabilistic and other types of analysis.

Broad and narrow approaches of the financial system are obtained. The difference between the financial system and the financial sector (the fi-nancial corporations sector) is shown. Organizational and institutional matrix of the financial system of the economy is proposed. Key positions of institutional sectors classification of Ukraine’s economy are analyzed, as well as the System of National Accounts with respect to the financial sec-tor of corporations. The structure of the sector of financial corporations in Ukraine is defined.

The article identifies approaches to classification of factors of influence upon activity of subjects of the financial sector. It systemises factors of influence upon activity of subjects of the financial sector pursuant to certain approaches. It considers specific features of manifestation of these factors upon activity of subjects of the financial sector and their interconnection. It studies influence of the policy of realisation of financial products of high and low quality upon efficiency of activity of subjects of the financial sector. It identifies influence of the investment and financial management upon efficiency of activity of subjects of the financial sector. It justifies the role of the fundamental indicator of efficiency of activity of subjects of the financial sector. It forms a system of requirements to ensuring financial stability of subjects of the financial sector under conditions of relative economic instability. It offers tactical and strategic directions of increase of efficiency of activity of domestic subjects of the financial sector under modern economic conditions.

The article is devoted to the study of c connection between the stability of development of the financial sector and its share in the aggregate volume of production. The article conducts a comparative study of the countries that suffered the large-scale financial and economic crisis in 2007 (USA and Great Britain) and countries economies of which turned out to be more stable (Czech Republic, Poland and Finland). In the course of the study the article marks out indicators that allow characterisation of the degree of balancing of economic development. The developed approach is applied for analysis of the Ukrainian economy in the pre-crisis period. Results of the study allow assertion that excessive growth of the financial sector increases the risk of realisation of financial and economic crises independent on the level of economic development of a country. The article develops an approach to assessment of the role of the financial sector in economy. It underlines important aspects of its application for analysing economies of developing countries. The article leaves a vast expanse for further studies and focuses on importance of monitoring of the state and development of the financial sector with consideration of the direction and rates of development of other sectors of economy. The obtained results justify the necessity of use of indicators that characterise structure of the national economy by financial sector control bodies.

The article focuses on an insufficient number of studies of issues of stability of the financial sector of economy. It defines financial stability as a property of this sector to perceive and oppose to exogenous factors through stability with respect to endogenous factors, to maintain its functioning in the dynamic equilibrium and also to fulfil its functions and provide certain parameters of the whole financial system and economy in general. The article defines such a notion as “structural stability” – characteristics of a qualitative similarity of models of the financial sector when changing different parameters. It argues that assessment of its stability should include: observance of international standards in the sphere of functioning of institutional units of the financial sector; macro- and micro-prudential indicators and creation of effective institutional environment through stable functioning of macro-finances. It reveals the reasons of main imbalances in 2007 – 2009. It shows the tasks of the World Council on Financial Stability, shortcomings of which allowed offering of establishment of the Council on Anti-Crisis Regulation. It considers the structure of assessment of stability of the financial sector and also its main macro- and micro-economic indicators.В статье акцентируется внимание на недостаточном количестве исследований по вопросам устойчивости финансового сектора экономики. Представлено определение финансовой устойчивости как свойства этого сектора воспринимать и противодействовать экзогенным факторам через стабильность относительно эндогенных факторов, поддерживать свое функционирование в динамическом равновесии, а также выполнять возложенные функции и обеспечивать определенные параметры всей финансовой системы и экономики в целом. Дано определение такому понятию, как «структурная устойчивость» – характеристика качественного сходства моделей финансового сектора при изменении различных параметров. Аргументировано, что оценка его устойчивости должна включать: соблюдение международных стандартов в сфере функционирования институциональных единиц финансового сектора; макро-, микропруденциальные показатели, создание эффективной институциональной среды через устойчивое функционирование макрофинансов. Выявлены причины основных дисбалансов в 2007 – 2009 гг. Приведены задачи мирового Совета по финансовой стабильности, недостатки которых позволили предложить создание Совета по антикризисному регулированию. Рассмотрена структура оценки устойчивости финансового сектора, а также ее основные макро- и микроэкономические индикаторы.

The article generalises indicators of financial stability, which are used by the National Bank for monitoring the financial sector of economy of Ukraine. It shows that the existing system of indicators of financial stability has a number of shortcomings. It justifies a necessity of carrying out an integral assessment of the financial stability and level of accumulated disbalances in the financial sector. It conducts an inter-country factor analysis, which allows marking out integral indicators of financial stability and financial disbalances. It shows that the use of indicators of financial stability with respect to identification of disbalances in the financial sector of economy is possible but it is not sufficient. A separated integral indicator of financial disbalances gives a more detailed explanation of the increase of vulnerability of the financial sector with respect to potential financial stresses. It is assumed that its use would allow a more adequate application of monetary and macro-prudential instruments of regulation.В статье обобщены индикаторы финансовой устойчивости, которые применяются Национальным банком для мониторинга финансового сектора экономики Украины. Показано, что действующая система индикаторов финансовой устойчивости имеет ряд недостатков. Обоснована необходимость проведения интегральной оценки финансовой устойчивости и уровня накопленных дисбалансов в финансовом секторе. На межстрановом уровне проведен факторный анализ, который позволил выделить интегральные показатели финансовой устойчивости и финансовых дисбалансов. Показано, что использование показателей финансовой устойчивости в части идентификации дисбалансов в финансовом секторе экономики возможно, но при этом не является достаточным. Более полное объяснение повышения уязвимости финансового сектора к потенциальным финансовым стрессам дает выделенный интегральный показатель финансовых дисбалансов. Как предполагается, его использование позволит более адекватно использовать монетарные и макропруденциальные инструменты регулирования.

The article analyses existing in international and domestic financial science and practice scientific-methodical approaches to interpretation of the essence of financial supervision. The article studies relations between essence of “financial regulation” and “financial supervision” notions. It studies legislative problems of determination of essence, goals and tasks of financial supervision. It systemises approaches to identification of goals and tasks of financial supervision. It offers to differentiate the general goal of financial supervision – ensuring financial stability, achievement of which requires formation of a multi-criteria system of private goals.В статье проанализированы существующие в международной и отечественной финансовой науке и практике научно-методические подходы к толкованию сущности финансового надзора. Автором исследованы соотношения между сущностью понятий «финансовое регулирование» и «финансовый надзор». Исследованы законодательные проблемы определения сущности, целей и задач финансового надзора. Систематизированы подходы к определению целей и задач финансового надзора. Предложено различать общую цель финансового надзора – обеспечение финансовой устойчивости, достижение которой требует формирования многокритериальной системы частных целей.