Impact of selected factors on digitalization of financial sector

Abstract

The financial sector is introducing new services to meet consumer needs at a time of information society and rapid technological awareness growth. The study aims to summarize the existing global trends in banking sector digitalization and informatization and assess the impact of selected macroeconomic indicators on them. The World Bank's data were used for the principal analysis. We offer a novel model for evaluating relationships between banking digitalization and macroeconomic processes based on theoretically grounded assumptions. For a detailed study of banking informatization, countries with similar indicators ofResearchers in R&D per million people to Ukraine were selected (Romania, Cyprus, Ukraine, Malta, Croatia, Bulgaria, Latvia, Italy, and Poland). The research results allowed finding how our selected indicatorsaffect the development of digitalization of the financial sector. The obtained results may have practical economic politicy implications.