GLOBAL TRANSFORMATION OF FINANCIAL MARKETS UNDER THE INFLUENCE OF DIGITAL TECHNOLOGIES: NEW MODELS OF FINANCIAL INTERMEDIATION

Abstract

The rapid development of financial technologies (FinTech) is significantly transforming traditional models of financial service delivery, transactional processes, and the structure of financial intermediation. In the context of globalisation and intense competition, digital platforms, automated services, and big data analytics have become critical for ensuring the efficiency of financial operations, personalising products, and enhancing financial inclusion. This study aims to identify the directions of financial market transformation, assess the role of digital technologies in shaping new models of financial intermediation, and determine the key mechanisms for integrating innovations into the processes of creating and delivering financial services. To achieve this goal, a comprehensive analysis of Market Sophistication indicators based on the Global Innovation Index 2025 was conducted for Ukraine, Poland, and Romania, including the evaluation of access to financing for startups and scale-ups, the depth of credit markets, the activity of microfinance institutions, market capitalization, and venture capital activity. Additionally, the stages of financial service creation were systematized, and the study examined how digital technologies are integrated into customer acquisition, product development, transaction processing, risk management, and technological support of services. The results showed that the digitalization of the financial sector leads to the emergence of new models of financial intermediation focused on platform solutions and integrated digital ecosystems. Ukraine demonstrates a high level of support for start-ups and innovative projects; however, limited market capitalization and low venture capital activity indicate structural barriers to scaling innovations. Poland and Romania have more developed financial markets, creating favourable conditions for scaling innovation and attracting venture capital investment. The study emphasises the need for comprehensive implementation of digital technologies across all stages of financial service creation, thereby increasing the efficiency, speed, and security of financial operations and ensuring broader access to financial resources for businesses and the population.