TRANSFORMATION OF THE TYPOLOGY OF FINANCIAL INTERMEDIARIES IN THE DIGITAL ECONOMY: CONCEPTUAL FOUNDATIONS OF MULTI-CRITERIA CLASSIFICATION
DOI:
https://doi.org/10.15330/apred.2.22.127-139Keywords:
financial intermediaries, digital transformation, multi-criteria approach, digital maturity, investments, investment resources, technological basis, regulatory integration, fintech, ecosystem interactionAbstract
The article is devoted to developing a multi-criteria classification of financial intermediaries adapted to the digital economy. Traditional institutional approaches based on the division into banking and non-banking institutions fail to reflect contemporary realities, as they ignore new types of intermediaries, the qualitative transformation of their functions under the influence of digitalisation, as well as technological and regulatory differentiation.
The aim of the article is to develop and provide theoretical and methodological substantiation for a multi-criteria classification of financial intermediaries adapted to the digital economy, which, unlike traditional institutional approaches, integrates the criteria of digitalisation degree, technological basis, functional purpose, and level of regulatory integration, thus enabling a comprehensive assessment of institutions' capacity to integrate into digital financial ecosystems.
The research is based on a systemic approach and the integrated application of methods of analysis, synthesis, and classification modelling. The information base comprises scientific publications on the digital transformation of the financial sector, data from official websites of financial institutions, and analytical materials from international organisations.
The study identifies the limitations of classical institutional classifications and substantiates the expediency of a multi-criteria approach encompassing six dimensions: institutional nature, degree of digitalisation (traditional, hybrid, digital), technological basis (API platforms, AI-based intermediaries, blockchain-based intermediaries), functional purpose (credit, investment, payment, insurance, information and analytical), level of regulatory integration (licensed, regulatory sandboxes, unregulated DeFi), and geographical coverage. An integral classification model with examples for each group is developed. It is determined that the proposed classification enables the identification of potential partners for ecosystem interaction, the diagnosis of problematic areas in digital transformation, and the assessment of institutions' competitive positions.
The scientific novelty lies in the development of a multi-criteria classification which, unlike traditional institutional approaches, integrates the criteria of digitalisation, technological equipment, functional specialisation, and regulatory status, thereby creating a methodological foundation for the comprehensive assessment of financial institutions' capacity to integrate into digital ecosystems. The theoretical significance consists in deepening the foundations of financial intermediary typology considering the contemporary challenges of digital transformation. The practical significance lies in the possibility of applying the classification by the National Bank of Ukraine for differentiating supervisory approaches, by financial institutions for strategic planning and partner identification, as well as for establishing a unified statistical database.
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