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General Information

• Project title: Artificial intelligence in financial services: enhancing inclusion and resilience
• Type: Partner looking for project
• Organisation: State Organization “Institute of the Economy and Forecasting of National Academy of Sciences of Ukraine”
• Country: Ukraine (UA)

Research area

• NSF calls:
  • EAGER
  • International Supplements
• Keywords:

  digitization; fintech; financial inclusion; human development; inequality

• Brief description of your expertise / expertise you are looking for:

  We represent the Monetary Relations Department of the State Organization “Institute of the Economy and Forecasting of National Academy of Sciences of Ukraine". We aim to offer the services of Ukrainian researchers in economics to any scientific institution interested in cooperation. We offer a collaborative project covering artificial intelligence and inequality issues. We can tailor the topic to suit partner\'s research interests and priorities. The Monetary Relations Department is dedicated to the pursuit of both fundamental and applied scientific research. We provide analytical materials to both public and private organizations. Our research areas are primarily focused on monetary relations, specifically the theory and implementation of monetary policies, the development of monetary systems, the functioning of the banking system in Ukraine, and the growth of financial market infrastructure. The department\'s researchers have participated in the implementation of an international scientific project (Joint Ukrainian-Bulgarian project of the Department of Monetary Relations and the Institute of Economic Research of the Bulgarian Academy of Sciences: "Coordination with EU monetary authorities: Bulgaria\'s experience and Ukraine\'s perspective", Q1 2019 - Q4 2021). The department\'s junior researchers\' grants were: - project of young scientists of the National Academy of Sciences of Ukraine, "Financial inclusion as a factor in the socioeconomic development of Ukraine" (decree of the Presidium of the NASU No. 385 dated 26.06.2019, No. 124 dated 24.02.2020); - research project "The relationship between financial depth and economic growth in Ukraine" (decree of the Presidium of the NASU No. 181 of March 29, 2021, and No. 749 of December 31, 2021). Our research team for international projects consists of: - lead: Yevhen Bublyk (D.Sc. in Economics, leading research fellow, head of the Monetary Relations Department of IEF NANU, https://orcid.org/0000-0002-6080-9341) - performers: Svitlana Brus (PhD, leading scientific fellow, https://orcid.org/0000-0001-5373-273X), Galina Yershova (PhD, senior research fellow, https://orcid.org/0000-0002-8807-130X), Yuliia Shapoval (PhD, scientific fellow, https://orcid.org/0000-0001-9965-5522) and Oleksii Shpanel-Yukhta (PhD, junior scientific fellow, orcid.org/0000-0001-9674-133).

• Brief description of your project / the project you would like to join:

  The objective is to identify how artificial intelligence affects inclusion and resilience in the financial services industry. Achievement of the project\'s objective is accomplished by the following tasks: 1) Analyze the effect of financial development on human competitiveness. 2) Evaluate the possibilities of AI implementation in risk management for financial institutions. 3) Investigate the use of AI in supporting financial products to enhance financial inclusion by providing accessible financial tools and financial literacy. 4) Define the features of regulating the use of AI in financial services. 5) Ascertain AI\'s capability in evaluating financial instrument compliance with ESG standards. The advancements in mobile money, fintech services, and Internet banking have opened up new opportunities for low-income groups and small businesses. However, the spread of digital technologies in the financial services sector has increased the risk of exclusion for large groups of people due to age, region, and other factors. It has also created additional cyber fraud threats and lagged behind global trends in human development. To support sustainable economic development and improve the quality of human capacity, this project aims to identify and summarize digital transformation trends in the financial services market and their relationship with human capacity development. It also aims to highlight the benefits of current trends, their potential impact on the market\'s structural characteristics, and possible challenges for human development. Additionally, it will identify the risks of increasing social inequality and limiting the development of human potential if digital transformation is not implemented in the policy measures for socio-economic development. The project will provide a methodical formalization of assessing human capacity development and financial inclusion to implement modern digitalisation trends. It will identify current approaches and best foreign practices for securing and developing human capital in the context of the digitalization of financial services. The project authors will define the risks and benefits of digital transformation of financial services in the context of promoting human development. They will conceptualize public policy measures to implement the positive aspects of digitalising financial services, emphasizing the promotion of financial innovation\'s impact on small business development, protection against cyber fraud, financial exclusion, and increasing inequality. The main idea of the proposed study is to find ways to adapt global trends in the digital transformation of financial services to Ukrainian realities, given the social impact of financial technologies. It aims to identify the risks and benefits of the digital transformation of financial services in the context of promoting human development. The research focuses on the development of human potential and the relationship between consumers of financial services, financial institutions, and regulators in the context of digitalization. The project aims to obtain new and relevant results for science and practice. Its practical value is to find ways to solve the applied problem of digitalization of financial services\' impact on human development, highlighting negative and positive aspects and providing recommendations to enhance the positive impact on human potential. These recommendations can be used in legislative initiatives and the development of conceptual and strategic decisions of executive bodies. The research will focus on the interrelation between human capacity development and the digitalization process of financial services markets, examining the relationship between consumers, financial institutions, and regulators. The research methodology will consist of fundamental economic, finance, and sociology theories, as well as cross-country comparisons, correlation analysis, and expert evaluation.

Yevhen Bublyk

• Organisation: State Organization “Institute of the Economy and Forecasting of National Academy of Sciences of Ukraine”
• Position: D.Sc., leading research fellow, Head of the Monetary Relations Department of IEF NANU
• E-mail: monrel.ief.nanu@gmail.com
• Web: ief.org.ua, twitter.com/MONREL_IEF_NANU, www.facebook.com/monreliefnanu