Ways to Increase the Competitiveness of Banking Institutions

Banking is one of the most competitive industries, which is crucial for the financial stability of the economy. The ability of financial institutions to compete depends on a variety of elements, including management efficiency, resourcefulness and market adaptability. Unlike other countries of the world, the competitiveness of banking institutions on the Ukrainian market is still quite low. This is caused by many factors, first of all, the invasion of Ukraine by an aggressor country, which led to an increase in the level of risks, a slowdown in the development of financial culture, and a lack of high-tech banking solutions. Despite these challenges, the banking system of Ukraine has the potential to become more competitive and reach the international level. The use of the latest standards and technologies, active participation in integration procedures, increasing public trust in the financial system and attracting investments – all this can contribute to the competitiveness of Ukrainian banks. This article discusses the ways of increasing the competitiveness of banking institutions.