CURRENT STATE AND TRENDS IN THE DEVELOPMENT OF THE UKRAINIAN MARKET OF NON-BANK FINANCIAL SERVICES

Abstract

The article highlights the concept of the market of non-banking fi nancial services in accordance with the requirements
of Ukrainian legislation and identifi es the main intermediaries operating in this market. The study contains analytical data
on the number of non-bank fi nancial institutions operating in Ukraine, as well as the volume of assets of such fi nancial
institutions. The authors also present an analysis of the main trends in the development of the non-banking fi nancial services
market. For comparison, the structure of the fi nancial market is presented in the form of the ratio of the number of banking
and non-banking institutions.
The article provides an analytical overview of the number of private pension funds, fi nancial companies, pawnshops,
credit unions and insurance companies operating in Ukraine over the past three years. The structure and volume of fi nancial
services provided by insurance companies have been studied separately. The authors state that despite the existence of nonbank
fi nancial institutions, the banking sector still prevails. Moreover, fi nancial companies predominate in terms of assets
among representatives of non-bank fi nancial institutions.
Despite the coronary crisis during 2016-2020, the number of fi nancial companies and other non-banking institutions,
including pawnshops and insurance companies, grew steadily. Such trends are assessed positively, as it indicates the
development of the fi nancial market and its stability in adverse conditions. In Ukraine, the market of non-banking fi nancial
services is underdeveloped compared to other countries, but despite the mentality and transition in the formation of the nonbanking
fi nancial sector, it has good prospects for development. However, despite the positive changes, ways to improve the
performance of non-bank fi nancial institutions in crisis conditions have been proposed.