STUDYING THE POTENTIAL FOR COOPERATION BETWEEN TRADITIONAL BANKS AND FINTECH COMPANIES

The relevance of the research topic is that the financial industry is experiencing rapid development associated with the introduction of innovative technologies. Their task is to automate and improve the quality of financial services. FinTech helps companies to transform and offer their clients the services they need. FinTech is an acronym for financial technology. This concept includes the development of the latest software aimed at introducing innovative offers in the financial industry. The business landscape is constantly changing, financial services are expanding and becoming more and more customeroriented. The introduction of digital tools allows companies to attract more and more customers while reducing the cost of operating services. As a result, ideal conditions have been created for one of the most revolutionary periods in the history of global finance. The range of financial services is expanding every year, and new types of services and products are constantly appearing on the market due to the introduction of innovations in the financial market. Due to the rapid development of technology, the monetary and financial systems of most countries are beginning to change rapidly. There is a shift from cash to online currency, from loans provided in bank branches to loans obtained via the Internet. All of the above is forcing traditional financial market players to change their services and products, and to change themselves. Traditional banks and fintech companies are important players in the financial industry. They have distinct strengths and weaknesses that have allowed them to coexist in the market, meeting different customer needs. However, as technology evolves, there is a growing trend towards cooperation between these two organizations. Implementation of fintech solutions by Ukrainian banks can lead to improved financial services, increased efficiency, and competitiveness in the market. This article aims to explore the potential for cooperation between traditional banks and fintech companies by comparing their current state of relations, the benefits of cooperation, and the challenges that may arise from such a partnership.