Economic Bulletin of the National Mining University

 

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Issue:2023 №4 (84)
Section:Finances, accounting and taxation
UDK:336.7 (330.1)
DOI:https://doi.org/10.33271/ebdut/84.126
Article language:Ukrainian
Pages:126-133
Title:Green financial technologies: behavioral aspects of development
Authors:Yermoshkina O. V., Dnipro University of Technology,
Horiacha O. I., Dnipro University of Technology
Annotation:Methods. The theoretical and methodological basis of the scientific research was the results of domestic and foreign research on the creation and development of eco-projects in the context of the creation and development of financial innovations and technologies. In order to achieve the set goals, scientific provisions and conclusions in the work are based on the basic concepts of behavioral theory and institutional theory of financial market development. The main research methods were empirical methods, which allowed to investigate the development trajectories of individual Green FinTech projects, induction and deduction methods, which allowed to analyze the behavioral aspects of typical users of Green FinTech projects, products and services of the financial market. Results. The study demonstrated that there are practically no comprehensive studies on the behavioral aspects of the creation and development of Green FinTech projects and products. It was the behavioral approach that made it possible to understand, analyze and predict direct and indirect incentives for the development of such eco-projects, to find the appropriate institutional levers that will ensure the intensive spread of Green FinTech. Based on the analysis of the development trajectories of successful Green FinTech eco-projects, such behavioral aspects of financial market participants as propensity to innovation, propensity to risk, environmental awareness, appropriate financial literacy, ability and readiness to use innovative financial tools and platforms, integration into the digital space were investigated . The key obstacles to the development of Green FinTech were studied: the lack of standardized indicators for measuring the impact on the environment and the sustainability of financial products; regulatory complexities, the missing regulatory framework, technological barriers, the problem of cyber security and confidentiality of customer data, the biased attitude of some consumers towards environmental initiatives. Proposals are made to overcome them and improve the institutional structure of the financial market. Novelty. The work improved the scientific and methodological approach to the analysis of consumer behavior of Green FinTech projects on the financial market, in particular it was scientifically proven that the use of financial services in the field of Green FinTech requires a certain mental, educational and behavioral readiness from the economic subject, which, in turn, requires institutional compliance with the structure of the financial market. Practical value. The practical significance is that the established behavioral aspects, as well as the key obstacles that restrain the development of the Green FinTech field, allow for the formation of a sound strategy for the development of Green FinTech at the micro and macro level. 
Keywords:Green finance, Green financial technologies, FinTech, Green FinTech behavioral theory, Institutional development, Sustainable development, Innovation propensity, Risk propensity, Environmental awareness, Eco-projects
File of the article:EV20234_126-133.pdf
Literature:
  • 1. Pulse of Fintech H1'23 Retrieved from https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/07/global-pulse-of-fintech-h123-report-web.pdf
  • 2. Green Fintech Classification by Green Digital Finance Alliance Retrieved from https://drive.google.com/file/d/1jhYybC5aF9qHYb36_O T4rfmx0aoriieh/view
  • 3. Raymond Kwong, Man Lung Jonathan Kwok, Helen Wong (2022). Green Fintech as a Future Research Direction: A Bibliometric Analysis on Green Finance and Fintech Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4299813
  • 4. Carmen Shih, Andrzej Gwizdalski, Xin Deng (2023). Building a Sustainable Future: Exploring Green Finance, Regenerative Finance, and Green Financial Technology World Scientific Annual Review of Fintech (Forthcoming), Nanyang Business School Research Paper No. 23-18 Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4449096
  • 5. Sustainable Development Goals. (2023). Report Retrieved from https://sdgreport2023.gsma.com/
  • 6. Eugenia Macchiavello, Michele Siri (2020). Sustainable Finance and Fintech: Can Technology Contribute to Achieving Environmental Goals? A Preliminary Assessment of ‘Green FinTech' European Banking Institute Working Paper Series 2020 - no. 71 Re- trieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3672989
  • 7. Joseph Lee, Alberto Mattia Serafin (2022). Corporate Disclosure, ESG, and Green FinTech in the Energy Industry University of Manchester and University of Cassino Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4090792
  • 8. Dirk A. Zetzsche, Linn Anker-Sørensen (2022). Building Blocks of a Green Fintech System - Towards an Regulatory Antidote to Greenwashing Universite du Luxembourg - Faculty of Law, Economics and Finance and Ernst & Young Norway Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4163002
  • 9. Chuwen Chen, Tse-Chun Lin, Xingguo Luo (2023). Behavioral Consistency in Green Lifestyle and Green Investment Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4595639
  • 10. Ściślak J. (2023). Top 13 Green FinTech Companies - Sustainable FinTech Firms Retrieved from https://codeandpepper.com/13-top-green-fintech- companies/
  • 11. Jepperson, R., & Meyer, J. (2021). Institutional Theory: The Cultural Construction of Organizations, States, and Identities. Cambridge: Cambridge University Press. doi:10.1017/9781139939744
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