ТЕОРЕТИЧНІ ЗАСАДИ ТА МЕТОДОЛОГІЧНІ ПІДХОДИ ВПРОВАДЖЕННЯ ЦИФРОВИХ ФІНАНСОВИХ ПЛАТФОРМ
Анотація
У статті розглянуто цифрові фінансові платформи як інституційно‑технологічні «вузли» фінансової інфраструктури, що поєднують багатосторонні ринки, модульну цифрову архітектуру, дані, алгоритми та правила взаємодії учасників екосистеми. У статті систематизовано теоретичні підходи до цифрових фінансових платформ і запропоновано методологічну рамку їх упровадження як компоненту фінансової інфраструктури. Обґрунтовано міждисциплінарну природу платформи як багатостороннього ринку та цифрової інфраструктури з модульною архітектурою й механізмами врядування екосистеми. Розроблено послідовність впровадження на основі парадигми design science, визначено типові виклики (інтероперабельність, безпека, комплаєнс, оркестрація екосистеми) та систему метрик оцінювання результативності.
Посилання
Akyildirim E., Corbet S., Mukherjee A., Ryan M. Global perspectives on open banking: Regulatory impacts and market response. Journal of International Financial Markets, Institutions and Money. 2025. Vol. 101. 102159. DOI: https://doi.org/10.1016/j.intfin.2025.102159
Armstrong M. Competition in two-sided markets. RAND Journal of Economics. 2006. Vol. 37, no. 3. P. 668–691. DOI: https://doi.org/10.1111/j.1756-2171.2006.tb00037.x
Armstrong M., Wright J. Two-sided markets, competitive bottlenecks and exclusive contracts. Economic Theory. 2007. Vol. 32. P. 353–380. DOI: https://doi.org/10.1007/s00199-006-0114-6
Broekhuizen T. L. J. et al. Digital platform openness: Drivers, dimensions and outcomes. Journal of Business Research. 2021. Vol. 122. P. 902–914. DOI: https://doi.org/10.1016/j.jbusres.2019.07.001
Briones de Araluze G. K., Cassinello Plaza N. Open banking: A bibliometric analysis-driven definition. PLOS ONE. 2022. Vol. 17, no. 10. e0275496. DOI: https://doi.org/10.1371/journal.pone.0275496
Casolaro A. M. B., Rauber G. N., de Lima U. S. M. Open banking: a systematic literature review. Journal of Banking Regulation. 2025. Vol. 26. P. 340–355. DOI: https://doi.org/10.1057/s41261-024-00262-x
Costabile C. Digital platform ecosystem governance of private companies: Building blocks and a research agenda. Data and Information Management. 2024. Vol. 8, no. 1. 100053. DOI: https://doi.org/10.1016/j.dim.2023.100053
de Reuver M., Sørensen C., Basole R. C. The digital platform: a research agenda. Journal of Information Technology. 2018. Vol. 33, no. 2. P. 124–135. DOI: https://doi.org/10.1057/s41265-016-0033-3
Dinçkol D., Ozcan P., Zachariadis M. Regulatory standards and consequences for industry architecture: The case of UK Open Banking. Research Policy. 2023. Vol. 52, no. 6. 104760. DOI: https://doi.org/10.1016/j.respol.2023.104760
Gawer A. Bridging differing perspectives on technological platforms: Toward an integrative framework. Research Policy. 2014. Vol. 43, no. 7. P. 1239–1249. DOI: https://doi.org/10.1016/j.respol.2014.03.006
Gawer A., Cusumano M. A. Industry platforms and ecosystem innovation. Journal of Product Innovation Management. 2014. Vol. 31, no. 3. P. 417–433. DOI: https://doi.org/10.1111/jpim.12105
Hanisch M. et al. Digital governance: A conceptual framework and research agenda. Journal of Business Research. 2023. Vol. 162. 113777. DOI: https://doi.org/10.1016/j.jbusres.2023.113777
Henderson R. M., Clark K. B. Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative Science Quarterly. 1990. Vol. 35, no. 1. P. 9–30. DOI: https://doi.org/10.2307/2393549
Henfridsson O., Bygstad B. The generative mechanisms of digital infrastructure evolution. MIS Quarterly. 2013. Vol. 37, no. 3. P. 907–931. DOI: https://doi.org/10.25300/MISQ/2013/37.3.11
Hevner A. R. et al. Design science in information systems research. MIS Quarterly. 2004. Vol. 28, no. 1. P. 75–105. DOI: https://doi.org/10.2307/25148625
IMF. Growing Retail Digital Payments: The Value of Interoperability. 2025. DOI: https://doi.org/10.5089/9798229014250.063
Leong C. et al. The emancipatory potential of digital entrepreneurship. Information & Management. 2022. Vol. 59, no. 3. 103384. DOI: https://doi.org/10.1016/j.im.2020.103384
Lin X., Zhang S. S., Zachariadis M. Open data and API adoption of U.S. banks. Journal of Financial Intermediation. 2025. Vol. 63. 101162. DOI: https://doi.org/10.1016/j.jfi.2025.101162
Muthukannan P. et al. Novel mechanisms of scalability of financial services. International Journal of Information Management. 2021. Vol. 61. 102403. DOI: https://doi.org/10.1016/j.ijinfomgt.2021.102403
Muthukannan P. et al. From Open Banking Regulation to Platform Orchestration. Information Systems Journal. 2026. DOI: https://doi.org/10.1111/isj.70030
Palmié M. et al. The evolution of the financial technology ecosystem. Technological Forecasting and Social Change. 2019. Vol. 151. 119779. DOI: https://doi.org/10.1016/j.techfore.2019.119779
Rochet J.-C., Tirole J. Platform competition in two-sided markets. Journal of the European Economic Association. 2003. Vol. 1, no. 4. P. 990–1029. DOI: https://doi.org/10.1162/154247603322493212
Rysman M. The economics of two-sided markets. Journal of Economic Perspectives. 2009. Vol. 23, no. 3. P. 125–143. DOI: https://doi.org/10.1257/jep.23.3.125
Tiwana A., Konsynski B. Complementarities between organizational IT architecture and governance structure. Information Systems Research. 2010. Vol. 21, no. 2. P. 288–304. DOI: https://doi.org/10.1287/isre.1080.0206
Tiwana A. et al. Platform evolution: Coevolution of platform architecture, governance, and environmental dynamics. Information Systems Research. 2010. Vol. 21, no. 4. P. 675–687. DOI: https://doi.org/10.1287/isre.1100.0323
Tilson D., Lyytinen K., Sørensen C. Digital infrastructures: The missing IS research agenda. Information Systems Research. 2010. Vol. 21, no. 4. P. 748–759. DOI: https://doi.org/10.1287/isre.1100.0318
Vial G. Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems. 2019. Vol. 28, no. 2. P. 118–144. DOI: https://doi.org/10.1016/j.jsis.2019.01.003
Yoo Y., Henfridsson O., Lyytinen K. The new organizing logic of digital innovation. Information Systems Research. 2010. Vol. 21, no. 4. P. 724–735. DOI: https://doi.org/10.1287/isre.1100.0322
Eichengreen B. Financial regulation in the age of the platform economy. Journal of Banking Regulation. 2023. DOI: https://doi.org/10.1057/s41261-021-00187-9
McNulty D., Miglionico A., Milne A. Data access technologies and the ‘new governance’ techniques of financial regulation. Journal of Financial Regulation. 2023. Vol. 9, no. 2. P. 225–248. DOI: https://doi.org/10.1093/jfr/fjad008
Akyildirim, E., Corbet, S., Mukherjee, A., & Ryan, M. (2025). Global perspectives on open banking: Regulatory impacts and market response. Journal of International Financial Markets, Institutions and Money, is. 101, pp. 102159. DOI: https://doi.org/10.1016/j.intfin.2025.102159
Armstrong, M. (2006). Competition in two‑sided markets. RAND Journal of Economics, no. 37(3), pp. 668–691. DOI: https://doi.org/10.1111/j.1756-2171.2006.tb00037.x
Armstrong, M., & Wright, J. (2007). Two‑sided markets, competitive bottlenecks and exclusive contracts. Economic Theory, is. 32, pp. 353–380. DOI: https://doi.org/10.1007/s00199-006-0114-6
Broekhuizen, T. L. J., Emrich, O., Gijsenberg, M. J., Broekhuis, M., Donkers, B., & Sloot, L. M. (2021). Digital platform openness: Drivers, dimensions and outcomes. Journal of Business Research, is. 122, pp. 902–914. DOI: https://doi.org/10.1016/j.jbusres.2019.07.001
Briones de Araluze, G. K., & Cassinello Plaza, N. (2022). Open banking: A bibliometric analysis‑driven definition. PLOS ONE, is. 17(10), e0275496. DOI: https://doi.org/10.1371/journal.pone.0275496
Casolaro, A. M. B., Rauber, G. N., & de Lima, U. S. M. (2025). Open banking: a systematic literature review. Journal of Banking Regulation, is. 26, pp. 340–355. DOI: https://doi.org/10.1057/s41261-024-00262-x
Costabile, C. (2024). Digital platform ecosystem governance of private companies: Building blocks and a research agenda based on a multidisciplinary, systematic literature review. Data and Information Management, is. 8(1), 100053. DOI: https://doi.org/10.1016/j.dim.2023.100053
de Reuver, M., Sørensen, C., & Basole, R. C. (2018). The digital platform: a research agenda. Journal of Information Technology, is. 33(2), pp. 124–135. DOI: https://doi.org/10.1057/s41265-016-0033-3
Dinçkol, D., Ozcan, P., & Zachariadis, M. (2023). Regulatory standards and consequences for industry architecture: The case of UK Open Banking. Research Policy, is. 52(6), 104760. DOI: https://doi.org/10.1016/j.respol.2023.104760
Gawer, A. (2014). Bridging differing perspectives on technological platforms: Toward an integrative framework. Research Policy, is. 43(7), pp. 1239–1249. DOI: https://doi.org/10.1016/j.respol.2014.03.006
Gawer, A., & Cusumano, M. A. (2014). Industry platforms and ecosystem innovation. Journal of Product Innovation Management, is. 31(3), pp. 417–433. DOI: https://doi.org/10.1111/jpim.12105
Hanisch, M., Goldsby, C. M., Fabian, N. E., & Oehmichen, J. (2023). Digital governance: A conceptual framework and research agenda. Journal of Business Research, is. 162, 113777. DOI: https://doi.org/10.1016/j.jbusres.2023.113777
Henderson, R. M., & Clark, K. B. (1990). Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative Science Quarterly, no. 35(1), pp. 9–30. DOI: https://doi.org/10.2307/2393549
Henfridsson, O., & Bygstad, B. (2013). The generative mechanisms of digital infrastructure evolution. MIS Quarterly, is. 37(3), pp. 907–931. DOI: https://doi.org/10.25300/MISQ/2013/37.3.11
Hevner, A. R., March, S. T., Park, J., & Ram, S. (2004). Design science in information systems research. MIS Quarterly, is. 28(1), pp. 75–105. DOI: https://doi.org/10.2307/25148625
IMF (2025). Growing Retail Digital Payments: The Value of Interoperability (Fintech Notes 2025/004). DOI: https://doi.org/10.5089/9798229014250.063
Leong, C., Tan, F. T. C., Tan, B., & Faisal, F. (2022). The emancipatory potential of digital entrepreneurship: A study of financial technology‑driven inclusive growth. Information & Management, is. 59(3), 103384. DOI: https://doi.org/10.1016/j.im.2020.103384
Lin, X., Zhang, S. S., & Zachariadis, M. (2025). Open data and API adoption of U.S. banks. Journal of Financial Intermediation, is. 63, 101162. DOI: https://doi.org/10.1016/j.jfi.2025.101162
Muthukannan, P., Tan, B., Tan, F. T. C., & Leong, C. (2021). Novel mechanisms of scalability of financial services in an emerging market context: Insights from Indonesian Fintech Ecosystem. International Journal of Information Management, is. 61, 102403. DOI: https://doi.org/10.1016/j.ijinfomgt.2021.102403
Muthukannan, P., Gozman, D., Tan, B., & Dhavamani, P. (2026). From Open Banking Regulation to Platform Orchestration: The evolution of digital platform governance. Information Systems Journal. DOI: https://doi.org/10.1111/isj.70030
Palmié, M., Wincent, J., Parida, V., & Caglar, U. (2019). The evolution of the financial technology ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change, is. 151, 119779. DOI: https://doi.org/10.1016/j.techfore.2019.119779
Rochet, J.-C., & Tirole, J. (2003). Platform competition in two‑sided markets. Journal of the European Economic Association, 1(4), pp. 990–1029. DOI: https://doi.org/10.1162/154247603322493212
Rysman, M. (2009). The economics of two‑sided markets. Journal of Economic Perspectives, is. 23(3), pp. 125–143. DOI: https://doi.org/10.1257/jep.23.3.125
Tiwana, A., & Konsynski, B. (2010). Complementarities between organizational IT architecture and governance structure. Information Systems Research, is. 21(2), pp. 288–304. DOI: https://doi.org/10.1287/isre.1080.0206
Tiwana, A., Konsynski, B., & Bush, A. A. (2010). Research Commentary–Platform evolution: Coevolution of platform architecture, governance, and environmental dynamics. Information Systems Research, is. 21(4), pp. 675–687. DOI: https://doi.org/10.1287/isre.1100.0323
Tilson, D., Lyytinen, K., & Sørensen, C. (2010). Research Commentary–Digital infrastructures: The missing IS research agenda. Information Systems Research, is. 21(4), pp. 748–759. DOI: https://doi.org/10.1287/isre.1100.0318
Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, is. 28(2), pp.118–144. DOI: https://doi.org/10.1016/j.jsis.2019.01.003
Yoo, Y., Henfridsson, O., & Lyytinen, K. (2010). Research Commentary–The new organizing logic of digital innovation: An agenda for information systems research. Information Systems Research, is. 21(4), pp. 724–735. DOI: https://doi.org/10.1287/isre.1100.0322
Eichengreen, B. (2023). Financial regulation in the age of the platform economy. Journal of Banking Regulation. DOI: https://doi.org/10.1057/s41261-021-00187-9
David McNulty, Andrea Miglionico, Alistair Milne, Data Access Technologies and the ‘New Governance’ Techniques of Financial Regulation, Journal of Financial Regulation, Volume 9, Is. 2, October 2023, pp. 225–248, DOI: https://doi.org/10.1093/jfr/fjad008
Авторське право (c) 2026 Світлана Кузнецова
Ця робота ліцензується відповідно до Creative Commons Attribution 4.0 International License.
