The aim of the article. The aim of the article is to define and to estimate the forming of expediency of the development strategy of financial and innovative technologies in the context of modern economic space realities. The results of the analysis. The growing importance of the financial sector in the contemporary economic space, as well as rapid changes in it, generates a need for financial innovative technologies. Development strategy of financial and innovative technologies is always associated with the current state of the financial system, its existent technical, technological and financial base. Therefore, the strategy of financial and innovative technologies will be considered the system of long-term goals and means of achieving them, implemented in the financial activity. Financial innovative technologies strategy includes two aspects: 1) management of the introduction of technical and technological innovations; 2) the process of constant changes in the financial sector according to the environment change. Thus, the essence of the development strategy of financial innovative technologies is to target business entities (including banks) to application new and more efficient technologies, services and organizational structures. In other words, to put the problem of profitability, flexibility and adaptability increasing in the financial market. The development expediency of the financial and innovative technologies is determined by such criteria: concordance with the amount of capital that can be directed to the financial activity; efficiency or concordance of the results and the real costs of achieving them; distinctness in terms of achieving the aim; the optimal combination of expected achievement the necessary profitability and possible risks and uncertainty in the future period; concordance of planned financial technologies with general economic conditions of the environment. Choosing the basic strategy of financial innovative technologies should be conducted on a competition model of M. Porter, which intends to provide price leading strategy, differentiation strategy and concentration strategy. At the same time, the general strategy can be represented as a set of strategic and tactical development plans of financial innovative technologies. To implement the development strategy of financial innovative technologies into practice it is necessary to create special group of innovation introduction. Its main aim is to provide the plan of innovations and its main functions consist of the following: development and formation mechanism of implementation the financial innovative technologies, taking into account general aspects of financial planning; organization of operational implementation groups of separate financial innovative solutions and coordination of their work; encouragement liaison with independent experts and consultants to assess the implementation of innovative financial solutions; collecting and providing of objective information on the implementation of financial and innovative technologies to specialists and management. Conclusions and directions of further researches. An innovative type of financial development is formed in Ukraine today. The financial system is under constant change and evolution. Financial innovative technologies significantly effect on fluctuations of these processes. Application development strategy of financial innovative technologies will promote the improvement of general financial management for all economic subjects and broaden financial space of the country as a whole, as well as accelerate the introduction of new financial, informational and telecommunication technologies. However, based on the fact that economic subjects have not identical conditions of development, it is advisable to clarify the introduction sequence of new financial technologies, in other words identification of separate functional strategies of their promotion.
Keywords: innovations, innovative process, innovative changes, financial and innovative technologies` strategy
Cite as: Lavrov, R. (2013). The development strategy of financial and innovative technologies. Marketing and Management of Innovations, 3, 92-99. https://doi.org/10.21272/mmi.2013.3-09