Bank loan agreement in the conditions of digitalization

The article presents the results of the analysis of those transformational processes that the legal basis of the bank loan agreement has undergone in the conditions of digitalization. European and Ukrainian approaches to understanding the concept of «digitalization» are analyzed. It is clarified how the wide implementation of IT technologies affected the field of banking services. The situation in the market of banking services in general, as well as in the field of credit relations before a full-scale invasion, was revealed. It is noted in the forecasts of the development of digital services until 2030. The key IT technologies that significantly influenced the field of banking services and determined the electronic form of contracts that are concluded are highlighted. It was noted that, on the one hand, the development of banking services under the influence of digitalization positively contributes to the development of the digital economy, and on the other hand, more risks have arisen regarding the guarantee of cyber protection of financial transactions and personal data. Recommendations are offered to strengthen the reliability and efficiency of the banking system in terms of compliance with cyber security rules. It is justified that the development of credit relations in Ukraine in the conditions of digitalization has led to the spread of electronic forms of credit contracts. Attention is drawn to the judicial practice that arose already in the process of protecting the rights of debtors under concluded electronic credit agreements. The following key groups of arguments for substantiating the debtors’ claims were identified: contracts were not concluded in writing; contracts were not signed, there are no electronic signatures on individual copies; the borrowers did not express their will before concluding the contract; etc. Based on the analysis of court practice and current legislation, the conclusion is substantiated that any transaction, including a bank loan, in the case of its conclusion in electronic form, is equated to a written form. An electronic contract cannot be invalidated solely because it is in electronic form. It is justified that the bank loan agreement, despite its rather imperative legislative regulation in order to protect the rights of debtors, has undergone changes in the form of conclusion, in particular, the electronic form prevails in practice.