TRUST IN THE MARKET OF MODERN FINANCIAL SERVICES IN UKRAINE AND ABROAD

Abstract

The article examines scientific sources about the essence and importance of trust in the market of modern financial services. It is determined that consumers’ trust to the financial sector is based on consumer experience and depends on the ability of financial institutions to prove themselves as reliable partners who can fulfill their obligations, to work well and serve the interests of the consumer. The main factors shaping consumer trust to financial institutions and their services are presented. Among them: the similarity and presence of common values, beliefs or identity; equalization of interests; benevolent intentions; ability to implement the service; predictability; open and transparent communication with the client. It is emphasized that trust to modern financial services is a complex and multidimensional phenomenon, which includes the confidentiality of data, availability of services, integrity, the existence of constant communication with the company, the convenience of using mobile applications, security of transactions. It is substantiated that the most important component of trust is the belief of consumers that the platform they use to deliver services is safe and reliable. It is proved that trust to the financial intermediary, which provides the modern Fintech service, forms the primary level of consumer confidence to the corresponding Internet platform of this company. Moreover, the ease of use of the application or the website of a financial institution (usability, user-friendly interface) determines the quality of the service and increases the overall level of consumer confidence in it. It is determined that, unlike foreign countries, leading Ukrainian financial institutions, mainly banks, are the initiators of new Fintech solutions and modernization of traditional financial services. The undisputed leader in the field of providing modern financial services is «PrivatBank», which Fintech-ecosystem includes such spheres as payments and mobile wallets, blockchain, crowdfunding, retail banking, financial management.