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.
References
2. Кошелек в телефоне: как мобильные операторы покоряют рынок финансовых услуг. URL: https://delo.ua/business/koshelek-v-telefone-kak-mobilnye-operatory-pokorjajut-rynok-fina-346033.
3. КУБ, Бізнес-інкубатор. URL: https://inkubator.pb.ua.
4. Кузьмін О. Є. Довіра як економічна категорія. Науковий вісник НЛТУ України. 2010. Вип. 20.2. С. 100–104.
5. Мобильным банком Приват24 пользуются 6 миллионов украинцев URL: https://minfin.com.ua/2018/09/18/34964892/.
6. Проверка посещаемости сайта. URL: http://pr-cy.ru/site-statistics/.
7. Росс А. Індустрії майбутнього / пер. З англ. Н. Кошмаренко. Київ: Наш формат, 2017. 320 с.
8. Сайт компанії Corezoid. URL: https://new.corezoid.com.
9. Финтех пока не тренд. Future magazine. 2017. №3. С. 14–15.
10. Часті питання. Liqpay. URL: https://www.liqpay.ua/uk/faq.
11. Шаповалова Т. В. Довіра як економічна категорія та складова соціального капіталу. Збірник наукових праць Донецького державного університету управління. Серія : Економіка. 2013. Вип. 263, Т. 14. С. 295–303.
12. Экосистема финтеха ПриватБанка. Future magazine. 2016. №4. С.18–19.
13. Banking on the future: an exploration of FinTech and the consumer interest. Consumers International. URL: https://www.consumersinternational.org/media/154710/banking-on-the-future-full-report.pdf.
14. Blair H. Sh., Sherman D. M. The grammars of trust: A model and general implications. Academy of Management Review. 1998. Vol. 23. P. 422–437.
15. Blumberg Capital’s Fintech Survey – Consumer Loyalty is Keeping Banks Alive. URL: http://fintech.blumbergcapital.com.
16. Doney P. M., Cannon J. P. An examination of the nature of trust in buyer-seller relationships. Journal of Marketing. 1997. Vol. 58. P. 1–19.
17. Ennew Chrstine and Harjit S. Measuring Trust in Financial Services: The Trust Index. Consumer Policy Review. 2007. Vol. 17. P. 62–68.
18. EY FinTech Adoption Index 2017. The rapid emergence of FinTech. URL: https://www.ey.com/Publication/vwLUAssets/ey-fintech-adoption-index-2017/$FILE/ey-fintech-adoption-index-2017.pdf.
19. Fintech Talk. 2017. URL: https://startup.ua/ua/events/fintech-talk.html.
20. Google trends. URL: https://trends.google.com.ua/trends/.
21. Hurley R. F. A systems approach to restoring trust in the financial markets. EIASM (European Insititute for Advanced Studies in Management), 5th Workshop on Trust within and between Organizations. 2012. Madrid, May 28-29.
22. Nootaboom B. Trust, Opportunism and Governance: A Process and Control Model. Organization Studies. 1996. Vol. 17. P. 985–1010.
23. Pauline W. J. van Esterik-Plasmeijer, Fred van Raaij W. Banking system trust, bank trust, and bank loyalty. International Journal of Bank Marketing. 2017. Vol. 35 Issue 1. DOI: http://dx.doi.org/10.1108/IJBM-12-2015-0195.
24. Privat24 Sender. Privatbank card. URL: http://privatbank-card.com.ua/article/privat24_sender.
25. Raaij E. (2017); Bank System Trust, Bank Trust and Bank Loyalty. International Journal of Bank Marketing.
26. Tham J., Shukri Ab Yazid M., Khatibi Ali. A., Ferdous Azam S. M. Customer Perception of Trust towards Virtual Banking Adoption in Malaysia. European Journal of Business and Management. 2017. Vol.9, No.14. P. 159–168.
27. The Telegraph. Future of Fintech. Consumer Survey 2017. URL: https://www.telegraph.co.uk/content/dam/business/spark/Fintech/Telegraph_Fintech_Report%202017.pdf.
28. World FinTech Report 2017. URL: https://www.capgemini.com/service/the-world-fintech-report-2017-registration/.
