The institutional foundations of the banking services market: a global context

Abstract

The purpose of this article is to examine current trends in the development of the banking services market, with a focus on the experiences of leading countries worldwide. To achieve this goal, a set of well-known scientific methods was used in the course of the study: generalization methods were used to summarise global experience in the formation of the banking services market, as well as to draw conclusions and make recommendations; the comparison method was used to identify common and distinctive features of the functioning of leading countries; the method of structural and functional analysis was used to study the internal organisation of the banking services market and the role of its main institutional elements, and the systematic approach allowed us to consider the banking services market as a complex dynamic system comprising interrelated elements: banking institutions, regulatory bodies, customers and technological infrastructure. Results The article analyses key factors that determine the evolution of banking systems in the context of the globalisation of the world economy. It reveals the essence and features of the main models of the banking services market in developed economies and identifies common and distinctive features in their organisation and regulation. Based on a summary of international experience, recommendations are formulated on adapting successful foreign practices to the conditions of the national banking sector's development. Conclusions. International experience shows that the successful development of the banking services market depends on a combination of technological innovation, effective regulation and the flexibility of banking institutions in meeting customer needs. Recommendations are proposed for integrating best international practices into the domestic banking system in order to increase its efficiency and competitiveness in the global environment.