IDEAS home Printed from https://ideas.repec.org/a/nos/ddldem/65.html
   My bibliography  Save this article

Development of digitalization mechanism of institute of financial ombudsman on example of Ukraine

Author

Listed:
  • Pozniakova Olena

    (Lviv Polytechnic National University)

  • Dobosh Nazar

    (Lviv Polytechnic National University)

Abstract

The object of research is the problem of the rights violation of consumers of financial services. The institute of financial ombudsman is important for this function. This is the person who successfully performs the function of settling disputes in many countries around the world. The authors have developed a mechanism for digitalization of the institute of financial ombudsman, which will help in resolving disputes and preventing them through a special electronic platform of the financial ombudsman, which would optimize the cooperation of consumers of financial services with the ombudsman. This model of interaction with the mediator will be especially useful during a pandemic, COVID-19, in particular. Let’s believe that the process of appealing to the financial ombudsman through electronic systems for submitting and receiving the information will ensure the efficiency of service delivery, equal access to the procedure of consultation, and protection of all segments of the population. Analytical review of consumer protection violations was carried out based on statistical data of Ukraine, but the proposal to introduce a mechanism for the financial ombudsman digitalization is quite simple and universal for implementation in many countries. Statistics on complaints about violations in the provision of financial services in both the banking and non-banking financial sectors indicate the need to pay more attention to simplifying citizens' appeals to the regulator. The authors' survey of young people confirmed a low level of trust in banking and non-banking financial market institutions. It is important that the mediator actively participates not only in the stage of appealing disputes but also in preventing them in the form of dialogue with the consumer and the implementation of the rights and obligations of both parties. This will ensure a high level of financial inclusion, increase public confidence in the financial sector, as well as the level of financial literacy of the population.

Suggested Citation

  • Pozniakova Olena & Dobosh Nazar, 2020. "Development of digitalization mechanism of institute of financial ombudsman on example of Ukraine," Technology audit and production reserves, Socionet;Technology audit and production reserves, vol. 6(4(56)), pages 54-59.
    • Handle: RePEc:nos:ddldem:65
    as

    Download full text from publisher

    File URL: http://journals.uran.ua/tarp/article/view/220327
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Uwe Dulleck, 2019. "Financial Decisions and Financial Regulation: Three Concepts of Performance Based Regulation," CESifo Working Paper Series 8006, CESifo.
    2. Gaganis, Chrysovalantis & Galariotis, Emilios & Pasiouras, Fotios & Staikouras, Christos, 2020. "Bank profit efficiency and financial consumer protection policies," Journal of Business Research, Elsevier, vol. 118(C), pages 98-116.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ongena, Steven & Paraschiv, Florentina & Reite, Endre J., 2023. "Counteroffers and Price Discrimination in Mortgage Lending," Journal of Empirical Finance, Elsevier, vol. 74(C).
    2. Johannes Binswanger & Anja Garbely & Manuel Oechslin, 2023. "Investor beliefs about transformative innovations under uncertainty," Economica, London School of Economics and Political Science, vol. 90(360), pages 1119-1144, October.
    3. Ruitao Gu & Qiaoyun Zhang & Wei Zhou & Jianxu Liu, 2022. "Judging the True Health of Finance Institutions Based on Risk Behavior and Operation Performance," Mathematical Problems in Engineering, Hindawi, vol. 2022, pages 1-21, November.
    4. Olivier Mesly & Hareesh Mavoori & Nicolas Huck, 2023. "The Role of Financial Spinning, Learning, and Predation in Market Failure," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(1), pages 517-543, March.
    5. Chrysovalantis Gaganis & Emilios Galariotis & Fotios Pasiouras & Christos Staikouras, 2021. "Macroprudential regulations and bank profit efficiency: international evidence," Journal of Regulatory Economics, Springer, vol. 59(2), pages 136-160, April.
    6. Zhang, Ailian & Wang, Shuyao & Lien, Donald & Yu, Chia-Feng (Jeffrey), 2023. "Are banks rewarded for financial consumer protection? Evidence from a quasi-natural experiment," Finance Research Letters, Elsevier, vol. 52(C).
    7. Dutra, Tiago M. & Teixeira, João C.A. & Dias, José Carlos, 2023. "Banking regulation and banks’ risk-taking behavior: The role of investors’ protection," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 124-148.

    More about this item

    Keywords

    financial ombudsman; consumer rights protection; financial sector; financial inclusion; insurance companies;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G2 - Financial Economics - - Financial Institutions and Services
    • G5 - Financial Economics - - Household Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nos:ddldem:65. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Алина Макаренко (email available below). General contact details of provider: http://socionet.ru/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.