Ekonomia i Prawo. Economics and Law
Trust in the banking sector in Poland in comparison to global trends
DOI: http://dx.doi.org/10.12775/EiP.2020.022
Abstract
Motivation: Banks are called public trust institutions. This term underlines the importance of trust in the activities of these institutions. The global financial crisis has drastically reduced public trust in banks. However, nowadays, at a time of a global crisis of social trust in broadly understood institutions, more and more people tend to trust banks. This phenomenon has given rise to the need to identify factors for restoring trust in banks.
Aim: The aim of the study is to compare changes in the level of trust in banks in Poland with the trends observed in this respect on a global scale. Factors strengthening or weakening public trust in banks will be also identified.
Results: The research shows that in the case of the Polish market, financial stability, improvement of the quality of services provided, and care for security are the factors that have been mainly responsible for the increase in trust in banks in recent years. On a global scale, efficient problem-solving/complaint handling is also an important determinant of high trust in banks. Moreover, cultural factors were identified as determinants of differences in the level of trust in the banking sector in countries of the Western and Eastern civilisations. The research also resulted in demonstrating that the changes in the level of trust recorded for the Polish market were to a large extent a reflection of processes taking place on a global scale. However, a more detailed analysis of the data showed that in the time of the financial crisis in 2009, the decline in the level of trust in banks observed in Poland was stronger than on the global market. In turn, during the period of global economy growth, one year before the outbreak of the COVID–19 pandemic, trust in the banking sector in Poland was at a higher level than the average level of trust in banks recorded on a global scale. Such a considerable dispersion of results stems mainly from factors of an emotional nature.
Keywords
Full Text:
PDFReferences
Acharya, V.V. (2009). A theory of systemic risk and design of prudential bank regulation. Journal of Financial Stability, 5(3). doi:10.1016/j.jfs.2009.02.001.
Bordo, M.D. (2008). An historical perspective on the crisis of 2007–2008. NBER Working Paper, 14569. doi:10.3386/w14569.
CBOS. (2018). Zaufanie do sektora bankowego. Retrieved 23.01.2020 from https://www.cbos.pl.
Cohn, A., Fehr, E., & Maréchal, M.A. (2014). Business culture and dishonesty in the banking industry. Nature, 516. doi:10.1038/nature13977.
Dąbrowski, T.J. (2017). Współczesny bank: między instytucją zaufania publicznego a przedsiębiorstwem. Bezpieczny Bank, 1(66).
Dziawgo, L. (2009). Status instytucji zaufania publicznego we współczesnej bankowości: pomiędzy partnership banking a killer banking. Ekonomiczne Problemy Usług, 38.
Dziawgo, L. (2011). Współczesny biznes bankowy: patologiczne otoczenie „ekonomia polityczna” oraz ład monetarno-instytucjonalny rynku finansowego jako zagrożenie dla bankowości. Bezpieczny Bank, 3(45).
Edelman. (2007–2020). Trust barometer 2007–2020. Retrieved 20.01.2020 from https://www.edelman.com.
Ennew, C., & Sekhon, H.S. (2007). Measuring trust in financial services: the trust index. Consumer Policy Review, 17(2).
EY. (2014). W centrum uwagi: doświadczenia klienta w kontakcie z marką: światowe badanie klientów banków detalicznych 2014. Retrieved 25.01.2020 from https://www.ey.com.
Gangl, K., Kastlunger, B., Kirchler, E., & Voracek, M. (2012). Confidence in the economy in times of crisis: social representations of experts and laypeople. Journal of Socio-Economics, 41(5). doi:10.1016/j.socec.2012.05.018.
Goodfriend, M. (2011). Money markets. Annual Review of Financial Economics, 3(1). doi:10.1146/annurev-financial-102710-144853.
Gradoń, W. (2015). Czy banki nadal są instytucjami zaufania publicznego. Annales Universitatis Mariae Curie-Skłodowska: Sectio H: Oeconomia, 48(4). doi:10.17951/h.2014.48.4.61.
Haldane, A.G., & May, R.M. (2011). Systemic risk in banking ecosystems. Nature, 469. doi:10.1038/nature09659.
Idzik, M., & Gieorgica, J. (2019). Reputacja sektora bankowego w Polsce: wnioski z badania w 2019 roku. Bezpieczny Bank, 3(76). doi:10.26354/bb.4.3.76.2019.
Jongchul, K. (2013). Modern politics as a trust scheme and its relevance to modern banking. Journal of Economic Issues, 47(4). doi:10.2753/jei0021-3624470401.
KPMG & ZBP. (2019). PSD2 i open banking: rewolucja czy ewolucja. Retrieved 24.01.2020 from https://home.kpmg.
KPMG. (2019). Czy klient jest najważniejszy: na bank: analiza doświadczeń klienckich oferowanych przez banki w Polsce. Retrieved 24.01.2020 from https://home.kpmg.
Laeven, L. (2011). Banking crises: a review. Annual Review of Financial Economics, 3(1). doi:10.1146/annurev-financial-102710-144816.
Langley, P. (2013). Anticipating uncertainty, reviving risk: on the stress testing of finance in crisis. Economy and Society, 42(1). doi:10.1080/03085147.2012.686719.
Lastra, R.M., & Wood, G. (2010). The crisis of 2007–09: nature, causes, and reactions. Journal of International Economic Law, 13(3). doi:10.1093/jiel/jgq022.
Lynch, J.J. (1991). Ethical banking: surviving in an age of default. London: Macmillan.
Nishimura, K.G. (2010). Financial system stability and market confidence. Asian Economic Papers, 9(1). doi:10.1162/asep.2010.9.1.25.
Polillo, S. (2011). Money, moral authority, and the politics of creditworthiness. American Sociological Review, 76(3). doi:10.1177/0003122411407737.
Reynolds, J.N., & Newell, E. (2011). Ethics in investment banking. New York: Palgrave Macmillan.
Sako, M. (1992). Prices, quality and trust: inter-firm relations in Britain and Japan. Cambridge: Cambridge University Press.
Schumpeter, J.A. (1939). Business cycles: a theoretical, historical and statistical analysis of the capitalist process. New York: MacGraw-Hill.
Szambelańczyk, J. (2010). Stabilność systemu bankowego a paradygmat bankowości. Finanse, 1(2).
Sztompka, P. (2007). Zaufanie: fundament społeczeństwa. Kraków: Znak.
van Esterik-Plasmeijer, P.W.J., & van Raaij, W.F. (2017). Banking system trust, bank trust, and bank loyalty. International Journal of Bank Marketing, 35(1). doi:10.1108/IJBM-12-2015-0195.
van Raaij, W.F. (2016). Understanding consumer financial behavior: money management in an age of financial illiteracy. New York: Palgrave Macmillan.
Whitener, E.M., Brodt, S.E., Korsgaard, M.A., & Werner, J.M. (1998). Managers as initiators of trust: an exchange relationship framework for understanding managerial trustworthy behavior. Academy of Management Review, 23(3).
Wicker, E. (2000). Banking panics of the gilded age. Cambridge: Cambridge University Press. doi:10.1017/cbo9780511571992.
ZBP. (2013). Wizerunek polskiego sektora bankowego: edycja 2013. Retrieved 27.12.2019 from https://zbp.pl.
ZBP. (2016). Reputacja polskiego sektora bankowego 2016. Retrieved 27.12.2019 from https://zbp.pl.
ZBP. (2018). Główne obserwacje z wyników badań reputacji polskiego sektora bankowego: edycja 2018. Retrieved 27.12.2019 from https://zbp.pl.
ZBP. (2019). Wybrane obserwacje w zakresie oceny reputacji i zaufania do banków w Polsce w 2019 r. Retrieved 27.12.2019 from https://docplayer.pl.
ZBP. (2020). Cyberbezpieczny portfel. Retrieved 25.02.2020 from https://www.zbp.pl.
ISSN 1898-2255 (print)
ISSN 2392-1625 (online)