Non-institutional factors for forming public confidence in financial institutions in the Russian Federation

Abstract

In the current conditions of heterogeneity and dynamics of the external environment, a person separately develops a certain degree of trust in it, which forms the strategy of his behavior. The degree of trust depends on institutional and non-institutional factors. The characteristics of these factors determine their significance in relation to the subjects of local or global interaction. In this article, we consider aspects of increasing the level of public confidence in financial institutions in the Russian Federation from the standpoint of the importance of non-institutional factors in developing the competitive advantages of financial institutions in the new reality. The study is based on the use of methods of structural and comparative analysis, rationale and interpretation, observation, formalization, expert assessments. In the course of the work, the analysis of scientific literature was carried out, the opinions of practitioners were studied, and the practical activities of individual financial institutions were studied. It was revealed that non-institutional factors of public confidence in financial institutions can be divided into general, presented in detail in the scientific literature (age, education, social status, type of activity, etc.), and specific, considered by researchers indirectly. Specific ones are presented by two groups of factors: considered in the scientific literature without regard to financial institutions (emotional intelligence, manipulative media content, etc.) and not considered by researchers, but designated by experts and taken into account by financial institutions (formation of an ecosystem, inclusive design, adherence to the principles of ESG, loyalty to the client environment, etc.). Within the framework of the developed classification, a substantiation of the prospects for the impact of the indicated factors in various horizons of planning the activity of financial institutions is given.