The Banking Services Market from the Standpoint of Modern Science and Legislation

Abstract

Curricula for the speciality 072 “Finance, banking, insurance and the stock market” must be regularly updated to cover changes in current legislation and reflect the transformations of the ever-evolving banking services market. This process directly affects the quality of educational training of students – future specialists and, therefore, should be the focus of attention of scientists and educators. The article aims to reveal and improve the essence of the concept of the “market of banking services” and formulation of the generalized concept of the “market of banking services and banking metals”, considering the realities of today and legislative changes in the banking sphere. The methodological basis of the research is a systematic approach using comparative analysis, induction, deduction and generalization. The article is conditionally divided into three parts: in the first part, a review of the legislation on the definition of banking services was carried out; the second part is devoted to the analysis of banking services market participants; in the last part, a critical review of the approaches of other researchers was carried out, and new definitions of basic concepts were proposed. It was found that legislative changes regarding the composition of participants and the structure of the banking services market of Ukraine have not been fully covered and considered in the professional literature. Systematized and expanded the range of participants in the market of banking services of Ukraine, taking into account the realities of today. According to the text of the General Agreement on Trade in Services, the list of banking services is provided, and the need for implementation into Ukrainian banking legislation was argued. The definition of the concept of “banking services market” was proposed, which takes into account the behaviour and interaction of sellers and buyers of banking services, other market participants, demand and supply for banking services and metals, bank money, pricing through interest rates and commissions for carrying out banking operations.