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Liburkina L. M.

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Personalization of Financial Services to Households: Essence and Features of Implementation by Banking Institutions
Dubyna M. V., Fedoriv Y. M.

Dubyna, Maksym V., and Fedoriv, Yuriy M. (2024) “Personalization of Financial Services to Households: Essence and Features of Implementation by Banking Institutions.” Business Inform 11:260–268.
https://doi.org/10.32983/2222-4459-2024-11-260-268

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 330.567.28:336.717

Abstract:
The modern development of the financial services sector takes place taking into account the significant impact of digital technologies on the functioning of banking and other financial institutions. The use of such technologies opens up new opportunities and prospects for financial intermediaries. It is thanks to information and communication innovations that it becomes possible to use an individual approach to customer service. Accordingly, this actualizes the issue of theoretical and applied substantiation of the essence of personalization of financial services in modern conditions, its features of implementation in the existing system of financial services, primarily by banking institutions. In order to specify the essence of personalization of financial services, the content of the concept of «personalization» is analyzed, and separate scientific approaches to its consideration are allocated. An analysis of the features of the use of personalization in the functioning of economic systems is also carried out. As a result, this made it possible to offer an understanding of personalization of financial services as a process of taking into account individual traits, preferences of potential customers when creating an intangible form of the result of interaction between them and financial institutions in order to meet the financial needs of such clients at their own expense, at the expense of the institutions or at the expense of attracted financial resources of other consumers in accordance with the current legislation in order to make a profit, preservation of the value of assets or achievement of a social effect from the implementation of such a service. Also, the article pays considerable attention to determining the peculiarities of using the principle of personalization of financial services in the work of banking institutions. It is found that the most expedient is the use of such a principle in the process of providing financial services to households, taking into account their preferences, needs and indicators that characterize their financial condition. It is also determined that in modern realities, banking institutions are just beginning to actively use digital technologies in the process of personalization of financial services, which indicates the prospects of this direction in their work.

Keywords: banking institution, personalization, financial service, personalized financial service, banking system, digitalization, household.

Fig.: 4. Bibl.: 10.

Dubyna Maksym V. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Finance, Banking and Insurance, National University «Chernihiv Polytechnic» (95 Shevchenka Str., Chernihiv, 14035, Ukraine)
Email: [email protected]
Fedoriv Yuriy M. – Postgraduate Student, Department of Finance, Banking and Insurance, National University «Chernihiv Polytechnic» (95 Shevchenka Str., Chernihiv, 14035, Ukraine)
Email: [email protected]

List of references in article

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