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Trust in Russia’s Banking System

Abstract

According to the data presented in this article, in modern Russia, the level of trust in the banking system is lower than in most countries of the world, and it has been falling in recent years due to the financial crisis and a number of other factors. Among the main reasons for the low trust of Russians in the banking system, the author considers both the shortcomings in the organization of activities of domestic banks and the psychological consequences of the situation in the 1990s, as well as the peculiarities of the behavior of Russian bankers creating a negative image in mass consciousness. The problem of a low level of trust in modern Russian society, which is also projected onto the banking sector, is analyzed. The multilayer structure of trust in banks including such main levels as trust in society as a whole, trust in its social institutions, trust in entrepreneurship, trust in big business, trust in the banking sector of the economy, and trust in certain financial and credit institutions, is revealed. Recommendations for Russian banks are developed to increase the population’s trust in them.

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Notes

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    There is also a reverse side of this problem, i.e., banks trust in their borrowers; however, the present article does not address this issue.

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Funding

This work was supported by the Russian Foundation for Basic Research, project no. 17-29-02104 “Indicators and Predictors of Psychological Condition of Russian Society.”

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Correspondence to A. V. Yurevich.

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Translated by E. Bataeva

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Yurevich, A.V. Trust in Russia’s Banking System. Her. Russ. Acad. Sci. 89, 577–583 (2019). https://doi.org/10.1134/S1019331619060145

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Keywords:

  • banks
  • banking sector of the economy
  • population’s trust
  • population
  • causes
  • factors
  • society
  • mass consciousness
  • and multilayer structure