RETAIL CORE BANKING SERVICES COMPARISON TOOLS AND THE QUALITY OF INFORMATION

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F17%3A50013847" target="_blank" >RIV/62690094:18450/17:50013847 - isvavai.cz</a>

Výsledek na webu

—

DOI - Digital Object Identifier

—

Jazyk výsledku

angličtina

Název v původním jazyce

RETAIL CORE BANKING SERVICES COMPARISON TOOLS AND THE QUALITY OF INFORMATION

Popis výsledku v původním jazyce

Retail core banking services provided by the payment accounts are the most frequently used financial services. However, consumers bear the negative impact of the information asymmetry in form of tariff opacity, tying, bundling and conditional prices. The Payment Account Directive, transposed now in the national legal systems, seeks to change it. It relies strongly on the comparison tools which should provide understandable, accurate and verifiable information. Every member state has a duty to provide at least one such tool allowing consumers making well-informed choices. Our main goal is to perform quality of information assessment for three representative comparison tools in the Czech Republic, Poland and Slovakia. The results are not satisfactory regarding the accuracy, full price statement and relevance. None of the surveyed tools provided the result page without errors in form of incorrect calculation, misguiding results and plausible but not completely accurate results. We describe observed flaws in detailed result confirmation. We do not find any major flaw in terms of comparability and verifiability. The secondary objective of the paper is to assess the readiness for the upcoming regulation concerning a standardised terminology for the most common services linked to a payment account. This regulation is right now being prepared by the European Banking Authority.

Název v anglickém jazyce

RETAIL CORE BANKING SERVICES COMPARISON TOOLS AND THE QUALITY OF INFORMATION

Popis výsledku anglicky

Retail core banking services provided by the payment accounts are the most frequently used financial services. However, consumers bear the negative impact of the information asymmetry in form of tariff opacity, tying, bundling and conditional prices. The Payment Account Directive, transposed now in the national legal systems, seeks to change it. It relies strongly on the comparison tools which should provide understandable, accurate and verifiable information. Every member state has a duty to provide at least one such tool allowing consumers making well-informed choices. Our main goal is to perform quality of information assessment for three representative comparison tools in the Czech Republic, Poland and Slovakia. The results are not satisfactory regarding the accuracy, full price statement and relevance. None of the surveyed tools provided the result page without errors in form of incorrect calculation, misguiding results and plausible but not completely accurate results. We describe observed flaws in detailed result confirmation. We do not find any major flaw in terms of comparability and verifiability. The secondary objective of the paper is to assess the readiness for the upcoming regulation concerning a standardised terminology for the most common services linked to a payment account. This regulation is right now being prepared by the European Banking Authority.

Druh

D - Stať ve sborníku

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Finance and performance of firms in science,education and practice

ISBN

978-80-7454-653-2

ISSN

—

e-ISSN

—

Počet stran výsledku

16

Strana od-do

994-1009

Název nakladatele

Univerzita Tomáše Bati

Místo vydání

Zlín

Místo konání akce

Tomas Bata Univ Zlin

Datum konání akce

26. 4. 2017

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000471174000078