Consumer Protection on the Banking Services Market

• Author: Neacsu N.A.
• Position: Transilvania University of Brasov
• Pages: 21-28

Bulletin of the Transilvania University of Braşo v

Series V: Economic Sciences • Vol. 11 (60) No. 2 – 2018

CONSUMER PROTECTION ON THE BANKING

SERVICES MARKET

Nicoleta Andreea NEACȘU1

Abstract: This article analyses an important part of consumer protection,

namely consumer protection in the banking services sector (especially with

regard to bank loans). The paper aims to create a clear picture of consumer

protection on the banking market and how consumers perceive they are

protected in this market. In this respect, a quantitative marketing research

based on the survey method was carried out. The data collection tool was

the questionnaire, with 246 consumers interviewed.

Key words: consumer protection, banking services, credit, financial

institutions, marketing research.

1. Introduction

The banking market is a continuously moving and developing market t hat has its own

elements, different from those of other markets. The main function of commercial

banks is to grant loans to applicants who meet the conditions of financial standing

(economic capacity of a natural or legal person to repay, at maturity, the loans

contracted, together with the related interest). Banks grant loans on their own capital or

on account of the active balance resulting from the relatively constant difference

between customer deposits and the average refunds they are required at one time.

In Romania, the financial and banking institutions are grouped as follows: Commercial

banks, Savings houses, Homes for mutual benefit, Credit co-operatives, Pensions,

Insurance companies and State treasury.

The materialization of the concept of consumer protection by creating an institutional

framework at global, European and national level has led to the development of specific

legislation regulating consumer protection in the banking field as well.

2. Consumer Protection on the Banking Mark et

As an important part of the social protection that a democratic society has to

promote, and as a basic component of social protection programs, consumer protection

is a set of provisions on public or private initiatives aimed at ensuring and continuously

improving the respect of consumer interests.

1 Transilvania University of Braşov, andreea.neacsu@unitbv.ro