THE “BANKING SERVICE” CATEGORY: DEFINITION AND CHARACTERISTICS

Abstract

The article deals with the complexity of financial market segments, the interaction between which takes place over the provision of financial services. Such concepts as financial service and payment service are considered. It is analysed that banking is one of the elements of financial activity in the state. Banking services currently have a monopoly, trying to prevent the emergence of new entities with advanced technology. The genesis of the emergence of banks is briefly examined. The essence of the main concepts in the sphere of banking activity is covered. It is noted that banking activity is a financial activity in its essence, but it requires detailed and consistent legal regulation and protection by the state as it is a set of legal relations. A bank, in turn, is a legal entity that has the exclusive right to provide banking services on the basis of a banking license. The notion of “banking services” is explored, and the definition of “service” and the characteristics inherent in banking services are defined. Service is an independent legal category that has a complex nature with inherent form and content. In the economic literature, services are defined both as a type of activity and as a type of economic good in intangible form. The legal literature contains the dominant opinion that service is an action, or service as a category of civil law is a set of actions (activity) united by one goal – the creation of useful effect. The authors note that difficulty in developing the concept of “service” is the lack of a unified understanding of this phenomenon. The analysis of the main doctrinal approaches used in the article has established that banking services are bank activities aimed at supporting and optimal execution of banking operations.