TRENDS AND PRIORITIES IN THE DEVELOPMENT OF THE LATVIAN BANKING SERVICES IN THE CONTEXT OF EMERGING KNOWLEDGE BASED ECONOMY: CASE OF E-BANKING
TRENDS AND PRIORITIES IN THE DEVELOPMENT OF THE LATVIAN BANKING SERVICES IN THE CONTEXT OF EMERGING KNOWLEDGE BASED ECONOMY: CASE OF E-BANKING

Summary/Abstract: This article investigates the recent changes in the Latvian banking industry related to the emergence of ‘new economy’ and consequences that it has caused. It analyses an impact of new information technologies in the context of knowledge-based economy facilitating the changes in service strategy of the banking institutions in order to seek the most efficient service model. Knowledge-based economy has an influence not only on the choice of the dominating solutions offered by financial service providers, but it also reflects the preferred choice of them by customer. Moreover, customer demands, priorities and lifestyle are influenced by changes in external environment arising from the transformation of economical structure. These aspects are examined from the angles of globalization and customer trust in conditions of service depersonalization. Beside that, the article emphasizes potentially severe problems of the financial sector development in Latvia and analyzes e-banking services and the perspectives of their future escalation.

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