Trust in digital financial instruments: an economic-sociological approach

Aim. The presented study aims to show the influence of digital trust on the formation and transformation of people’s economic behavior.
Tasks. The authors investigate the evolution of scientific approaches to the characterization of trust; determine historical reasons for the emergence of digital trust; classify modern financial instruments as elements of the economic system; formulate an economic-sociological approach that makes it possible to examine trust in financial instruments in the context of digital transformation; identify methods and instruments for increasing digital trust and determine the consequences of their use by economic subjects.
Methods. This study uses a research method based on the economic and sociological theories of trust developed by such authors as M. Weber, G. Simmel, T. Parsons, and N. Luhmann, who interpreted this phenomenon in relation to economics.
Results. According to the results of analyzing theoretical approaches, the methods of the sociology of trust can be used in the investigation of trust in economic institutions. The study substantiates the thesis that digital financial instruments should be viewed through the lenses of “personal” and “system” trust using N. Luhmann’s system analysis. It also proves that digital financial instruments contribute to reducing the risk of distrust in economic transactions, preserving the integrity of the social system.
Conclusions. The phenomenon of trust needs to be examined in conjunction with the analysis of digital transformations in the financial sphere, since this makes it possible to re-imagine and explore in more detail the conditions for the use of financial digital instruments by consumers, and therefore requires a theory and methodology for studying the relationship between these phenomena to be developed.

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