Nowadays consumers are benefitting from the various technologies that the financial system is implementing. In the light of increasing innovation in banking products and considering the aspect of public service of banking industry, consumer protection becomes an even more imperative subject. Thus, it became necessary to analyze the role and tasks of the banking market participants in identifying and addressing detriment consumers may experience while using bank services. The purpose of this research is to analyze different regulatory solutions applied in different national and regional legal systems in order to identify the current state of consumer protection and the main challenges in this field. The article presents best practices to implement a coherent approach to consumer protection in the banking industry.