Current Trends in Bank Marketing

Abstract

New risks make bank marketing especially relevant in modern conditions, e.g., COVID-19 restrictions, political issues, economic sanctions, etc. These risks affect the activities of banks, which have to look for new ways to create and promote their services and products. Bank products are quite peculiar: on the one hand, they are difficult to perceive by potential customers; on the other hand, digital technologies provide banks with additional promotion andexpansion opportunities. Global trends in bank marketing include such new technologies as artificial intelligence and digital platforms, new mobile applications, new sales channels and competition with other banks in this sphere, cybersecurity, winning the trust of customers, etc. New risks force banks to fight for customers and expand their market share using bank marketing concepts and tools. Digital marketing includes not only new promotion channels but also such new approaches as brand performance. Banks strive to meet customers halfway and to conquer new age groups by using gamification and financial education. The authors used the 7P marketing model to analyze AO Bank.DOM.RF as an average Russian bank and to recommend new options of bank marketing in practice. The analysis included strengths, weaknesses, opportunities, and threats.

Keywords

• banking system
• banking marketing
• 7p model
• competitiveness
• banking product
• customer experience