Bank Marketing: Features, New Trends, and Prospects

The importance of the subject of this study is attributable to the need of developing the theory and practice of formation of bank marketing, its features and new trends associated with this concept. Prospects for the development of banks and their ability to quickly and efficiently address new challenges presented by the market can be determined through modern forms, methods of management and creative use of financial marketing opportunities.

Aim. The presented study aims to examine the specific aspects, principles, conditions, factors of emergence, and prospects for the development of bank marketing and forms of its management in modern economic conditions.

Tasks. The authors identify the major trends and perspective directions in the development of bank marketing in Azerbaijan at the current stage.

Methods. As its methodological and theoretical basis, this study uses a systems approach to the analysis of its subject, conceptual approaches outlined in the works of Azerbaijani, Russian, and foreign scientists in the field of bank marketing. These methods are used to determine the essence of bank marketing, present the types and organization of marketing research, and identify the characteristic traits, new forms, and directions for the development of bank marketing.

Results. The study uses general scientific methods of cognition in various aspects to identify characteristic traits, trends, and new directions of bank marketing. A review of scientific publications shows that academic papers tend to focus on general conceptual approaches to the practical application of marketing. The authors believe that the issues of organization of a comprehensive bank management system, its implementation based on innovations in the promotion of banking products and services in the financial market, and substantiation of channels for their distribution among consumers are insufficiently explored. This makes the subject of this study extremely relevant due to the inevitable optimization of the organizational structure of banks through comprehensive implementation of the marketing system.

Conclusions. Theoretical and practical issues of bank marketing are examined. As a result, the specific features and characteristic traits of this mechanism, conditions and factors for its emergence, and its prospects in the context of the digital economy are analyzed.

1. Mamedov Z. F. Küresel Mali Kriz Ortamında Azerbaycan Bankacılık Sektörünün Yapısı, Özellikleri ve Sorunları [Structure, characteristics and problems of Azerbaijan banking sector in the global financial crisis environment]. Amme İdaresi Dergisi, 2011, vol. 44, no. 3, pp. 173−203.

2. Tagirbekov K. R., ed. Osnovy bankovskoy deyatel’nosti (bankovskoe delo) [Basics of banking activity]. Moscow: INFRA-M, 2003. 715 p.

3. Popova N. Yu., Khabarov V. I. Bankovskiy marketing [Banking marketing]. Moscow: INFRA-M, 2004. 165 p.

4. Karpova S. V., ed. Finansovyy marketing: teoriya i praktika [Financial marketing: Theory and practice]. Moscow: Urait, 2013. 424 p.

5. Lavrushin O. I., ed. Upravlenie deyatel’nost’yu kommercheskogo banka (bankovskiy menedzhment) [Commercial bank management]. Moscow: Yurist, 2002. 688 p.

6. Usoskin V. M. Sovremennyy kommercheskiy bank: upravlenie i operatsii [Modern commercial bank: Management and operations]. Moscow: Vse dlya vas, 1993. 320 p.

7. Frost S. M. The bank analyst’s handbook: Money, risk and conjuring tricks. Hoboken, NJ: John Wiley & Sons, Inc., 2004. 572 p. (Russ. ed.: Frost S. M. Nastol’naya kniga bankovskogo analitika: den’gi, riski i professional’nye priemy. Dnepropetrovsk: Balance Business Books, 2006. 643 p.).

8. Kotler Ph. A framework for marketing management. Upper Saddle River, NJ: Prentice-Hall, 2001. 352 p. (Russ. ed.: Kotler Ph. Marketing menedzhment. Ekspress-kurs. St. Petersburg: Piter, 2001. 495 p.).

9. Mamedov Z. F., Abbasov A., Aliev S. Tsifrovizatsiya bankovskogo sektora: novye vyzovy i perspektivy [Digitalization of the banking sector: New challenges and prospects]. Ekonomika i upravlenie, 2019, no. 6 (164), pp. 82−89.