Transformation of the banks marketing strategy in the conditions of digitalization

Cherkasova Mariia
Graduate student of the Department of Banking, Odessa National University of Economics, Odesa, E-mail:makedonskaya.m97@gmail.com, ORCID ID: https://orcid.org/0000-0002-5478-650X

Cite this article:

Cherkasova M. (2022) Transformation of the banks marketing strategy in the conditions of digitalization. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Transformatsiia marketynhovoi stratehii banku v umovakh tsyfrovizatsii; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 3-4 (292-293), pp. 61-67.

Abstract

Introduction. The process of digital transformation is important to ensure the competitiveness of the modern banking system. This causes a change in the traditional model of business introduction, economic development and social relations. Digitalization is a new challenge for modern banking institutions. That is why one of the main tasks today is to find modern marketing tools and form an effective digital marketing strategy to ensure a stable competitive position of banking institutions in Ukraine.Purpose. The purpose of the study is to determine the essence of digital marketing as a priority component of strategic management, as well as to study the main tools of modern digital marketing strategy of the bank. Research results. The article examines the essence of the process of digital transformation of the economy and its impact on the development of banking institutions. The meaning of the concept of "digitalization" from different points of view of scientists is revealed. The digital transformation has been identified as a new challenge for banking institutions. The role of modern tools of strategic management in ensuring the efficiency of the banking system in conditions of increased competition is determined. Theoretical approaches to the definition of "digital marketing" are analyzed. The concept of digital marketing is generalized and its role in ensuring the effective development of banking institutions is defined. The main tools of digital marketing are identified. The differences between the concepts of "Internet marketing" and "digital marketing" are argued. The constituent elements of the bank's digital marketing strategy system are considered and the peculiarities of modern strategic marketing of banking institutions are determined. Conclusions. It is substantiated that the active introduction of digital technologies in the activities of banking institutions is an important area of strategic development of the bank in the transformation of a market economy. The introduction of modern digital marketing tools is proposed, which are aimed at increasing the level of interaction with the audience in order to increase their efficiency in the process of digitalization of the banking system.

Keywords

digitalization, transformation, digital economy, digital marketing, strategy, strategic management, digital banking.

JEL classification:G210, L100, M310; DOI:10.32680/2409-9260-2022-3-4-292-293-61-67

UD classification:336.71:658.8

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