Theoretical and methodical aspects of transformation of approaches to the development of marketing strategy of banks in the context of digitalization of the economy

Lozynska Olha
Ph. D. student of the Department of Customs and Financial Services, Simon Kuznets Kharkiv National University of Economics, Kharkiv, E-mail:olgalozinskaya1@gmail.com, ORCID ID: https://orcid.org/0000-0003-2882-3546

Cite this article:

Lozynska O. (2023) Theoretical and methodical aspects of transformation of approaches to the development of marketing strategy of banks in the context of digitalization of the economy. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Teoretyko-metodychni aspekty transformatsii pidkhodiv do rozroblennia marketynhovoi stratehii bankiv v umovakh didzhytalizatsii ekonomiky; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 1-2 (302-303), pp. 86-99.

Abstract

The purpose of the article is to study the features and clarify the essence and structure of the financial services market based on generalization of theoretical and methodological aspects of transformations of existing approaches to the development of a bank's marketing strategy in the context of the development of the processes of digitalization of the economy. The paper defines the financial services market as a component of the financial system, which involves the use of appropriate infrastructure and innovative financial technologies and is intended to serve the real sector of the economy, is a system of markets, institutions and economic relations between individual entities intended for the purchase and sale of financial services, resulting in the movement of financial resources and satisfying the needs of participants in the necessary funds and obtaining additional income from their placement. The digitalization of the economy significantly affects all aspects of the functioning of the financial services market, changing its institutional structure, financial technologies and instruments, and influencing the peculiarities of relations between market participants. The author specifies the classification feature "user of financial services" in terms of a marketing approach to determining the structure of the FinTech innovation market. A three-dimensional structural model of the financial services market in the context of the digitalization of the economy is formed, which reflects three vectors of development of the financial services market, namely, diversification of financial services markets (and institutions); diversification of FinTech innovations (and financial technologies); diversification and increase in consumers of FinTech services (due to the growing level of financial inclusion). The existing approaches to the development of a bank's marketing strategy are generalized, which allowed to assert that it is a complex integrated process and is a synthesis of situational, systemic, customer-oriented, competitive, product and client approaches. The author proposes her own definition of financial service as a socio-economic category which reflects the focus on meeting individual financial needs of consumers, taking into account their interests and is associated with systematic, ongoing operations with financial assets, which leads to obtaining consumer value, financial product, profit or social effect based on the marketing approach and determining a number of advantages. The list of indicators (parameters-characteristics) for assessing the level of digitalization of individual banks is determined. The components of the bank marketing mix "7P" in the context of digital transformation of banking activities are considered, a methodological approach to assessing the digital transformation of bank marketing based on building its digital profile is proposed. The importance of systematic implementation of digital banking marketing tools is substantiated. A methodological approach to establishing the interdependence of the development of the Ukrainian payment card market and non-financial sectors of the country's economy is proposed to explain the nature of changes in the situation on the bank payment card market, taking into account the dynamics of economic development parameters, which creates the basis for determining models that will be suitable for practical use at the stage of forecasting the impact of digitalization processes on the real sector of the economy and the sphere of bank marketing of financial services. The conclusions prove that the digitalization of the economy has a significant impact on the development of the financial services market both globally and in Ukraine in particular, causing technological, product, structural shifts, certain transformational processes that require adequate analysis and forecasting tools. This will allow banks to realize their competitive advantages based on the study and determination of the impact or relationship between the parameters of the level of digitalization and the level of competitiveness in the financial services market based on systemic interaction and expansion of market participants, the use of technical means, platforms, which requires the formation of a different business model based on the integration of innovative tools and solutions in a single ecosystem.

Keywords

bank marketing, digitalization of the economy, bank marketing strategy, financial services market, digital transformation.

JEL classification: G210, M310; DOI: 10.32680/2409-9260-2023-1-2-302-303-86-99

UD classification: 658.8:336.71

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