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Financial Analytics: Science and Experience

Analyzing the application of marketing tools at the current stage of the banking market development: foreign experience and Russian practice

Vol. 8, Iss. 26, JULY 2015

Received: 20 May 2015

Accepted: 1 June 2015

Available online: 26 July 2015


JEL Classification: 

Pages: 2-11

Belonozhkina E.A. Volgograd State Technical University, Volgograd, Russian Federation

Sazonov S.P. Volgograd State Technical University, Volgograd, Russian Federation

Importance Whereas the banking sector is developing amid the financial crisis and increased competition among commercial banks, the top management of banks needs to revise their operational strategies and tools for attracting and retaining customers. It is reasonable to analyze how bank marketing tools are used abroad so to improve the competitiveness of the Russian banks in the global banking market.
     Objectives The research strives to identify the specifics of applying marketing tools at the current stage of the banking market development in Russia and abroad; analyze the importance of using the bank marketing tools as one of the factors for fostering the competitiveness of banking services in the domestic and global markets.
     Methods For purposes of the research, we used the methods of comparative analysis of the main tools banking specialists apply in Russia and abroad, as well as the method of systematizing the collected data.
     Results We reviewed how marketing tools were used at the current stage of the banking market development in Russia and abroad, identified issues of the banking market development and analyzed the need to apply bank marketing tools as one of the factors for increasing the competitiveness of the banking services in the Russian and global markets.
     Conclusions and Relevance
Based on the research, we conclude that bank marketing tools are rapidly developing. To foster the competition of banks, they should implement the customer-focused marketing policy. For this, the Russian banks should develop and adapt the existing marketing tools used by banking specialists abroad.

Keywords: bank, service, marketing, customer, tool


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