Novokreshchenova O.A.Ogarev Mordovia State University, Saransk, Republic of Mordovia, Russian Federation nol55@yandex.ru
Subject The article reviews the approaches to the definition of concepts of strategic partnership, integration, and bancassurance that exist in academic literature, and considers the issue of improving the competitiveness of financial market participants. Objectives The purpose of the study is to investigate the competitiveness enhancement of financial market actors, define competitive advantages derived by commercial banks and insurance companies from strategic partnership. Methods To substantiate theoretical tenets, we employ critical analysis, abstract-logical and comparative methods. The paper rests on the analysis of works of leading domestic and foreign economists. Results The paper provides different approaches to the classification of factors ensuring the competitive ability, the structure of internal and external factors of competitiveness of financial institutions. It also considers the evolution of the theory of strategic partnership, highlights its main characteristics, underpins the importance of strategic partnership among financial market actors. Furthermore, it overviews approaches to the bancassurance concept and identifies competitive advantages of commercial banks and insurance companies from their partnership. Conclusions Strategic partnership enables to enhance the competitiveness of financial institutions, to efficiently manage capital and cash flows, to minimize costs and maximize revenues and mobilize sufficient financial resources to achieve strategic objectives of financial institutions development.
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